MagicCube and ID TECH are integrating their technologies with a new offering that will turn any locale or device into a POS, which will lower card acceptance costs for businesses, increase payment volume for banks and ensure payment security for consumers.
MagicCube has been at the forefront of PIN-on-Glass development and securing both the payments and acceptance verticals, and currently offers a suite of products – including MC-Token Shield and MC-Screen Shield – capable of replacing the need for hardware security to build, deploy and remotely provision and manage POS systems and other IoT devices. MagicCube’s technology transforms regular mobile devices into secure, full-featured POS systems capable of handling sensitive data, such as payment card PINs, on consumer device touchscreens of all sizes.
ID TECH designs and manufactures highly reliable payment solutions used in mobile, countertop and unattended POS applications. Through this partnership, ID TECH is furthering its ongoing global expansion by developing dedicated integrated PIN-on-Glass solutions for a variety of POS, mPOS devices and software applications by leveraging MagicCube technology. The two companies will build and commercially launch the solution globally later this year.
“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,” said Sam Shawki, CEO and Co-Founder at MagicCube. “PIN-on-Glass is an innovation that will create huge opportunities by reducing cost and complexity of POS ownership, raising card acceptance rates and lowering acceptance risk.”
“Advancing the global digitisation of payments requires stronger security and greater accessibility than many hardware-based POS systems can provide,” said Justin Ning, VP of Product Management at ID TECH. “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.”