MagicCube Will Partner With NTT Data Corp. To Offer Japanese Retailers PIN-on-Glass Verification

Tuesday, June 18th, 2019

It’s impressive the extent payment enablers are going with their attempts to smooth the business process for retailers and their customers.

For long, we’ve only been able to enter PINs on specific payment points like the POS and ATMs. But a cohort of payment tech experts has been working to make the use of PINs possible in nearly all our mobile devices – a capability they refer to as “PIN-on-glass.”

And two weeks ago, MagicCube Inc., a California-based software firm led by an ex-Visa Inc. executive, announced it would begin offering PIN entry tech for Japanese retailers.

Sam Shawki created MagicCube back in 2014 after his exit from Visa. His tech company intends to make the use of PINs possible in everyday mobile devices.

But MagicCube Inc. is not alone in its efforts, the firm said it would collaborate with NTT Data Corp., a Tokyo-based IT company. However, it did not to disclose how soon they will start working together to chase their cross-platform PIN entry dream.

MagicCube’s app, rolled out last week, relies on a Virtual Trusted Execution Environment (vTEE) and has been approved by EMVCo, the global payments standards agency supervised by six international card networks.

This certification followed a new standard for the verification method as mandated by the PCI Security Standards Council in January 2018. PCI is the payment card security watchdog responsible for setting all safety rules.

For Japanese merchants, cross-platform PIN entry will mean an edge in the competitive market where flexibility in payments is a determinant of success. Plus, offering the tech to merchants in Japan will introduce it to the market and increase adoption of the technology, which permits PIN entry on smartphones, tablets and all sorts of mobile gadgets for both debit and credit cards, including contactless types.

Acceptance could also be increased by the EMVCo’s approval of vTEE which could cut short the PCI certification process, and by backing from NTT and its reputation.

“When we adopt hardware over software, everything becomes easily accessible through downloading, and upgrades can be made which allows the market to expand significantly,” said Sam Shawki, MagicCube’s Founder.

“MagicCube’s PIN-on-Glass tech put together with NTT Data Corp.’s international presence and hosting capabilities will give an edge to established as well as small merchants and bring to their disposal this breakthrough innovation.”

NTT will also get a chance to expand its payments business. The head of payments division for the firm, Masanori Kurihara said: “Partnering with MagicCube will speed up the delivery of safe and new-age payment solutions for merchants.”

“Our PIN-on-Glass technology will meet the crucial demand for secure, scalable, software-based point of sale capabilities that can ensure the same safety as with hardware forms,” he added.

Wrapping Up

For long, PIN entry has been left for ATMs and other physical points of sale Finally we could have safe software-based PIN entry with the same level of security as hardware solutions.