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MagicCube unveils software-only replacement for payment terminals

Source: MagicCube

MagicCube, the leader in the new category of Software Defined Trust (SDT), today announced the availability of i-Accept™, a complete software-based replacement for traditional payment acceptance terminals.

Through i-Accept™, acquiring banks and disruptive financial services institutionscan now enable their merchants and retailers to accept contactless cards, including those from American Express®, Discover®, Mastercard® and Visa®, as well as capture financial PINs and other verification methods, without the need for additional hardware or terminals. This out-of-the-box functionality supports modern mobile and IoT connected devices and is made possible through MagicCube’s next-generation security platform that’s supported by all four major card networks.

“MagicCube’s i-Accept technology makes accepting digital payments even easier for sellers and alleviates barriers such as equipment-related costs and being tethered to a traditional point of sale. These ‘Tap to Phone’ solutions allow micro and small businesses to have access to the digital economy by just downloading a mobile app,” said Mary Kay Bowman, Global Head of Buyer and Seller Solutions, Visa. “MagicCube’s technology, combined with Visa’s expansive global network, will help provide sellers around the world the ability to use their own personal Android devices to accept secure payments wherever they are and help reshape the future of commerce.”

MagicCube serves progressive banks and next-generation financial institutions by offering early-adopting customers a significant advantage over the competition, including hardware-grade protection and that’s delivered purely through software and is easily scalable and deployable. Banks and merchants may now forgo buying and subsidizing the expensive, single-function card acceptance hardware devices, and instead deploy apps secured by MagicCube that, starting with Android, can turn any consumer device into an acceptance point.

“Cleaner payment solutions are now essential as the demand for digital and touch-free payments continues to grow. We are pleased to integrate with MagicCube to offer merchants a broader range of contactless payments options, including SoftPOS, which is simple to deploy and quick and seamless for customers to use,” said Elizabeth Karl, VP, Payments Consulting, American Express.

i-Accept™ provides end-to-end functionality, security, and modern acceptance capabilities previously limited to hardware-based terminals. The entirely software-based solution is designed with global standards like SoftPos, SpoC/PIN on Glass/PIN on Mobile, CPoC, and Tap&PIN in mind. The product offers near plug-and-play, fully contained modules that can fit into the current flows of most modern acquiring bank or merchant acceptance solutions. Powerful features, like over-the-air upgrades, remote provisioning, risk management and mitigation, remote attestation and compliance enables i-Accept ™to be easily integrated using simple APIs, deployed rapidly and operated easily.

“In today’s fast-paced, highly connected world, consumers and merchants are looking for touch free experiences,” said Dave Glaser, Senior Vice President of Acceptance Solutions, Mastercard. “MagicCube’s innovative solution is supporting businesses as they shift to digital commerce, turning a mobile device into an acceptance device. Our collaboration with MagicCube and the wider acceptance and Tap on Phone ecosystem is helping to fuel digital experiences for consumers and businesses.”

MagicCube’s mission with its large customers is to enable quick integration, easy and fast certification, as well as effective and efficient deployment. The company works closely with its customers to dynamically offer revenue share models for their customers’ specific competitive needs for each of their markets.

“Providing multiple acceptance options is critical for merchants to continue growing their businesses, especially now as the pandemic has increased the use of contactless payments among consumers” said Andrew Hopkins, Senior Vice President of Global Products at Discover. “Supporting partners like MagicCube, that help businesses quickly implement new technology, will help merchants grow and continue providing customers with a frictionless payments experience.”

This latest announcement further positions MagicCube as the leader in the Software Defined Trust (SDT) category – a new category shifting the security of mobile and IoT devices into a whole new paradigm. The company is starting multiple deployments with several leading banks, financial institutions on multiple continents and recently announced strategic funding from both Visa and the Sony Innovation Fund.

“Banks, financial institutions and their merchants looking for secure contactless payment solutions often see many “vendor solutions” that require shuffling the PIN keypad, additional hardware requirements, or the confusing use of two separate apps — one for PIN and another for reading the card,” said Sam Shawki, CEO and co-founder of MagicCube. “This is because it is easier for a ‘next-gen’ cybersecurity company, like MagicCube, to produce a comprehensive, secure product, like i-Accept, without sacrificing the user experience, than it is for a traditional payment company to secure a solution they have built in-house.”

MagicCube was awarded the first recognition of a software-based Trusted Execution Environment (sTEE) issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions, for its SDT platform. 

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