FIME has integrated the new MasterCard Terminal Integration Process (M-TIP) questionnaire to its SAVVI test tool to validate that payment terminals are compliant to the MasterCard PayPass Specification v.3.0.1. The latest requirements from MasterCard support advancements in mobile payments, including features such as personal identification number (PIN) entry via a mobile device to authorise a transaction.
All European acquirers must ensure that from 1 July 2013, M-TIP projects for point-of-sale (POS) terminals and ATMs comply to the latest MasterCard PayPass Specification v.3.0.1. Furthermore, from January 2014, acquirers can no longer equip new merchants with PayPass v.2 terminals, as every deployment must be based on this latest specification. Ensuring compliance to the new MasterCard PayPass Specification will promote consistent and secure adoption of contactless and mobile payment transactions across Europe.
Vincent Poty, Head of Strategy and Corporate Development at FIME, comments: “Migration to the MasterCard Specification, and other such industry contactless standards, inspires market confidence by promoting a defined, agreed and secure way to implement new technologies. It also offers guarantees to stakeholders that products will inter-operate successfully once live in the marketplace.”
Concluding, Vincent adds: “While we have been talking about contactless and mobile payments for some time, the landscape is still relatively new and its structure is emerging. Our team spends significant time working with standard bodies across payments, transport and other mobile services markets to not only understand the business and technical activity today, but also future evolutions. As a result, many banks looking to deploy mobile products to their customers are developing long-term strategies and working with partners, such as FIME, to ensure sustainable and scalable programmes are implemented.”
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