Company News • 10.05.2013
Alaric Offers myPinPad Solution to Transform Online and Mobile Payments
Alaric is now offering the innovative myPinPad™ product which enables cardholders to securely control the authorisation of payments via the entry of their PIN on touch-screen payment terminals, smart phones, tablets and online.
The combination of myPinPad and Alaric’s Authentic ™ solution for transaction processing delivers an end-to-end platform for mobile and online payments, with EMV-level security.
myPinPad enables the secure processing of mag-stripe or chip cards. It addresses the challenges of securely authorising card payments through its highly-scalable virtual EFTPOS and ATM platform, which presents the cardholder with a one-time virtual PIN pad - effectively moving the security elements of the transaction from the device and into the cloud. Via myPinPad, the cardholder can enter his/her PIN securely. All data relating to the transaction authorisation is effectively invisible until it is authorised at the secure server.
The integrated Authentic and myPinPad solution seamlessly enables the processing of the entire transaction as a traditional card payment, irrespective of where it originated. For acquirers and issuers, no system changes are required. Transactions will continue to be processed the same as any other card transaction. The key differentiator is that the PIN is verified online with the issuing bank, as opposed to offline via the card and terminal.
The solution has significant benefit to the entire payments ecosystem:
- Improving risk and fraud protection
- Converting card not present (CNP) to card present with PIN transactions, with the consequence of reducing fees and the possibility of chargebacks to merchants and PSPs
- Reducing terminal costs for card acceptance as standard smart phones or tablets are used
- Enabling acquirers and PSPs to expand the number of merchants who can accept card payments
This new business solution from Alaric and myPinPad will help banks, card schemes, acquirers and payment service providers to increase transaction volumes simply and securely, move into new markets, develop new products, and increase cardholder trust throughout the payment ecosystem.
“There have been many advances in the world of payments, but easy and cost-effective authentication of the individual making the payment has always proved a challenge. I am delighted that we can now offer myPinPad to the market, and provide a secure solution for cardholder PIN entry across mobile devices and web browsers, and separating the authentication of the user from the physical POS device,” said Mike Alford, CEO at Alaric. “The flexibility of the solution, which can even deliver EMV-level security just using mag-stripe and PIN, provides an ideal complement to our Authentic product – together they can transform the way ecommerce and bricks-and-mortar merchants accept card payments.”