MagicCube, the creator of the world’s only Software Trusted Execution Environment (SDT) platform, and areeba, the leading issuing and acquiring services provider to banks, financial institutions, merchants and retailers in the Middle East, announced a technical partnership to deploy a joint product offering contactless SoftPos in the region.
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
SoftPos is a software-only Point of Sale system that turns any Android-based smartphone or tablet into a contactless payment acceptance terminal. Merchants will need to download the areeba mobile application from Google Play to their mobile device, which then allows their customers to make their payments by tapping their contactless cards, HCE mobile wallets or wearables on the merchant’s mobile device.
Last year, MagicCube was awarded the first certification of a software-based Trusted Execution Environment issued by EMVCo, the consortium owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa. MagicCube’s SDT is completely hardware-independent and works on all major card networks. It offers easy integration, quick deployment, easy operation and unmatched security.
“The Middle East is a huge area of growth that is positioned to benefit greatly from reducing the cost and complexity associated with accepting digitized payments. When software replaces hardware, everything becomes downloadable and upgradeable, allowing the market to grow exponentially. This is akin to upgrading from physical media to streaming services,” MagicCube CEO Sam Shawki said. “Enabling micro merchants can have a great economic impact and can also be a great accelerator for financial inclusion.”
Read More: GlobalFintechSeries Interview with Raymond Wyand, CEO & Co-founder at gini
