MagicCube i-Accept: Reinventing Payments Acceptance with Software Defined Trust
Traditional POS devices rely on physical chips to process payments. While they offer high levels of security, they are also inefficient and expensive, requiring storage, shipping, repairs, refurbishment, and hardware upgrades. Mobile POS solutions pioneered by Square have started democratising payments acceptance, but still usually rely on additional hardware plugged into the mobile device.
Over the last few years, the PCI Security Standards Council paved the way for further change by publishing new data security standards, such as SPoC, i.e., Software-based PIN entry on COTS (‘Commercial Off-the-Shelf’ devices) and CPoC, i.e., Contactless Payments on COTS. These standards allow contactless card-based payments to be accepted by simply tapping a card or a phone with a mobile wallet against a mobile phone equipped with an NFC reader; no special hardware is needed.
MagicCube offers Software Defined Trust (SDT) via its software Trusted Execution Environment (sTEE) security platform for mobile and IoT devices, delivering hardware-grade protection without the complexity and constraints associated with specialist POS devices. MagicCube’s i-Accept is a software-based replacement for traditional payment acceptance terminals. By integrating i-Accept, financial institutions can now enable merchants and retailers to accept contactless cards on all four major card networks (American Express, Discover, Mastercard, and Visa), as well as capture financial PINs and other verification methods, without the need for additional hardware or terminals.
Two MagicCube founders—Sam Shawki, CEO, and Nancy Zayed, CTO—briefed Celent on May 6, 2021 on the company’s solution, its differentiating features, and progress to date. This Solution Brief introduces MagicCube's i-Accept and discusses the potential for software defined trust to disrupt the payments industry.