Even most famous digital payment application in India is not using hardware level security, Qualcomm Senior Director Product Management Sy Choudhury has said
While government is pushing for digital payments through mobile phones, chipset maker Qualcomm said that wallets and mobile banking applications in India are not using hardware level security which can make online transactions more secure reports PTI
"You will be surprised because most of the banking or wallet apps around the world don't use hardware security. They actually run completely in Android mode and users password can be stolen. Users use fingerprint which might be captured … in India that is the case for most of all digital wallets and mobile banking apps," Qualcomm Senior Director Product Management Sy Choudhury told reporters here.
Even most famous digital payment application in India is not using hardware level security.
"Reason we are saying that none of them is using it because we work with OEMs (original equipment makers)," Choudhury said.
As per market research firm Strategy Analytics, Qualcomm leads mobile chipset market globally with 37 per cent share.
"Everyone is getting connected, everyone is getting authenticated by device. How do you know that your device is getting ready for demonetisation? When you download a mobile banking app you don't know if it is using hardware security or not," Choudhury said.
He said that Qualcomm is now approaching digital payments companies for using secure environment for processing payments on mobile phone.
"We are providing secure execution environment in the chipsets. This layer separates transactions on mobile phone from operating system. This checks any malware from effecting transactions," Choudhury said.