Tap and go charity donations at UK railway kiosks helps the homeless


Worldline payments and Evoke Creative kiosk developers have collaborated to design a charity donation kiosk to support Network Rail’s homelessness charity initiative this winter.

This program was set up by Network Rail, a company that just signed the first pan-industry homelessness charter as part of its work to help homeless people across Britain, according to a press release. The charter brings together The Big Issue Foundation, Crisis, End Youth Homelessness, Railway Children and Shelter, all who are united to fight homelessness across the U.K.

The kiosks will be installed at Glasgow Central, Leeds, Manchester Piccadilly, Birmingham New Street and Reading stations, and allow people travelling through the stations to quickly and easily donate by simply tapping their cards onto the payment terminal. A transaction takes just a few seconds.

Due to the pandemic charities that support those in need in the U.K. have seen a dramatic dip in fundraising revenues due to cancellations of many fundraising events. Meanwhile, the number of those who are in need of support continues to grow as the U.K. grapples with the effects of COVID-19 on the economy.

Railway Children has been supported by Worldline for a number of years, and as the official technology partner, Evoke was glad to be involved. This collaborative project demonstrates Worldline and Evoke Creative’s commitment to supporting U.K. rail charities and help eradicate homelessness across the U.K.

“We were absolutely blown away when we received the incredibly generous offer from Worldline and Evoke to gift us these donation kiosks,” Mary McLaughlin, corporate partnerships manager, Railway Children said in the release. “The Routes out of Homelessness partnership has the potential to make a very real difference to lives of people who are homeless or at risk of homelessness across the U.K. To now have an easy way for rail users to donate and have an impact on the success of the initiative is just fantastic. Speaking on behalf of all the charity partners, I would like to say a heartfelt thank you to Worldline and Evoke for the kindness and compassion demonstrated through this gift.”


Mastercard imposes fivefold increase in 'interchange fee' for UK


Mastercard is planning a substantial hike in interchange fees to merchants post-Brexit. Mastercard insists that U.K. shoppers using a credit card will not be affected.

The company announced the fivefold increase in interchange fees, which it collects on behalf of banks on each transaction, will go into effect Oct. 15, according to a report in the Daily Business. The fee covers the cost of systems maintenance and fraud prevention.

Mastercard said the changes were in line with a 2019 agreement made with European Commission for transactions from all non-members.


NCR and Cardtronics announce definitive acquisition agreement


NCR Corp. a technology provider for the financial, retail and hospitality industries, and Cardtronics, a non-bank ATM operator and service provider, announced that they have entered into a definitive acquisition agreement, according to a press release.

Under the agreement NCR will acquire all outstanding shares of Cardtronics for $39.00 per share in an all-cash transaction with an enterprise value of approximately $2.5 billion, including debt. The transaction has been approved by the Boards of Directors of both companies,

“This transaction accelerates the NCR-as-a-Service strategy we laid out at Investor Day in December, further shifts NCR’s revenue mix to software, services and recurring revenue, and adds value for our customers,” Michael D. Hayford, President and CEO of NCR said in the release “We have had a long-standing relationship with Cardtronics and its outstanding team. Its Allpoint network is highly complementary to NCR’s payments platform, and the combined company will be able to seamlessly connect retail and banking customers. Simply put, we are better together.”

The combined company is expected to achieve $100-$120 million in run rate operating cost synergies by the end of 2022. The transaction is expected to be accretive to NCR’s non-GAAP EPS in the first full year following the close of the transaction.

NCR plans to finance the transaction with cash on hand and is fully committed to financing from Bank of America, N.A. The transaction is expected to close in mid-year 2021, subject to receipt of regulatory approvals and satisfaction of customary closing conditions, including approval by Cardtronics’ shareholders. Upon completion of the transaction, Cardtronics will become a privately held company and Cardtronics’ common shares will no longer be listed on any public market.

Prior to entry into the agreement with NCR, Cardtronics terminated its previously announced acquisition agreement with an entity affiliated with funds managed by affiliates of Apollo Global Management Inc. in accordance with the terms of the acquisition agreement. In connection with the termination, NCR paid the termination fee of $32.6 million in accordance with the terms of the acquisition agreement.

