Texas-based firm Encore Payment Systems has launched a new point of sale (POS) product – GlobalBay Merchant Tablet – offering advanced security options.
GlobalBay Merchant Tablet implements EMV security technology, which is designed to replace the magnetic stripe currently used on credit cards and provides security for both merchants and consumers.
According to Encore, by combining a 128-bit encrypted chip system with a unique PIN, EMV technology will reduce counterfeit cards, transaction fraud and transaction disputes in the US.
EMV technology is widely used in Europe and Asia but the United States have been slower to adopt it because of the cost to bank and retailers to convert card readers, ATMs and other payment processing systems.
EMV cards have an embedded microprocessor chip that encrypts transaction data differently for each purchase.
The Smart Card Alliance estimates that the number of EMV-enabled cards in the United States runs between 10m and 15m – less than 2% of the total card market.