MagicCube has announced the availability of i-Accept™, a complete software-based replacement for traditional payment acceptance terminals, now available in Brazil.
Through i-Accept, acquiring banks and disruptive financial services institutions can now enable their merchants and retailers to accept contactless cards, including those from Visa, Mastercard, American Express and Discover, as well as capture financial PINs and other verification methods, without the need for additional hardware or terminals. This out-of-the-box functionality supports modern mobile and IoT connected devices and is made possible through MagicCube’s next-generation security platform that’s supported by all four major card networks.
i-Accept™ provides end-to-end functionality, security, and modern acceptance capabilities previously limited to hardware-based terminals. The entirely software-based solution is designed with global standards like SoftPos, SpoC/PIN on Glass/PIN on Mobile, CPoC, and Tap&PIN in mind. The product offers near plug-and-play, fully contained modules that can fit into the current flows of most modern acquiring bank or merchant acceptance solutions.
Fernando Pantaleão, VP of Merchant Solutions and Sales for Visa Brazil, commented:
“With billions of phones around the world at the ready, the opportunity that comes with lighting them up as payment acceptance devices is enormous. We want to democratize access to digital payment methods for the benefit of the industry and the digital inclusion of Brazilians. We believe this is an innovative solution that will greatly facilitate sales and cash management for small and medium entrepreneurs.”
João Pedro Paro Neto, President of Mastercard Brazil and GeoSouth, commented:
“This solution is an important step toward the financial and digital inclusion of SMEs and we have success stories with this technology in 17 global markets, including the Latin America and Caribbean region. In Brazil, contactless payments are growing rapidly and gaining consumer preference, which should further boost the success of innovative solutions like this. In 2020 alone, we observed almost 300% growth in transactions in this modality compared to 2019″.
Elizabeth Karl, VP, Payments Consulting, American Express, commented:
“Seamless payment solutions are now essential as the demand for digital and touch-free payments continues to grow. We are pleased to integrate with MagicCube to offer merchants a broader range of contactless payments options, including SoftPOS, which is simple to deploy and quick and easy for customers to use.”
Sam Shawki, CEO and co-founder of MagicCube, commented:
“Banks, financial institutions and merchants looking for secure contactless payment solutions often see many “vendor solutions” that require shuffling the PIN keypad, additional hardware requirements, or the confusing use of two separate apps — one for PIN and another for reading the card. It is easier for a ‘next-gen’ cybersecurity company such as MagicCube, to produce a comprehensive, secure product, like i-Accept, without sacrificing the user experience, than it is for a traditional payment company to secure a solution they have built in-house.”