“We are pleased to announce this compelling transaction, which will deliver superior value to our shareholders,” said Edward H. West, CEO of Cardtronics. “This is a testament to the strength and value of Cardtronics, our talented team and customer base, and the complementary nature of our two businesses. Our Board determined that this transaction, which follows a comprehensive process and review of alternatives, is in the best interest of Cardtronics and our shareholders.”


Cardknox adds Google Pay to expand e-commerce payment solutions


Cardknox, an omnichannel payment gateway, has expanded its e-commerce payment options to include Google Pay. Merchants who integrate with Cardknox will now have the ability to offer Google Pay digital wallet and online payments to Android users at checkout, according to a press release.

Google Pay can help streamline and speed up a customer’s checkout process. Once customers have added their payment information online, they can pay by mobile device using biometric scanning methods or by signing into the app, avoiding having to enter their payment information each time they make a purchase. The service keeps card data safe with security features like built-in authentication, transaction encryption, and fraud protection.

The addition of this payment option will increase online conversions, shorten the checkout process and reduce payment friction. Mobile wallets have also helped lower the rate of shopping cart abandonment.

Cardknox has increased its efforts over the past year to help merchants and software developers expand their payment offerings by adding Apple Pay, SNAP EBT online, and now Google Pay over the past year to its e-commerce and mobile payment options.

“We’ve always prided ourselves on offering flexible payment solutions and that means supporting our merchants and software developer partners with the functionalities they need as shopping experiences evolve,” Mark Paley, vice president of sales for Cardknox said in the release. “By adding this solution to our lineup, we look forward to being able to support merchants as their customers increasingly move online, and to allow our software developer partners to provide their clients with even more e-commerce and mobile commerce solutions.”


Biden picks Gensler for SEC


President Biden’s pick to lead the Securities and Exchange Commission is MIT Sloan professor Gary Gensler.

Gensler’s teaching and research at MIT has focused on blockchain technologies, digital currencies, financial technology and public policy. Recently, Gensler was working on a paper with research assistant Lily Bailey regarding how deep learning may lead to a fragile financial system and economy-wide risks.

Gensler also offers two courses through MIT OpenCourse Ware, Fintech: Shaping the Financial World and Blockchain and Money.


Plaid launches FinRise to level fintech playing field


Plaid has officially launched an incubator program, FinRise to empower early-stage entrepreneurs.

The idea came about during an internal ‘hackathon’ last summer and was inspired by the Black Lives Matter movement. After the initial concept and months of planning, FinRise was launched to be a nine-month program designed to support early-state founders who are Black, Indigenous or people of color.

“Entrepreneurship should be accessible. Anyone with a great idea should have access to the same opportunities and resources to be successful,” said a blog regarding FinRise on Plaid.com. “At Plaid, we believe in technology as a force for good. We want to unlock financial freedom for everyone by empowering entrepreneurs and innovators. We want to create a fintech ecosystem that consists of more voices rather than fewer.”


Synchrony and Mattress Firm renew strategic partnership


Synchrony consumer financial services company and Mattress Firm mattress retailer announced the renewal of their strategic partnership. Under the multi-year agreement, Mattress Firm will continue offering Synchrony’s financing program and solutions, according to a press release.

Launched in April 2016, Synchrony’s consumer financing options are available for online and in-store purchases at 2,400 Mattress Firm stores in the U.S. Leveraging digital tools and analytics, Synchrony is helping to optimize the transactional phase of Mattress Firm’s omni-channel customer journey, delivering a seamless user experience for shoppers. Qualifying cardholders enjoy special financing, online and mobile account management, savings and discount offers, and access to previews and events.

Mattress Firm’s accelerated digital transformation, which was critical throughout the pandemic, has helped the company serve 3.5 million customers, the most in company history, according to its last fiscal year which ended in September 2020. With expanded payment and financing options, Mattress Firm can now offer customers more purchasing power and enhanced experiences.

“Evolution is crucial for our industry, especially with the changing retail landscape due to the pandemic,” John Eck, president and CEO of Mattress Firm said in the release. “The combination of our customer-centric mindset and Synchrony’s financial expertise and differentiated customer experience, ensures our customers can shop safely and confidently at every stage of the purchasing process. Together, we’ve created a more seamless customer journey and enriched cardholder experience.”

