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Qualcomm said wallet applications like Paytm and Mobikwik , along with a host of banking applications can get compromised as they don’t use hardware-based security layer that the US-based chipset maker offers.
Sy Choudhary, senior director program management at Qualcomm said that the company has started directly approaching these firms. “We are starting with big guys… it includes rewriting the application to enable the hardware-based based security layer,” he said, adding that companies are just using the basic Android software-based layer.
Choudhary said that the company expects to make an announcement with a mobile wallet player within 6 months.
Due to a cash crunch following the government’s move to demonetise Rs.500 and Rs.1,000 currency notes, mobile wallets like Paytm have seen a phenomenal spike in adoption. Paytm recently launched a new security measure that allows Android user to add a lock on all transactions from your wallet.
Digital transactions have surged in the range of 400-1,000% since November 8 when government announced discontinuation of old Rs 500/1000 notes, Law and IT Minister Ravi Shankar Prasad recently said.
The executive said that globally mobile payments companies like AliPay, PayPal and WeChat Pay have already shifted to hardware-based security. “Indian firms will also start using this feature starting next year,” Choudhary said, adding that not using this layer is reflective of the nascency of mobile wallets and transactions in India.
All smartphones using Qualcomm's Snapdragon processors have this facility, the executive said, adding that the faciotlityy is being shipped since last 5-6 years.
Hardware-based based security layer doesn’t let malware on the smartphone affect a mobile payments app.
Qualcomm claims that it offers this facility natively through its chipsets, while its competitors offer this through third party partners.
wallets like paytm don’t use hardware-based security, prone to compromise: qualcomm, Telecom News, ET Telecom
Sy Choudhary, senior director program management at Qualcomm said that the company has started directly approaching these firms. “We are starting with big guys… it includes rewriting the application to enable the hardware-based based security layer,” he said, adding that companies are just using the basic Android software-based layer.
Choudhary said that the company expects to make an announcement with a mobile wallet player within 6 months.
Due to a cash crunch following the government’s move to demonetise Rs.500 and Rs.1,000 currency notes, mobile wallets like Paytm have seen a phenomenal spike in adoption. Paytm recently launched a new security measure that allows Android user to add a lock on all transactions from your wallet.
Digital transactions have surged in the range of 400-1,000% since November 8 when government announced discontinuation of old Rs 500/1000 notes, Law and IT Minister Ravi Shankar Prasad recently said.
The executive said that globally mobile payments companies like AliPay, PayPal and WeChat Pay have already shifted to hardware-based security. “Indian firms will also start using this feature starting next year,” Choudhary said, adding that not using this layer is reflective of the nascency of mobile wallets and transactions in India.
All smartphones using Qualcomm's Snapdragon processors have this facility, the executive said, adding that the faciotlityy is being shipped since last 5-6 years.
Hardware-based based security layer doesn’t let malware on the smartphone affect a mobile payments app.
Qualcomm claims that it offers this facility natively through its chipsets, while its competitors offer this through third party partners.
wallets like paytm don’t use hardware-based security, prone to compromise: qualcomm, Telecom News, ET Telecom
