Crunchfish has entered into a marketing and technical partnership agreement with V-Key to identify and develop joint offerings for the software product of each each party’s software product in relation to Crunchfish’s patent-pending offline wallet
V-Key is a software-based digital security company, with headquarters in Singapore. V-Key is the inventor of the internationally patented V-OS, the Virtual Secure Element, which recently obtained Common Criteria EAL3+ on both Apple iOS and Google Android mobile phones.
Digital payments are vulnerable to online connection issues as well as potential downtime of the payment services provider, bank or electronic identification service. Crunchfish has announced a patent-pending innovation in which mobile payments are made independent at the time of payment from any and all online connection issues as well as from any and all cloud services downtime issues.
To facilitate an in-store payment transaction in which neither the customer nor the merchant is connected to his payment service, a local two-way connection between the customer and the merchant must be established. This is accomplished by Crunchfish Proxilink offline wallet.
The offline wallet keeps both a credit balance and a log of all offline transactions. Since this data is sensitive, it must be maintained with security of a banking grade. This is achieved through a secure element inside the app that handles cryptographic storage, user credentials verification, transaction authentication, and digital cash credit balance and transaction log maintenance.
“We are excited to partner with Crunchfish in extending V-Key’s Digital Identity platform to yet another new use case that our customers and partners can leverage,” said Joseph Gan, V-Key co-founder and CEO. “Our partnership will also help extend V-Key’s reach beyond Asia, bringing our certified technology built on top of our V-OS Virtual Secure Element to support seamless yet secure financial transactions to new markets.”
