Mobile security firm Trustonic said it entered a partnership with fintech Rubean AG and payment solutions firm CCV to develop a mobile point-of-sale solution that accepts high value transactions using a PIN code on a range of smartphones.
The company said that using smartphones as mobile POS devices would allow small retailers, traders and SMBs to save money on expensive hardware for payment acceptance, as well as boost staff efficiency and customer satisfaction.
“The trend of using smartphones as mPOS terminals is disrupting and democratizing the payments ecosystem, but hacking and malware threats are real concerns,”a spokesperson for Trustonic told Mobile Payments Today. “Without strong app security, cybercriminals can steal sensitive data used in smartphone transactions to commit payment fraud.”
Rubean and CCV are set to launch a smartphone only payment terminal with PIN functionality with multiple card networks and partners throughout Europe.
Topics: Handsets / Devices, POS, Region: EMEA, Security