Thales and Miura Systems have announced an integrated mobile payment solution that enables merchants to adopt mobile point of sale (mPOS) systems that fully support PIN based transactions, including the use of EMV chip cards.
For years, smaller merchants such as market stall traders, home repair tradesmen and even charities have been excluded from the world of card payments and forced to rely on cash. To address this need, solutions that utilize smartphones to accept payments using traditional magnetic swipe cards and signatures have become firmly established. However, these merchants have had no simple means to step up to the advantages of accepting PIN based transactions and chip based EMV payment cards, until now. The combined solution from Miura and Thales not only enables merchants to take advantage of the inherent security qualities of these technologies to reduce fraud and simplify compliance, they also qualify for reduced interchange fees which directly benefits their bottom line.
Mobile acceptance has seen tremendous growth globally over the past year, but there has remained a gap between the payment options available at fixed, in-store point of sale terminal and mobile devices, says Ian Hermon, mobile payments specialist at Thales e-Security.
Furthermore, the fact that mobile acceptance devices have lacked the appropriate security technologies to qualify for lower fee structures has penalized smaller merchant that are accepting card payments for the first time. As a payment technology leader, Thales is working with innovators such as Miura to close that gap by delivering the same high levels of security to the mobile world as have become commonplace in the traditional in-store fixed terminal environment.