Fiserv has partnered with Visa, Samsung and PayCore to pilot the use of consumer-grade mobile phones as PIN-entry devices for merchant sales.
Available via an app-based download to Samsung mobile handsets, the capability enables merchants to accept PIN-based contactless transactions without the need for a separate card reader or PIN-entry device.
The so-called SoftPOS system uses the NFC functionality in a merchant's smartphone or tablet to let them accept payments from contactless cards as well as NFC-enabled handsets and wearables.
Following security testing, the product is being piloted in Poland, with plans to expand in the Emea and Apac regions.
“The way people want to pay is changing,” says John Gibbons, executive vice president and head of Emea at Fiserv. “Contactless Chip and PIN payments are common, yet over 23 million* micro merchants in Europe alone may lack terminals to accept them. We’re making sure no merchant is left out and helping them do business in the cashless economy by turning the smartphone into a card acceptance device.”