V-Key teams with Ant Financial for mobile payments
Under the partnership, V-Key will provide its virtual software solution, V-OS, for Ant Financial to help secure transactions on AliExpress, one of Alibaba Group’s retail ecommerce platforms. (Ant Financial is an affiliate company of Alibaba Group). V-Key will also provide cryptographic services and risk management for each transaction.
Jason Lu, vice-president of fraud risk management at Ant Financial, says V-Key’s “unique technology helps us deploy our risk engine to enhance mobile security”.
With V-OS, card and cardholder data is encrypted, and V-Key says its solutions allow businesses to roll out cloud-based payments, “trusted” digital identity and authentication necessary for mobile banking and other mobile applications. Its solution works on both iOS and Android devices.
V-Key adds that its solutions are certified by industry bodies including FIPS 140-2 (US) and the Info-communications Media Development Authority of Singapore (IMDA).
V-Key was founded in 2011 and says it has already amassed over 30 million end users.