A US start-up, SimplyTapp, which has created the ‘Host Card Emulation’ (HCE) approach
to mobile HCE-based NFC payments recently embraced by Google, has raised its series a funding round.
Most of the action around turning NFC into a payments tech that works on a phone have centred on one idea: putting the wallet into a device, meaning you have to have an NFC-enabled phone and keeping all the sensitive info locked inside the SIM.
But more recently, that idea has been challenged. Some firms have successfully put the secure element in the cloud. It means you can offer contactless payment from an app and, as long as you have a connection, you can complete the transaction.
SimplyTapp is leading this movement. It based its tech on Host Card Emulation (HCE) to bypass the operator’s SIM card. And when Google embedded HCE with Android 4.4, KitKat, the concept suddenly developed real momentum.
Now, SimplyTapp has confirmed a funding round led by Lightspeed Venture Partners and Blue Sky Capital.
The post HCE-based NFC payments player SimplyTapp closes funding round appeared first on Payments Cards & Mobile.