IDEMIA Secure Transactions (IST), a division of IDEMIA Group, specializes in payment and connectivity solutions catering to financial institutions, mobile network operators, and automotive manufacturers. Furthermore, IST has been involved in secure payment solutions for Central Bank Digital Currencies (CBDCs). Collaborating with Qualcomm Technologies reaffirms IST's commitment to offering innovative payment solutions around the world. By leveraging Qualcomm's Secure Processor Unit (SPU), integrated into the Snapdragon 8-series, IST aims to facilitate secure and seamless offline payments for users across various devices, including smartphones, wearables, and feature phones.
Previous initiatives by IDEMIA Secure Transactions have demonstrated offline CBDC capabilities on different payment devices. This new collaboration with Qualcomm Technologies extends the scope by introducing offline payment protocols and credential handling through an integrated secure element within users' phones, improving the security and ease of offline transactions.
The collaboration between the two entities aims to bring several benefits to the payment landscape, given the increasing interest in digital currencies by central banks worldwide, according to IDEMIA. With the potential to streamline payment processes and enhance user convenience, this partnership could have an impact on consumer habits.
Security remains a paramount concern for offline payments, considering the absence of server validation. IDEMIA Secure Transactions emphasizes the importance of a dedicated secure element to mitigate risks such as double-spending and unauthorised money creation.
The integration of Qualcomm's SPU on the Snapdragon 8 Mobile Platform improves the security of offline CBDC payments while ensuring seamless integration for Original Equipment Manufacturers (OEMs). The smartcard certification achieved for SPU indicates its resilience against high-level security attacks, further supporting confidence in the solution's security features.
Both IDEMIA Secure Transactions and Qualcomm Technologies expresed enthusiasm for collaborating with central banks and mobile OEMs to deploy secure offline CBDC solutions worldwide. This joint effort underscores the commitment to combining frictionless deployment with advanced security technologies to enhance user experiences and address evolving payment needs.
Other noteworthy developments from IDEMIA
In March 2024, IDEMIA Secure Transactions partnered with Soft Space to deploy MPoC-certified SoftPOS solutions and meet high security standards. Following this announcement, the technology provider combined its suite of solutions and expertise with Soft Space, aiming to equip its customers and clients with Mobile Payment Commercial off-the-shelf (MPoC) certified SoftPOS solutions that have immediate effect and security. The process is expected to make it easier for businesses and merchants to switch to a SoftPOS product, while also providing cardholders with the possibility to access more payment methods.
For more information about IDEMIA, please check out their detailed profile in our dedicated, industry-specific Company Database.
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