IOT Startup MagicCube Extends its Tap to Pay Acceptance Platform to Serve Enterprise and Big Box Retailers

i-Accept, the scalable software-based solution that enables payments acceptance on off-the-shelf devices, gains new capabilities designed to extend Tap to Pay beyond small and micro-merchants

MagicCube^TM, the startup that created the Software Defined Trust (SDT) category, today announced it is extending its Tap to Pay acceptance platform to help enterprise and big box retailers take advantage of software point-of-sale (softPOS) technology to reduce costs, improve efficiency, and deliver better customer experiences. i-Accept^TM, the platform that transforms off-the-shelf smart devices such as phones, tablets, and large screens into contactless payments terminals, introduces new attributes ranging from device management to easier PCI compliance intended to enable seamless, scalable, and secure Tap to Pay—with or without PIN—in complex, large retailer environments.

“With Apple releasing Tap to Pay as a component of its proprietary iOS operating system, it becomes more urgent to serve the two billion Android users that represent more than 70% of the global mobile market,” said Sam Shawki, CEO and cofounder, MagicCube. “i-Accept brings a robust, enterprise-grade solution that is secure, and not tied to a specific device maker, operating system, or card network—making it ideal to go beyond small and micro merchants and serve large retailers, which have a vast array of use cases.”

Among the new i-Accept capabilities designed to help enterprise retailers to reinvent, optimize, and improve their checkout experience, are:

• Multi-acquirer and multi-merchant support from a single platform
• Direct integration into complex systems without affecting PCI-DSS scope or certification
• Unchanged transaction routing and full control of the existing acquirer and merchant flows
• Flexible management of acceptance rules across multiple geographies
• Message translation across different standards
• Support of current and future compliance requirements for large retailers

Through i-Accept, acquiring banks and other financial services institutions can enable their large merchants and retailers to accept contactless transactions via payment cards and mobile wallets such as Apple Pay, Google Pay, and Samsung Pay—all at “card present” rates for merchants and without limits on transaction amounts for consumers. It’s also flexible to quickly adapt to acceptance of local card schemes or crypto wallets, and support check out features such as “Buy Now, Pay Later” and rewards programs, among others.

i-Accept can also securely capture financial PINs and other verification methods on NFC-enabled smart devices large and small— a key feature in European and other markets where the use of PIN is mandated.

Starting today, MagicCube will be demonstrating these enterprise-grade capabilities at Money20/20 Europe, booth C50, Hall 5.

About MagicCube

MagicCube leads the Software Defined Trust (SDT) category with its software-based solutions that replace hardware chips used today to secure sensitive data and authenticate whoever needs access to it. The technology enables secure, large-scale deployment and management of Internet of Things (IoT) and mobile solutions to consumers. MagicCube was awarded the first recognition of a software-based Trusted Execution Environment issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions. MagicCube has been named by Network World’s one of the “10 Hot IoT Startups to Watch”, listed as a Cool Vendor in Security and Risk Management by Gartner, and is the only startup to sit on the board of the PCI Security Standards Council. Investors in MagicCube include Mosaik Partners, Shift4, Bold Capital, Epic Ventures, ID Tech, Sony Innovation Fund, and Visa, among others.

SOURCE MagicCube