MagicCube to launch its PIN-on-Glass Product at Money 20/20 Europe and Establish Presence in Munich
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 IDC and sponsored by MagicCube. The whitepaper is also available in German here: http://idcdocserv.com/US43839718_DEU_Final_deliverable and in French here: http://idcdocserv.com/US43839718_FRA_Final_deliverable.
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 in 2013 to $3.3 trillion in 2018 and nearly $6 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.”
Visit MagicCube at Money 20/20 Europe at Stand A24.
 IDC, http://idcdocserv.com/US43839718
MagicCube is the creator of the world’s only Software Trusted Execution Environment (sTEE™) platform, a technology that enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, sensitive logic, and cryptographic operations on the device while offering unprecedented ease of large-scale deployment and remote management capabilities. MagicCube is completely hardware-independent, runs on any smart device and is not limited to enterprise deployments. MagicCube has developed a suite of products (MC-Token Shield and MC-Screen Shield) capable of replacing the need for hardware-secure elements to build, deploy and remotely provision and manage point-of-sale systems and other IoT devices. This transforms a regular consumer mobile device into a full-featured point-of-sale system capable of securely accepting sensitive data, such as a payment card PIN, onto the touchscreen. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.
Laura Turnidge / Dani White
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