MagicCube to launch its PIN-on-Glass product at Money 20/20 Europe in suite of IoT and PoS systems
The company will be launching its suite of products in Europe – including MC-Token Shield and MC-Screen Shield, designed to remove the need for hardware security to build, deploy and remotely provision and manage point of sale (PoS) systems and other Internet of Things (IoT) devices.
The event marks MagicCube’s entry into the European market where it is establishing a branch office in Munich headed by Ingo Tänzler, who previously worked at Giesecke & Devrient.
MagicCube’s technology transforms regular mobile devices into secure, full-featured POS systems capable of handling sensitive data, such as payment card PINs, on consumer device touchscreens of all sizes.
The company’s approach to POS mobile payment is timely: Earlier this week market intelligence firm IDC issued a whitepaper highlighting the need for a shift away from the reliance on hardware-controlled payment devices. IDC’s latest ‘Technology Spotlight’ – ‘A New Approach to Payment Security’, was written by James Wester, research director, Worldwide Payment Strategies at market intelligence firm and sponsored by MagicCube.
The whitepaper highlights that there has been a change in the global payments industry as mobile commerce expands worldwide. The market is expected to grow from under $1 trillion (€0.85 trillion) in 2013 to $3.3 trillion (€2.82 trillion) in 2018 and nearly $6 trillion (€5.12 trillion) in 2020. The report details the pressing issue this growth brings; the provision of fit-for-purpose, secure approaches for protecting data when purchasing via connected devices.
“A pressing issue in the payments market is that the majority of solutions available are limited to solving partial issues like identity or authentication. We are striving to change this with our PIN-on-Glass solution, which reduces cost and complexity of point of sale ownership, raises card acceptance rates and lowers acceptance risk,” said Sam Shawki, CEO and co-founder at MagicCube.
The whitepaper details how the payment market now requires a solution that is better than “good enough” and simplifies the process of securing sensitive data. It should also work regardless of operating system, wireless carrier, or device manufacturer. In short, the best security solution is one that is self-contained software that can be embedded in applications, receive necessary updates remotely, scale to meet the needs of the IoT economy and offer the same level of security as hardware.
MagicCube’s comprehensive platform protects a broad spectrum of sensitive data types, such as encryption keys including PKI, payment tokens, personal data, identity, authentication. It also secures the sensitive logic required for biometrics, tokenisation, secure screen input, device identity and Artificial Intelligence (AI) logic for autonomous cars.
Ingo Tänzler, head of Business Development Europe, MagicCube said, “One of the core themes of this year’s Money 20/20 Europe focuses on the sustainable growth of mobile payments. We’re excited to show how MagicCube’s software-based approach has the benefits of hardware, but allows developers to avoid the headaches associated with storing credentials in hardware controlled by device manufacturers, operating system providers, and network operators.”