When scoping product innovation in the payment industry, the vital goal is to create higher acceptance rates for cards, lower fees for merchants with enhanced security. Nowadays, the target is to move point of sale from hardware to software.
“MAK – PCI-Omni Channel Expert”
No doubt that the continued progress in moving to digital transactions has made a big impact on the global economy, and the key to helping push this move further is on the acceptance side. This technology needed to facilitate “PIN on Glass” transactions is already available, and PCI standards for the listing on software PIN entry of commercial off-the-shelf (COTS) devices.
Moving away from hardware is crucial to such a transformation.
Typically, as is the case in business, the move from hardware to software in payments is gradual. It started with Square, iZettle, PayPal Here, and so on. But one big impediment for getting to a downloadable point-of-sale (POS) acceptance device that everyone can use is the fact that the keypad that’s used to enter your PIN remains a hardware requirement.
Since PIN on Glass doesn’t require merchants to purchase expensive, dedicated payment terminals and instead leverages existing, regular mobile devices, the technology significantly lowers the cost of card acceptance. That’s a critical factor in coaxing more small businesses to accept credit cards rather than continue to rely on cash and checks.
PIN on Glass offers banks that issue EMV debit and credit cards lower POS fraud costs, higher purchase volumes, and increased merchant’s demand for EMV PIN at POS. Moreover, EMV PIN resolves for lost and stolen card fraud, addresses merchant demand that EMV be enabled for PIN, and lowers the cost of acceptance for merchants, which in turn boosts payment volume on bank-issued payment cards.