“Synchrony’s flexible financing solutions and innovative business tools support Mattress Firm’s commitment to meet its customers at the moments that matter most in their purchasing journey,” Brian Doubles, president, Synchrony said in the release. “Our suite of digital capabilities for simplifying financing at the point of sale creates more purchase options for customers and empowers Mattress Firm to convert more prospects, expand customer loyalty and engagement and grow its business. We look forward to many more years as a strategic partner of Mattress Firm.”


Digital wallet adoption: how providers can sustain a competitive advantage.


Alexis Zukierman is the Business Development Manager at Intive, a global digital software and design company that accelerates digital transformation for products and services. Alexis shares his insight and knowledge of digital wallets and how providers can utilize this tool to gain a competitive advantage.

In this age of COVID-19, minimizing physical touch and proximity to others in public spaces is at the forefront of everyone’s mind. By allowing users to go cashless while making in-store purchases, e-wallets significantly reduce the amount of physical contact and subsequently bring down the risk of spreading the virus.

The Emerging Payments Association has recognized this trend in its latest report report which predicts a rise in the use of e-wallets for both online and in-store purchases.

Alexis Zukierman

Business Development Manager, Intive

As people turn to e-wallets to address safety concerns, they discover the many benefits that come with using digital payment methods: It’s faster, safer, and more convenient when you can make all of your purchases from one digital location. Not to mention, e-wallets are safer and more secure than carrying around cash or credit or debit cards.

Worldwide, China leads the way when it comes to adoption of the digital wallet with 81% of Chinese smartphone owners using digital wallets. The number of Europeans saying they used a digital wallet is 68% of Europeans. In the U.S., the number of digital wallet users are rising steadily.

While millennials were the initial target user of e-wallets, 48%of 18–34-year-olds had a mobile wallet according to a 2018 report, users from older age groups and with less technical know-how are jumping on the trend and realizing its benefits. Digital wallet providers will now need to adapt and cater to its new, unexpected consumer segments.

Thanks to their convenience, simplicity of use, and the ways in which they promote safety during the pandemic, e-wallets have made a strong mark on the payment’s ecosystem.

As the trend continues to grow and adoption spreads into new segments, e-wallet products will have to take extra measures to gain a competitive advantage and the trust of new users. This will mean prioritizing user experience and improving integration capabilities. Here’s why e-wallets are having their moment and what they should do to stay ahead in the market.

The key to a competitive advantage

If digital wallets are to reach the maximum of potential users, many of whom aren’t particularly experienced with digital products, they must make sure to prioritize simple yet seamless user experience.

Initially, e-wallet designers should remember the importance of a straightforward onboarding and initial set-up. If this is more than a few simple steps and takes the user what they consider to be too long to kick off, e-wallets run the risk of the user leaving the app before they’ve even started.

Other ways of ensuring a user-friendly experience include displaying steps one at a time so as not to overwhelm the user, showing simplified activity icons in the home screen, and having confirmation messages pop up when an action is completed.

It should be easy for new users to create an account without additional or hidden fees (something traditional finance often fails on), and straightforward for them to view all of their transactions and activities within the wallet. The app users of today demand seamless user experience, and any products that neglect to prioritize this risk falling by the wayside.

Many apps are also embracing new innovations and incorporating biometric authentication to add another layer of security, such as fingerprint and facial recognition-enabled log in. Leading banks and fintechs across the board are adopting biometric technology to boost security and streamline user experience in the process.

Not only is biometric scanning more secure than password-based authentication, but it allows users to avoid lengthy processes and paperwork when setting up an account. Users can simply scan their faces and IDs with their phone camera to verify their identity.

Integration is vital for a complete product

When it comes to third-party integrations, the more complete the e-wallet, the better a chance it has at becoming a centralized point for the user from which they can conduct all of their transactions. This means that integration with the user’s bank and other digital accounts, such as PayPal, is essential for any e-wallet provider that wants to extend its reach and grow its user segments.

By integrating with other platforms, e-wallets make it easier for users to cross borders and still be able to pay with the same method they’re used to at home. Integrations provide a way for e-wallets to enter new markets and grow their user base as the trend surges on a global scale, especially in Latin America, Africa and Asia. These regions have huge potential for e-wallet growth due to their high portion of unbanked individuals. In Latin America, on average 51% of adults did not have a bank account in 2017.

