Software only solution enables smartphones to be used for PIN protected contactless transactions for any amount with no additional hardware required

London, United Kingdom – WIZZIT Digital has launched its Tap2Pay SoftPOS with PIN solution and is due to go live with an initial launch customer – one of the largest Pan-African commercial banks – during February 2021.

The launch followed the certification by both Mastercard and Visa of WIZZIT Digital’s Tap2Pay SoftPOS with PIN solution with regards to functional, security and branding requirements.

The solution is 100% software only, enabling merchants – either instore or online – to accept PIN secured “tap and go” transactions on any NFC enabled Android phone. There is no need for any separate card reader or PIN-entry device, with PIN entry enabled through WIZZIT Digital’s patented secure “soft” PIN pad.

“Simply put, WIZZIT Digital’s Tap2Pay solution transforms commercial off-the-shelf smartphones and tablets into secure contactless payment terminals that require no additional hardware, plug-ins, card-readers, or dongles to accept PIN protected card payments,” says Brian Richardson, Chief Executive Officer of WIZZIT Digital.

Uniquely WIZZIT Digital’s Tap2Pay solution makes it possible for PIN entry to be carried out on either the merchant’s mobile device or – if customers would prefer – allows merchants to ‘push’ PIN entry to customers’ own devices. Customer’s own devices can be Android or iOS.

WIZZIT Digital’s Tap2Pay solution can be installed on any NFC enabled Android phone or embedded into a merchant or financial service provider app.

“The PIN protected feature of the solution means there is no limit to the payment amount a merchant can accept – unlike regular contactless payments that are not PIN protected,” says Richardson.

Richardson explains that the ability for consumers to enter their PIN on their own device, as well as the obvious reduction in cash usage, is especially relevant in the present COVID-19 environment, as everyone is attempting to minimise touching shared surfaces in order to combat the spread of the virus.

WIZZIT Digital’s Tap2Pay solution also offers the same level of convenience and security to eCommerce. Customers can pay with their card for online purchases by tapping their payment card and entering their PIN, all on their NFC enabled personal Android phone.

This additional unique ability allows online transactions to be substantially more secure with no card details stored on any devices, reduces card fraud and decreases transaction costs for merchants/retailers

“We believe that all payments should by default be PIN protected, irrespective of the value of the transaction and irrespective of whether the transaction is instore or online,” says

Richardson. “Ultimately, with PIN protection merchants can securely accept any card payment regardless of the amount, and regardless of any contactless payment limits.”

WIZZIT Digital will be primarily targeting financial institutions and payment gateways who want to provide digital payment services to an estimated 130 million micro/small merchants worldwide currently without card acceptance point of sale capabilities.

Particularly attractive to the financial institutions and payment gateways about the WIZZIT Digital Tap2Pay SoftPOS with PIN solution is the fact that the solution includes a fully fledged PCI DSS (Payment Card Industry Data Security Standard) certified switch from which the application is controlled.

“This aspect of the payment solution sets it apart from similar solutions in the marketplace because this is a complete out of the box solution with a seamless integration into an existing acquiring infrastructure, allowing the banks merchants to use their smartphone as a POS device,” says Richardson.

According to a World Bank study, micro, small and medium retailers (MSMRs) made and accepted around in a single one-year period $34 trillion in supplier payments, wages and salaries, and customer payments, of which $19 trillion were made utilising cash and checks.

The unique selling points of WIZZIT Digital’s Tap2Pay SoftPOS with PIN solution for the merchants are: the elimination of any separate payment and PoS hardware or maintenance of any sort, paper-free receipt services, reduced customer wait periods, and the ability to accept card payment rather than cash or cheques.

 

#ABOUT WIZZIT DIGITAL

WIZZIT Digital develops and implements products in the payments ecosystem – specifically the acquisition and processing of digital payments utilising mobile phones as point of sale devices. www.wizzitdigital.com

WIZZIT pioneered mobile payments, first launching with a USSD solution in 2004, winning numerous awards over the years for its innovative technology, and has processed more than 1 billion transactions over their mobile payments platforms which include USSD, APPs and ChatBanking.

Please contact the WIZZIT Digital media team at br@lanterncommunications.co.uk for supporting documentation, videos and photography and/or to arrange to chat with Brian Richardson CEO of WIZZIT Digital.

#HOW IT WORKS

The payment experience instore is simple: the merchant enters the amount on their Android 6.0 NFC enabled smartphone or tablet, and the customer makes payment by tapping their contactless debit or credit card onto the merchants device, and then entering

their PIN either on their own smartphone or tablet or on the merchant’s device. Any and all additional payment hardware is eliminated. Link to video – https://vimeo.com/392050978

The payment experience online simple: the customer makes purchases on their own laptop or mobile device, the customer receives a message through their financial provider app to confirm a purchase. The customer opens the message and confirms the purchase and the amount. The customer then taps their card and enters their PIN on their own mobile phone, and then receives a message confirming the transaction. Link to video – https://vimeo.com/392050541

#ADDITIONAL BACKGROUND NOTES/CONTENT

Low penetration and growing demand for mobile POS terminals from developing economies in Africa, India, South East Asia and Central and South America Asia are expected to provide lucrative growth opportunities.

The lack of low-cost card acceptance solutions is hindering the conversion of cash into electronic payments, which presents a large opportunity for low threshold fully digital payment acceptance tools.

The WIZZIT Digital Tap2Pay solution facilitates the ability for banks/acquirers/PSP to go further ‘down-stream’ accessing those MSMRs that currently do not have, nor want a physical POS.

WIZZIT Digital’s primary difference to its competitors is that we make available a secure PIN Pad on any Android NFC phone whereas our competitors technology is only available on certain Android devices, usually the more recent and expensive smartphone models.

For those phones that are not NFC enabled, the WIZZIT Digital PIN Pad is PCI DSS certified and the back-end is a totally separate application to the capturing of the customer card details. This enhances security and replicates a traditional POS device’s technology seen in retail stores, where a customer has to enter a PIN on a merchant’s device.

WIZZIT Digital will be also targeting financial institutions and payment gateways who provide payment services to small/medium merchants who prefer SoftPOS systems over traditional POS systems.

While there are payment solutions that offer the ability to enter PINs on a standard android mobile device (SPoC), they still require a certified separate card reader.

There are also payment solutions that offer contactless payments with a standard android mobile device (CPoC), but the elimination of card reader hardware also eliminates the ability to secure that payment through PIN entry