MagicCube, the specialists in the new category of Software Defined Trust (SDT), has announced the availability of i-Accept, a complete software-based replacement for traditional payment acceptance terminals.
It comes as acquiring banks and disruptive financial services institutions can 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.
Sam Shawki, CEO and co-founder of MagicCube, stated: “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.
“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.”
This out-of-the-box functionality supports modern mobile and IoT connected devices and is made possible through MagicCube’s security platform that’s supported by all four major card networks.
Mary Kay Bowman, Global Head of Buyer and Seller Solutions at Visa, commented: “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.
“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.”
“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.
“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 at 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.”
Andrew Hopkins, Senior Vice President of Global Products at Discover added: “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 “Supporting partners like MagicCube, that help businesses quickly implement new technology, will help merchants grow and continue providing customers with a frictionless payments experience.”
Expert Analysis: Serving progressive banks and next-generation financial institutions by offering early-adopting customers a significant advantage over the competition, this integration is well-positioned to take the offering of MagicCube to the next level and heighten engagement for the firm amongst consumers.
