
Payments via mobile POS
Munich-based mobile payments company, payworks, is launching a mobile Chip & Pin solution that processes both debit and credit cards (view press release). The solution allows acceptance with a smartphone or tablet and comes with a PIN entry device, for both EMV Chip and magnetic stripe cards. PIN’s are entered on an external hardware device, which is wirelessly connected to a smartphone or tablet running the mobile POS application. Conversely, when a signature is required to verify a transaction, the shopper signs on the mobile device’s touchscreen.
Payworks said that instead of deploying the solution to merchants directly, it will open its Chip & PIN infrastructure to providers of mobile POS solutions, enabling them to run the technology under their own brand.
The solution has been created in partnership with payments transactions processor, PAY.ON.
The launch follows the deployment of payworks white label POS application at this years’ Oktoberfest.
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