Paris-based Inside Secure, which provides software security products for mobile and connected devices, announced in a press release that financial institutions can now select its MatrixHCE, a VisaReady, approved mobile banking and payment product, to roll out mobile wallet applications within a few weeks.

"Inside Secure is thrilled to extend our relationship with Visa to deploy issuer wallets based on MatrixHCE, one of the first mobile payment solutions for banks," said Andrew McLennan, executive vice-president of the company's mobile security division. "MatrixHCE future proofs investment into payment solutions by meeting the latest HCE standard and anticipating future requirements including updatable whitebox cryptography to protect tokens, code and data."

MatrixHCE is a software product that effectively protects sensitive data on mobile devices and allows mobile phones to be used as payment cards (credit, debit or prepaid) in the retail environment and supports key features such as transaction logging, receipts, biometric authentication and token processing, according to the announcement.