MUNICH. Germany, October 11, 2012 /PRNewswire/ --
The German white-label mobile payment company payworks introduces a mobile Chip & PIN solution that allows processing of major credit cards as well as local debit card schemes. In contrast to existing solutions, payworks' new mobile Point of Sale infrastructure allows payment providers to roll out a solution that is compliant with highest security demands set by major card associations such as VISA. The solution enables payment acceptance with a smartphone or tablet and comes with a secure PIN entry device, for both EMV Chip and magnetic stripe cards. Instead of deploying the solution to merchants directly, payworks opens up its Chip & PIN infrastructure to providers of mobile Point of Sale solutions enabling them to run the fully compliant technology under their own brand.
After having successfully launched its white label mobile Point of Sale (POS) application at this year's Oktoberfest, the Munich-based company payworks introduces a Chip & PIN infrastructure for mobile Point of Sale processing. The solution is realized in collaboration with the leading processor of payment transactions PAY.ON. Amid an increasing number of companies entering the European mobile Point of Sale space, payworks is the only independent player having built a comprehensive Chip & PIN infrastructure and making it available to payment providers worldwide. The new solution enables payment providers to process all kinds of credit and debit card transactions in a secure and regulatory compliant way.
The PIN is entered on an external hardware device, which is wirelessly connected to a smartphone or tablet running the respective mobile POS application. In case of a signature verified transaction, the shopper directly signs on the touchscreen of the mobile device. The PIN entry device is PCI-PTS certified and reads both EMV chip and magnetic stripe of the credit or debit card. With point-to-point encryption, payment data is encrypted directly on the Chip & PIN device and is only decrypted in a certified PCI environment. The solution is currently being implemented with a leading European acquiring bank, with more banks to follow in the coming months.
payworks co-founder and Head of Product & Development David Bellem: "Chip & PIN is the way to go if you want to enable merchants to process all major card payment methods in the future. What has prohibited a large-scale rollout of mobile Chip & PIN is the inherent complexity and burdening regulatory requirements. We are very excited that we can take away this burden by making our secure, compliant and flexible infrastructure available to payment providers already in or planning to enter the mobile point of sale market. What's great about our solution is its flexibility: We can roll out entire white-label mobile POS solutions or give developers access to integrate Chip & PIN into their existing application using our payworks.connect SDK. Our platform will become even more flexible and powerful in the future as we add more acquiring banks and compliant hardware devices."
payworks develops and operates mobile payment solutions for payment providers, banks and telecommunications providers. The company's payment products comprise both modular components as well as turnkey solutions in the areas of mobile Point of Sale and mobile commerce. As a full service provider, payworks enables its clients to enter the mobile payment sector with innovative and reliable solutions without the need of high investments.
PAY.ON AG is the world's leading provider for web-based payment infrastructure services and provider of the payment processing platform 'PaySourcing' as well as of the routing gateway 'PayPipe'. 'PaySourcing' allows clients to outsource all relevant eCommerce-typical payment and risk management processes into the cloud or to become a payment service provider in a cost-, time- and resource-saving way. 'PayPipe' is a high-performance routing gateway, which connects payment market participants worldwide by using only one API. 'PayPipe' accelerates the global availability for all market participants like no other network. Accordingly, transactions are processed in all payment methods in any currency across all systems. Every PAY.ON system is PCI-DSS certified and therefore compliant with the international payment standards and requirements.
SOURCE payworks GmbH