For many years, the PIN entry has been limited to specialized hardware devices like at the point of sale or the PIN pads on the ATMs. This Monday, a Calif-based software company which is led by the ex-executive of Visa Inc. told that the company will initiate offering to the retailers located in Japan its technology for the PIN entry on the casual, not designed or made to order but taken from existing stock mobile devices.
MagicCube Inc. stated that it will work in partnership with a Tokyo-based info-tech the firm, NTT Data Corporation.
There was no availability of the immediate information regarding how soon will be the commencement of the operations of the partnership.
In the last week, an announcement regarding its app was made by the MagicCube. The application is based on a virtual trusted execution environment which has been certified by the EMVCo which is basically an international payment standard body that is controlled by 6 international payment card networks inclusive of the MasterCard Inc and Visa. This move tracked a novel standard for the method which was issued at the beginning of 2018 by the PCI Security Standards Council, the Wakefield, which is a mass.-based firm that develops rules for payment card security.
The acceptance of the technology can be boosted by the move if it brings in the PIN-on-Glass to the merchants of Japan, which gives allowance for the PIN entry on any normal mobile for not only debt but also credit cards inclusive of the contactless ones. Rate of adoption can also be accelerated by the green light of vTEE from the EMVco, which could make things simple for the particular implementations of the PCI certification, and by the support from the NTT, MagicCube told.