Ultimately, digital financial products require the trust of their users. If this is not achieved, e-wallets will not be able to ride the current wave of global expansion. By prioritizing seamless user experience design, a secure infrastructure, and third-party integrations, digital wallets will be able to establish user trust and loyalty, while promoting a safe and convenient payment method that’s fit for the current climate.


CaixaBank's digital service ‘imagin’ reaches millions of millennials


Spain’s CaixaBank’s digital service and lifestyle platform, imagin, aimed at millennials, reached three million users by the end of 2020. The imaginers community has seen a 15% increase in users (400,000), doubling in size over the last six months since June when the platform launched its new lifestyle-focused digital community concept for young people, according to report in ATMIA .

This data strengthens imagin’s leading position as a digital financial services player, as shown in the latest study by SmartMe Analytics. The study ranks the platform as the leading app among the main neobanks and fintechs in Spain, with a market share of 14.6%.

In addition to increasing the number of new users, in recent months, over 50% of current imagin users have accessed the app more than four times a week. In the first week of January, users accessed imagin 1.4 million times, beating all previous records of use for the app.

According to imagin data, the typical customer profile is mainly represented by women (52%) with an average age of 24 years, living in a large city (62% distributed between Madrid and Barcelona).

The services and digital content for the imaginers community are organized into five major themes: music, video games, trends, technology and sustainability. The app also offers special experiences and benefits related to travel and urban mobility.

The imagin application offers a range of products to meet the savings and financial needs of young people who have entered adulthood and are starting to earn their first paycheck. In all cases, imagin has key features for millennials: mobile-only operations or services only provided through the app with no branches, and the website only serving for informative purposes; no fees for the user; and the use of clear, simple language especially tailored for direct communication with millennials.


SBA approves 60,000 loans in first week


SBA approves 60,000 loans in first weekImage courtesy of iStock.

The U.S. Small Business Administration has already approved approximately 60,000 Paycheck Protection Program loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, at 9 a.m. ET through to Sunday, Jan. 17, the agency announced in a press release.

Last week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority-, women- and veteran-owned small businesses from Monday through Thursday, joined Friday by smaller lenders.

The PPP is open to all participating lenders.

“Data from our first week, which first allowed hundreds of community financial institutions to submit applications, then opened wider to small banks, demonstrate that we have helped tens of thousands of businesses,” SBA Administrator Jovita Carranza said in the press release.

First Draw PPP loans are for those borrowers who have not received a PPP loan before Aug. 8, 2020. The first two PPP rounds between March and August 2020 helped 5.2 million small businesses keep 51 million American workers employed, according to the press release.

Second Draw PPP loans are for eligible small businesses with 300 employees or less and that previously received a First Draw PPP loan. These borrowers will have to use or had used the full amount of their First Draw loan only for authorized uses and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.

The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.


JPMorgan's beats 4th-quarter earnings forecast


JPMorgan released fourth-quarter earnings, posting a 42% rise in net income of $12.14 billion versus $8.13 billion estimated by analysts. Revenue was posted at $30.2 billion versus $28.7 billion revenue estimated. The earnings per share rose $3.79 versus estimated $2.65, according to an earnings release.

JPMorgan’s corporate and investment-banking division delivered a 17% increase in net revenue as well as an 82% rise in net income to $5.3 billion.

Additionally, the bank’s commercial-banking business delivered a 115% increase in net income to $2 billion, due in large part to $1.2 billion in reserve releases.

Net revenues jumped 10% in the asset-and-wealth management division however, higher expenses and a negligible benefit from reserve releases meant net income slid 2%.

The bank’s consumer-and-community banking division posted an 8% drop in net revenue to $12.7 billion, reflecting lower margins on deposits.

“JPMorgan Chase reported strong results in the fourth quarter of 2020, concluding a challenging year where we generated record revenue, benefiting from our diversified business model and dedicated employees,” Jamie Dimon CEO, JPMorgan Chase said in the earnings release. “While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over $30 billion continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists.”


