Payment Gateway iVeri in association with Nedbank recently launched a new mobile Chip and Pin solution and allows for the processing of major credit as well as local debit cards.
The new offering is known as mPress and provides merchants with the ability to accept payments via a smartphone or tablet application. The solution also comes with a hardware device that is used for a secure PIN entry and accepts both EMV Chipped and magnetic stripe cards. Using point-to-point encryption, payment data is encrypted directly on the Chip & PIN device and is only decrypted in iVeriâ€™s certified PCI-DSS Level One environment.
The merchant is required to download the application in the App Store, enable wireless connectivity to communicate the PIN entry to the smartphone/tablet and subsequently provides them with the ability to process a transaction.
â€œTransactions need to go mobile to stay relevant and meet the expectations of the market, and mobile transactions need to be Chip & Pin in order to give Regulators, Acquirers and Merchants peace of mind over the security,â€ said Barry Coetzee, CEO of iVeri. â€œWith the release of mPress we can provide small, new and mobile merchants with a relevant product that meets the highest security requirements.â€
All general transaction management functionalities as well as reporting will be available through mPress and seems to be a perfect fit for small businesses that wish to accept debit and credit card payments.
The Mobile Payments arena in South Africa is heating up with several players entering into the market. It is evident that banks are getting actively involved by putting forward their own solution i.e Standard Bank and MTN’s joint venture known as PayD and FNBâ€™s mPowaâ€™s partnership. South Africa remains to see who will be able to provide a holistic solution that addresses both the consumer and the merchantâ€™s needs. Perhaps mPress is the solution to South Africaâ€™s outcry for a mCommerce solution for small businesses.
About the author:Â Martin Ras is an aspiring tech entrepreneur heading up start up, Ching Payments and COO of software development company Byte Orbit. Follow him on Twitter on @Martin_Ras