The solution, dubbed NFC Swipe, is, according to ROAM Data, the industry’s first device agnostic card reader equipped with NFC and magnetic stripe combined (view press release). Due for official launch mid-year, the solution connects with smartphones, tablets and PCs via the audio jack and turns them into mobile POS devices. ROAM Data claims its technology will advance the adoption of NFC and contactless technology whilst simultaneously supporting existing mag stripe technology.
NFC Swipe features end-to-end encryption and is compliant with Visa payWave and MasterCard PayPass regulations. The reader functions in conjunction with ROAM’s card acceptance application, ROAMpay X, and the applications of its white label partners. Third parties will also be able to integrate an API into their own applications to leverage the reader.
The launch follows an investment in the company last month from Ingenico which has sped up the company’s R&D and product commercialisation plans. “The additional capital is accelerating our growth plans and helping us speed up our innovations and product roadmap,” said ROAM Data CEO Will Graylin. “Beyond our planned launch of NFC-Swipe in mid-year, we plan to release an EMV Swipe for contact chip cards with magnetic stripe reader in the same package, as well as other turn-key virtual mobile commerce solutions for our distribution partners such as Mobile Checkout, Mobile Marketing and Mobile Wallet that they can offer their merchants.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more