At the close of the biggest retail trade show (NRF) last week, I Love Velvet, the innovative mobile payment provider, announced that it reached the second level of EMV certification – EMV2 – which authorizes PIN and integrated chip (IC) payments from debit, credit and smart cards around the world.
In addition to finalizing and customizing POS operations for Nespresso and Verizon Wireless this month, I Love Velvet continues to draw attention from and attract new retailer clients from around the world who are looking to enhance the shopping experience for their customers.
“Our mobile POS payment system is now fully operational in every country around the world, and is positioned to be a top tier innovator and leader in the mobility marketplace,” explained Patrick Bouaziz, chief visionary officer of I Love Velvet. “In Japan, although they do not use IC payment, they expect this level of certification.”
For transactions in America, PIN entry data is the norm using a magnetic strip and more recently, by the contactless method. In Europe, card holders use IC, which is a chip embedded in the card that holds all the card holder’s highly securitized information and data.
I Love Velvet is the third largest mobile payment software and hardware provider in the global marketplace, behind Ingenico and Vodafone. Since it started in 2010, sales have increased 100% and the forecast is for exponential growth in 2012.
I Love Velvet’s customers in the payment sector include Bank of America (merchant division), Moneris Canada, Heartland Payment Systems, Zetes Nederland and TSYS. With clients in hospitality, telecommunications, health care, fashion as well as travel, I Love Velvet’s main office is in Manhattan’s SoHo, with satellite offices in France, Hong Kong, Italy, England, Bulgaria and Israel.