Bank of America announces fourth-quarter results


Bank of America announced its fourth-quarter results, posting a 28% drop in net income to $5.5 billion in the quarter, or $0.59 per share, but beating the $0.55 estimate analysts expected, according to a press release.

Revenue dropped 10% to $20.1 billion versus an estimated $20.7 billion, which was attributed to historically low interest rates. higher brokerage service fees and a fall in credit card activity that affected its consumer banking business. Non-interest expenses for the bank rose 5% to $13.9 billion, driven by higher net COVID-19 costs.

“In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers and strong markets and investing activity,” Brian Moynihan chairman and CEO said in the release.

Bank of America’s shares climbed 1% to $33.35 in pre-market trading after its $2.9 billion stock buyback announcement.

The firm said it released reserves of $828 million and provision for credit losses in the final quarter dropped to $53 million, indicating public confidence in economic recovery.


QR Code: It's cool again


John Minor is Chief Product Officer for PayNearMe. John shares his knowledge and expertise on QR code and why this formerly forgotten marketing tool has suddenly become on of the industry’s favorite ways to pay.

Let’s start with the obvious: QR code is not new. They turned heads as the “new hot thing” for a season in the early 2010s (around the day of the Palm Pilot and Blackberry— remember those?) before getting outshone by flashier technological advancements. And yet, somehow, QR code has come back better than ever, offering some practical solutions in this increasingly touchless and remote marketplace — including making bill payments easier, faster and more secure.

First, a little background: QR stands for quick response, and the coding was invented in Japan in the early ’90s as a fast way for automakers to track cars as they moved through the assembly line. By the turn of the century, QR code had expanded beyond manufacturing to retail spaces like grocery stores, department stores and pharmacies – even to business cards and billboards. Yet the technology failed to create a solid footing in consumer use in the U.S., perhaps because slow internet speeds and clunky scanning apps left most people unwilling to bother.

John Minor, Chief Product Officer PayNearMe

Fast forward to 2017, when Apple’s iOS 11 made it possible to read QR code using its standard camera app and Google added a QR scanning function to its Chrome search engine. Marketers jumped back on the bandwagon, using the technology to offer interesting, helpful and just-plain-fun offerings through QR code on products.

More recently, payment platforms like PayNearMe have begun using QR code on paper billing statements. Customers pay their bill easily by scanning the code and instantly accessing their payment account – no password or account numbers required.

How QR code works for remote pay

QR technology is fun and trendy, but it’s also extremely functional. Here are some reasons why:

● Information storage:Unlike a barcode, which uses only horizontal information, QR code can store information both horizontally and vertically. This 2-D coding allows them to carry 100 times more information than traditional bar codes. That’s ideal for purposes like remote payments. Just provide a code that’s unique to each customer the QR code guides them immediately to their pay screen without requiring additional information.

● Speed:QR code works quickly. When compared to the time it takes a customer to type in a URL, a password and additional security information the choice becomes obvious. It’s much easier to nudge customers toward electronic bill payment when it saves them so much time and hassle.

● Self-service: With COVID-19, we’re seeing even larger adoption of QR code due to the demand for remote payment options. Don’t touch that menu! Just scan a code and read the menu on a phone and leave the germs alone. Don’t go to the bank or local office! Just scan the QR cod on the bill to make a payment online.

This push toward contactless and remote options presents an opportunity for businesses to streamline operations in ways that save time and reduce costs. For instance, when a customer makes a payment over the phone or by mail, everyone incurs additional costs: the business pays through more staffing, the agent and customer pay through more time, and everyone pays through more friction in the exchange, including the risk for late or unpaid bills. Not so for remote payments which take place independently and quickly.

● Versatility: QR code offer a plethora of opportunities to promote a company’s brand and improve the customer experience. Because QR codes consist of pixilated dots in a square matrix they can be designed to incorporate a logo, color, message or background visual into a QR code. Codes can also deliver a personalized payment experience by showing the customer specific offers or ways to pay, and they can enhance the overall customer experience by letting them bypass the login and password screen for faster payment.

● Cost-efficiency: QR code have a low cost of entry. Businesses can purchase software to develop their own QR code or adapt their current hardware (e.g. ATM) to generate them. Current vendors may be able to help. For instance, many businesses and government agencies use QR code on their paper billing statements to make it easy for customers to pay their bills remotely.

