iVeri introduces mobile chip and PIN service
20 November 2012 | 1387 views | 0
iVeri Payment Technologies introduces a mobile Chip & PIN solution that allows processing of major credit cards as well as local debit card schemes.
The solution is called mPress, and is immediately available to all current iVeri Payment Gateway customers.
mPress' mobile Point of Sale (mPoS) infrastructure allows Acquirers to deploy a payment acceptance solution that is compliant with highest security demands set by the major card associations. The solution enables payment acceptance using an App on a smartphone or tablet and comes with a secure PIN entry device, for both EMV Chip and magnetic stripe cards.
iVeri has collaborated with TallOrder Solutions and TouchPoint Payments to provide a comprehensive solution that combines established reliability and security with the latest technology for hardware and mobile. The mPress mPoS solution once again puts iVeri at the forefront of payment technology, not only on its home continent of Africa, but worldwide. iVeri is currently the first and only Payment Gateway that is providing Chip & PIN security for mobile payment acceptance.
"The mobile payments market is exploding globally. By partnering with iVeri we bring unique new opportunities to a huge number of SMME businesses on the African continent", said Dana Buys, CEO of TallOrder Solutions. "Africa is one of the fastest growing regions in the world today, with rapid adoption of mobile technologies. The TallOrder mobile commerce solutions range from the basic entry level payment solutions all the way to secure mobile and web based e-commerce".
In addition to the processing of transactions, the mPress App provides prospective merchants with the ability to apply for their merchant account in the App. Additional retail functionality is also available via an upgrade path.
mPress enables secure and compliant mobile payment acceptance to all debit and credit cards.
A transaction is triggered by the mPress App and the PIN is entered on an external hardware device, which is wirelessly connected to the smartphone or tablet. The PIN entry device is PCI-PTS certified and reads both EMV chip and magnetic stripe of the credit or debit card. With point-to-point encryption, payment data is encrypted directly on the Chip & PIN device and is only decrypted in iVeri's certified PCI-DSS Level One environment.
"Providing one of the smallest EMV and PCI approved mPoS units that support Chip and Magstripe with PIN means that the mPress solution is truly mobile. Even more exciting from a hardware perspective is that in the rapidly changing world of Mobile phones we are not locked into one type of handset as our units are not dependent on a physical connection to the phone but utilise Bluetooth to provide for compatibility across phone makes and models" says Quintin Stephen CEO of TouchPoint Payments
As a product within the comprehensive suite of products within the iVeri Payment Gateway, mPress provides merchants with the flexibility to add mPoS to their business while maintaining the transaction management and reporting that they are used to. Acquirers are able to easily add mPoS as a channel to their existing iVeri Payment Gateway. This uniquely provides innovation on the foundation of a established and trusted platform.
"Transactions need to go mobile to stay relevant and meet the expectations of the market, and mobile transactions need to be Chip & Pin in order to give Regulators, Acquirers and Merchants peace of mind over the security", says Barry Coetzee, CEO of iVeri. "With the release of mPress we can provide small, new and mobile merchants with a relevant product that meets the highest security requirements."
Previn Pillay, Head of Acceptance for Visa Sub-Saharan Africa added: "Visa welcomes any new electronic payments technology that helps SMMEs collect payment in a secure and convenient way."