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Bell ID simplifies mobile nfc payment services for banks
"By hosting payment data in the cloud rather than in the phone, Bell ID makes it very easy to launch mobile payments."
Bell ID helps banks with offering mobile NFC payment services to their customers in a more secure and efficient way by offering software called Secure Element in the Cloud. This solution stores and manages payment credentials in the cloud rather than on the smartphone, avoiding the need for complex partnerships to gain secure access to the phone.
When making transactions, card numbers are replaced by alternative numbers that are checked in real time when the phone is tapped against a payment terminal. As these numbers are useless outside the intended purchase, it reduces fraud. Secure Element in the Cloud can be built inside existing mobile banking apps, which strengthens the user experience: customers will only have to update their current banking app rather than having to download a separate payments app. Secure Element in the Cloud is compliant to the specifications of all major creditcard schemes and works with all contactless EMV payment terminals.