In the world of mobile commerce, security is a serious issue. Many companies have begun investing and creating mobile applications that make mobile commerce possible. None, however, have been able to make an application that is adequately secure from hacking. Even acclaimed technology company Google has failed to provide a resilient service. Cryptomathic, an electronic security firm, now claims that is has created the first secure mobile wallet platform. The company recently released the application to consumers worldwide.
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The application, called Cloud Wallet, uses cloud computing as a way to store financial information. The company claims that the data stored on the cloud is much more difficult to steal because it is more difficult to find. Cloud networks are often comprised of hundreds, if not thousands of computer systems, each with highly sophisticated security measures. What really sets the Cloud Wallet apart is that the cloud network is controlled by the banks or credit institutions that facilitate mobile payments. This allows the banks to move the data as they see fit without having to worry about a third party being in charge of security.
The Cloud Wallet is available to all mobile devices that use NFC technology. Cryptomathic believes that their application will make mobile commerce a much more popular and viable option for consumers. The company will continue to develop security measures for the cloud network in hopes of further emboldening its resilience against theft.