Fiserv testing PIN on mobile payment technology with Visa, Samsung
Fiserv Inc. said it is testing ground-breaking PIN on mobile technology with Samsung Electronics Co., Visa Inc. and PayCore Inc., which allows merchants to accept payments on a consumer-grade mobile device.
The payment technology, developed through Fiserv's First Data business, along with the other three companies, allows merchants to take payment on a regular smartphone or tablet without needing a separate card reader or PIN entry device. Such a capability would allow merchants of various sizes, including single-person micro-businesses, to accept non-cash payments, John Gibbons, executive vice president and head of EMEA at Fiserv, said in a company press release. The new capability reflects changes in how consumers want to pay, however, not all merchants are capable of accepting those types of payments.
"Contactless chip and PIN payments are common, yet over 23 million micro-merchants in Europe alone may lack terminals to accept them," he said. "We're making sure no merchant is left out and helping them do business in the cashless economy by turning the smartphone into a card acceptance device."
Fiserv is testing the solution during a pilot in Poland and plans to roll out the PIN on mobile technology in the EMEA and Asia-Pacific regions.
Cover image: Fiserv