With that mobile payments are also gaining popularity among smartphone and tablet users, such as the example Google Wallet, and PayPal by Amazon. But the subtle nature of mobile payments requires tightly controlled security and tech companies are missing that point.
ARM, Gemalto, and Giesecke & Devrient are shaking hands to form a joint company that would work closely to create a standard system for all ensuring the safety of mobile payments.
The Chief Executive of Cambridge based chip maker (ARM Holdings), Warren East, said “I am confident that this new joint venture will accelerate the adoption of a common security standard, enabling a vibrant ecosystem of secure service providers to emerge.”
His company will invest its patents, software technology, and human force into the joint venture, alike other two companies. The new, to-be-formed, company will be based in Briton and will have centres in France, Helsinki, and Munich. ARM will employ 80-100 people in all centres combine.
Gemalto which is based in Amsterdam, Netherland, makes chips for debit and credit cards, will have 30 percent share in the joint venture same as Giesecke & Devrient. ARM will, solely, hold the 40 percent share.