The German white-label mobile payment company payworks has introduced a mobile Chip & PIN solution that allows processing of major credit cards as well as local debit card schemes.
In contrast to existing solutions, payworks’ new mobile POS infrastructure allows payment providers to roll out a solution that is compliant with highest security demands set by major card associations such as VISA. The solution enables payment acceptance with a smartphone or tablet and comes with a secure PIN entry device, for both EMV Chip and magnetic stripe cards.
Instead of deploying the solution to merchants directly, payworks opens up its Chip & PIN infrastructure to providers of mobile POS solutions enabling them to run the fully compliant technology under their own brand.
‘Chip & PIN is the way to go if you want to enable merchants to process all major card payment methods in the future. What has prohibited a large-scale rollout of mobile Chip & PIN is the inherent complexity and burdening regulatory requirements,’ explains payworks co-founder and yhead of Product & Development David Bellem.
‘We are very excited that we can take away this burden by making our secure, compliant and flexible infrastructure available to payment providers already in or planning to enter the mobile point of sale market.’