V-Key, a provider of digital security solutions, and Alibaba’s Ant Financial Services Group, a provider of online and mobile financial solutions, have teamed up to offer a virtual software solution called V-OS. The solution will allow Ant Financial to secure transactions on AliExpress, one of Alibaba Group’s international retail ecommerce platforms.
Secure User Authentication
V-Key will also provide cryptographic services and trusted environments to help secure payments processed by Alipay on AliExpress, along with risk management for each transaction.
V-OS, which is currently deployed by banks, mobile payment providers and governments across the globe, is the world’s first virtual secure element. With V-OS, card and cardholder data will be encrypted, providing for more secure user authentication.
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With the rapid uptake in mobile payments, e-commerce threats are becoming smarter, bigger, more sophisticated.
V-Key’s solutions allow businesses to roll out cloud-based payments, trusted digital identity and authentication necessary for mobile banking and other secured mobile applications. V-Key brings advanced user data protection to its partners, without the need to use any form of hardware secure elements which can be less secure. Its mobile security solution works on both iOS and Android devices.
Benjamin Mah, co-founder and Chief Executive Officer of V-Ke, commented: “With the rapid uptake in mobile payments, e-commerce threats are becoming smarter, bigger, more sophisticated. They pose a threat not just to end-users, but also to the reputation of our partners. With our all-in-one virtual element V-OS, we look to future proof mobile wallets against advanced threats by protecting end-user information. In doing so, we look to create a safer transaction environment for our fast-growing number of partners.”
V-Key’s solutions are certified by leading industry bodies including the US FIPS 140-2 and info-communications Media Development Authority of Singapore. They have also been rigorously stress tested by a combination of global analysts, e-commerce players, government agencies and regulatory bodies globally.
Jason Lu, Vice President of Fraud Risk Management at Ant Financial, added: “As more users opt for mobile payments, account safety assumes utmost importance. V-Key’s unique technology helps us deploy our risk engine to enhance mobile security. The partnership is part of our commitment to secure our services. In the process, we are enabling more and more businesses and partners to expand their global market reach.”