Giesecke & Devrient has launched Convego CloudPay, a mobile cloud payment service compliant with the specifications of the major international payment schemes.

The solution comprises two main components: the CloudPay server for mobile payment card provisioning and life cycle management; and the CloudPay client software, which includes digitalized payment cards and also executes payment transactions, a G&D press release said.

Convego CloudPay supports payment schemes that include MasterCard, Visa and Amex. For financial institutions, the solution also offers managed services in payment scheme-certified data centers operated by G&D.

To enroll for cloud-based payments, consumers download the mobile app offered by their bank from a mobile app store such as Google Play.

Once enrolled for a digitalized payment card, the consumer receives the "card" over-the-air from the CloudPay server. The accountholder may begin using the card on the phone app at merchant locations that support contactless transactions.

Combined with a trusted mobile app Convego CloudPay allows banks to offer mobile payment solutions and a range of other mobile financial services under the bank’s brand, G&D said.

The bank is able to interact directly with customers, as G&D delivers system-wide security while leaving the design and marketing to the bank, the release said.