REYKJAVIK, Iceland and SANTA CLARA, Calif., March 9, 2021 /PRNewswire/ -- Handpoint, a pioneer in defining integrated payments and next-generation POS, today announced its partnership with MagicCube, the leader in the new category of Software Defined Trust (SDT), to provide an industry-leading solution offering a powerful, secure software product which eliminates the requirements and costs for payments terminal hardware. This partnership will enable MagicCube's softPOS i-Accept product to be embedded into the Handpoint platform, offering a unified user experience across softPOS, mPOS and smartPOS.
"SoftPOS is the future evolution of the payments industry, and it forms an important piece of the puzzle for a complete payments platform," said David Gudjonsson, CEO and Co-Founder of Handpoint. "In order to cater for needs of merchants of different sizes with one integration for all requirements and platforms, we needed to add robust softPOS to our platform. It was clear that MagicCube's i-Accept is the leading product in the category, with an impressive, device-independent security platform that offers not just Tap-on-Phone, but also a full suite of secure payments products. We're excited to partner with MagicCube to integrate our core systems and build on each other's expertise to promptly provide a market-leading softPOS solution suite for partners and merchants to start benefitting from software-only checkouts."
Under recent market conditions, merchant service providers, independent sales vendors (ISVs) and merchants have faced incredible pressure to rapidly evolve their businesses, deliver their products or services in new ways and offer new payment acceptance, i.e. softPOS. The demands for a software-only solution also reflects the recent surge in contactless payments, accounting for 78% of all Mastercard transactions in Europe. Handpoint is tackling these pressures by offering unified, contactless payment acceptance through MagicCube's technology for softPOS.
Handpoint offers a feature-rich payment solution for merchants to securely accept transactions, while its platform will deliver even more choice, flexibility and convenience with the integration of MagicCube's softPOS solution, developing its software terminal into a software-only solution to accept contactless (NFC) and optional PIN payments. Handpoint's software terminal was built to support softPOS, therefore allowing the same app for its current mPOS and smartPOS solutions to accept contactless transactions directly on a smart device. ISV partners of multi-vertical or vertical-specific POS systems can therefore incorporate softPOS into their POS solutions while continuing to deliver a secure and frictionless checkout experience with an easy merchant set-up through Handpoint's remote Terminal Management System (TMS).
With MagicCube's technology, Handpoint ensures that the next generation of solutions they provide meets future security standards and specifications. MagicCube was recently appointed to the PCI Security Standards Council Board of Advisors, received a security compliance from Visa, and was awarded the first recognition of a software-based Trusted Execution Environment (sTEE) issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions, for its SDT platform.
"We are delighted to work with a great partner like Handpoint to bring i-Accept to their partners," said Sam Shawki, CEO and co-founder of MagicCube. "With their presence as a trusted partner of prominent financial institutions, and the power of their integrated platform, we believe that our i-Accept solution will help expand the delivery of softPOS while remaining secure, seamless and easy to deploy."
MagicCube is leading the Software Defined Trust (SDT) category with its software TEE-based platform. The technology enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. MagicCube was awarded the first recognition of a software-based Trusted Execution Environment (sTEE) issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions, for its SDT platform.
MagicCube has been named to Network World's '10 Hot IoT Startups to Watch' list, listed as a Cool Vendor in Security and Risk Management by Gartner, and partners with the PCI Security Standards Council. Investors in MagicCube include Bold Capital, Epic Ventures, Sony Innovation Fund, Visa, NTT Data, Azure Capital, CVentures and Luqman Weise Capital. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.
** EMV is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.
Handpoint has been a pioneer in defining integrated payments and next-generation POS, from advancing the checkout experience with mobile technology to launching open payment integrations for all emerging POS platforms on 3 continents. Handpoint provides solutions for software developers, merchants, acquirers, and ISOs who are delivering the cutting edge of payments: where customer experience and management matter, where payments are embedded seamlessly, and where mobile technology fuels growth. Handpoint's software terminal, international gateway, and terminal management system enable the future of payments, from mPOS and integrated POS to a future without terminals.
For more information, visit www.handpoint.com
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Rozeta Andres, Clarity