Swiff's Chip & PIN solution is now approved by the Visa Ready Program

Aug 08, 2013, 02:23 ET from SCCP Group

SINGAPORE, Aug. 8, 2013 /PRNewswire/ -- Swiff, SCCP Group's innovative mobility payment solution, has received approval for its Chip & PIN solution for use with Visa payments through the Visa Ready Program. The Swiff mobile payment Chip & PIN terminals will alleviate payment barriers for merchants, acquirers and customers by displacing cash and checks with mobile payment acceptance.

This new step in the partnership between Swiff and Visa follows the announcement by Visa Inc. on June 5th, that Swiff had been selected as one of the leading mobile point-of-sale (mPOS) providers to join the Visa Ready Program. The program is designed to provide innovators with an easy way to collaborate with Visa and gives merchants and consumers the peace-of-mind they need when transacting with a mobile phone.

"We believe that the approval by Visa rewards the level of security and flexibility of our Chip & PIN solution," comments Etienne van den Bogaert, Swiff Chief Technology Officer. "Both Swiff's hardware and software have been approved by Visa to ensure the solution meets all quality and security metrics for mobile payment acceptance."

As mobile acceptance continues to increase at exponential rates, particularly among micro and small merchants, it is essential to arm these merchants and acquirers with technologies that meet Visa's high standards of security and reliability. In the last year, the number of mPOS terminals increased 111 percent, and is expected to grow over 300 per cent by 20171.

"As a member of the Visa Ready Program, Swiff is now operating under the guidance and best practices of Visa. To couple Visa's tools and value-added services and Swiff's ironclad authentication and security system marks a critical breakthrough in mobile payment offerings for both merchants and acquirers," concludes Jerome Cle, Swiff founder and CEO.

About Swiff and SCCP Group

SCCP Group, the corporate holding company of Swiff, is a global innovator in secure mobile-based payment technologies. Incorporated in 2010, Swiff brings together a suite of end-to-end secure payment and loyalty processing solutions to card issuing and merchant acquiring services around the world. Using the company's unique, and fully patented, proprietary technologies in payment processing and authentication, the merchant customers of financial institutions are able to deploy one integrated payment solution. Headquartered in Singapore, SCCP Group delivers tailored, white-label payment solutions for its customers in Asia Pacific, Africa, Europe, the Middle East, Russia and the Americas.

1 Timetric, 2020 Foresight: Mobile Point of Sale Technology, April 2013, www.timetric.com