MagicCube, developer of Software Trusted Execution Environment platform, has partnered with ID TECH, a point-of-sale (POS) peripherals provider, to launch a new PIN-on-Glass solution for secure acceptance of cards.
The firms will combine their respective technologies to develop the new solution that will have the capability to convert any locale or device into a POS. This feature is expected to provide customers with payment security, boost payment volume for banks and reduce card acceptance costs for businesses.
MagicCube’s technology is designed to turn standard mobile devices into secure POS systems that can handle sensitive data, including card PIN, on consumer device touchscreens.
As part of the collaboration, ID TECH will utilise this technology to create different POS and mPOS devices and software applications.
The firms plan to commercially release the new PIN-on-Glass solution later this year.
MagicCube CEO and co-founder Sam Shawki said: “By partnering with ID TECH, we are able to provide the market with the next generation of POS solutions that don’t require a separate device to enter your financial PIN.
“With PIN-on-Glass, merchants now have a fully downloadable, upgradeable, subscription-based solution that can turn any mobile phone or tablet device into a POS.”
ID TECH vice-president of product management Justin Ning said: “Advancing the global digitisation of payments requires stronger security and greater accessibility than many hardware-based POS systems can provide.
“MagicCube’s PIN-on-Glass technology, together with our PIN-on-Glass payment readers allows us to deliver a seamless, easy-to-deploy and affordable payment acceptance with the same security found in hardware-based technology.”