In a move that is expected to boost the worldwide use of smartphones and tablets as POS terminals, Fiserv is enabling merchants to use their own devices to accept PIN on mobile payments of any amount without any additional hardware.
This is ground-breaking for small businesses and service providers that operate remotely due to its unique PIN on mobile capability, which facilitates secure PIN entry on a consumer-grade mobile device.
This simplifies payment acceptance by allowing merchants to accept PIN-based contactless transactions without the need for a separate card reader or PIN-entry device, opening new market opportunities for merchants and allowing even micro-businesses to accept non-cash payments.
Fiserv recently completed the first PIN on mobile payment via the app-based solution. Following security testing, the solution, developed jointly with Visa, Samsung, and PayCore, is being piloted in Poland, with plans to expand in the EMEA and APAC regions.
Visa approved the solution to authorise contactless payments with PIN capture through its Visa tap to phone program.
“The way people want to pay is changing,” said John Gibbons, executive vice president and head of EMEA at Fiserv. “Contactless CHIP and PIN payments are common, yet over 23 million micro merchants in Europe alone may lack terminals to accept them. We’re making sure no merchant is left out and helping them do business in the cashless economy by turning the smartphone into a card acceptance device.”