MagicCube and ID TECH Form Global Partnership to Deliver Seamless, Soft POS and PIN-on-Glass Solutions for Next Generation Payment Acceptance
Product Will Advance Card Acceptance by Transforming Regular Mobile Devices into Full-Featured POS Systems
Santa Clara, CA, Jan. 30, 2018 (GLOBE NEWSWIRE) — MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), and ID TECH, a leading manufacturer of point-of-sale (POS) payment peripherals, today announced a partnership to bring to market an out-of-the-box solution for secure card acceptance using PIN-on-Glass. 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 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 digitization 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.”
This partnership is a timely one. Last week, the PCI Security Standards Council (PCI SSC) announced a new PCI Security Standard for software-based PIN entry on commercial off-the-shelf devices (COTS), such as smartphones and tablets.
About ID TECH
ID TECH, is a world-recognized leader in the design and manufacture of secure payment solutions, ranging from PCI-certified PIN-entry devices, state-of-the-art contactless/NFC payment devices to EMV and Magstripe readers. For more than 30 years, ID TECH has built a reputation based on technical excellence, innovation, and a commitment to superior customer service. Headquartered in Cypress, California, USA (with additional engineering centers in Fremont, California, Shanghai, China and Taoyuan City, Taiwan), ID TECH is an industry leader in delivering payment solutions across the globe.
To learn more about our product and solutions, please call (714)761-6368 or visit www.idtechproducts.com
MagicCube is the creator of the world’s only Software Trusted Execution Environment (sTEE™) platform, a technology that enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, sensitive logic, and cryptographic operations on the device while offering unprecedented ease of large-scale deployment and remote management capabilities. MagicCube is completely hardware-independent, runs on any smart device and is not limited to enterprise deployments. MagicCube has developed a suite of products (MC-Token Shield and MC-Screen Shield) capable of replacing the need for hardware-secure elements to build, deploy and remotely provision and manage point-of-sale systems and other IoT devices. This transforms a regular consumer mobile device into a full-featured point-of-sale system capable of securely accepting sensitive data, such as a payment card PIN, onto the touchscreen. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.