Strategic payments

Given all these benefits, it makes sense to incorporate QR code into your business plan, and especially into your payment strategies. Here’s two strategies worth considering:

In-person touchless payment:Customers use their QR code scanner to read the code on a product and pay through PayPal, Apple Wallet, Google Wallet or another electronic payment system. The code records automatically in the business’ inventory system, so it can easily track when supplies run low.

Bill pay: Payment platforms generate individual QR code that can be printed on paper statements. Customers then can pay their bill by scanning the code and choosing their preferred method of payment without having to log into their account. It’s frictionless and fast.

Staying power

If you’re wondering whether this technology, with its history of boom and bust, is now here to stay, we think the answer is “yes.” Not only is QR code convenient, user-friendly, low cost and highly versatile, but they’ve become internationally ubiquitous. Consider these statistics:

● An estimated 11 million U.S. households will scan a QR code this year.

● In other areas of the world: Southeast Asia is estimated to scan 15 million QR codes in 2020; Europe 10.1 million; and India 8 million.

● Globally, mobile payments are projected to expand from $348 billion currently to $1.3 trillion by 2022.

Businesses will need to move with these fast-growing trends to retain customers, expand into new markets and provide the fast and frictionless services consumers desire. Not to mention, it’s always fun to see the underdog emerge as the leader, whether it’s in horse racing, romantic comedies, TV talent shows or that undervalued stock you just couldn’t resist. After three decades on the sidelines, QR code has finally emerged as a star player. Now make sure your business gets in the game.


ENACOMM and BLM Technologies partner


BLM Technologies and ENACOMM are partnering which will allow BLM Technologies to equip financial institution customers with ENACOMM’s Artificial Intelligence-powered conversational banking, intelligent interactive voice response and omnichannel fraud control module for combatting omnichannel attacks, according to a press release.

The partnership will also allow BLM customers to utilize ENAVOMM’s financial suite that offers a range of software tools including a customer relationship management tool and voice biometrics.

“BLM Technologies is dedicated to our customers, many of whom have trusted us for decades, by offering services and solutions that help them with the biggest business challenges. Working alongside ENACOMM will help us stay true to our commitment with customer self-service solutions that will empower our financial services industry customers to gain competitive edge,” John Tauer, vice president of sales at BLM Technologies said in the release.


Brazil fintech dLocal partners with lending platform Dinie


A cross-border payment platform, dLocal, that connects global merchants to emerging markets announced a new partnership deal with embedded lending platform Dinie. The new partnership allows global merchants to offer installment payments, or a pay later approach, to their customers in Brazil as a form of small business lending, according to a press release.

The Dinie pay later solution enables merchants to get paid up-front and in full, while their customers benefit from paying in three-to-nine-month installments. The merchant has no credit risk exposure, and SME customers are not required to have a credit card to pay, but can use their Dinie credit account while on the installment plan. Once a purchase is confirmed at the merchant’s checkout, the Dinie Pay option is presented and the SME customers can choose to split the payment into up to nine monthly installments.

“At dLocal, we are innovators at heart and our goal is to bridge the payments innovation gap between developed countries and emerging economies and Dinie shares that ambition with us. Dinie is complementing dLocal’s hyper local Brazilian payments solutions with capital accessibility to SMEs to pay for higher value business purchases and invest in their growth via improved technology and digital marketing. We enable global merchants to unlock new revenues and get paid upfront, frictionless and risk free,” Rodrigo Sanchez Prandi, VP Product at dLocal, said in the release.


WIZZIT Digital launches Tap2Pay


WIZZIT Digital has launched its Tap2Pay SoftPOS with PIN solution, which is due to go live in February with one of the largest Pan-African commercial banks.

The launch follows the certification of Tap2Pay by both Mastercard and Visa in regards to functional, security and branding requirements, according to a press release.

The solution is 100% software only, enabling either in-store or online merchants to accept PIN-secured “tap and go” transactions on any NFC enabled Android phone. No need separate card reader or PIN-entry device is needed. The PIN entry is 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. 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,” Brian Richardson, CEO of WIZZIT Digital said in the release.