Intel, Ingenico Partner To Offer IoT Secure Payment Solution

Intel, Ingenico Partner To Offer IoT Secure Payment Solution
By The original uploader was VD64992 at English Wikipedia [Public domain], via Wikimedia Commons

Intel has partnered with Ingenico Group to offer secure payment acceptance for the Internet of Things (IoT). Under the collaboration, the two companies will develop a mobile tablet that will be compatible with EMV1 and NFC payment functionalities, a standard needed by banks to help prevent credit card fraud.

Simplifying the experience for users

The solution will be offered in the United States and Canada, starting with jointly developed mobile tablets based on the Intel Atom processor. Under the partnership, Intel’s Data Protection Technology for Transactions will be integrated with Ingenico’s payment acceptance capabilities.

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Post-collaboration, there will be a greater chance of taking more initiatives and offering other value-added services to address other worldwide devices for the Internet of Things, such as intelligent vending machines, kiosks and digital signage.

Philippe Lazare, Chairman & CEO of Ingenico Group, said the company is pleased to enter into a collaboration with Intel for installing secured payments acceptance into new connected devices. According to Lazare, integrating secure payments into connected devices will root payment acceptance expertise in the Internet of Things.

“This is a great example of how innovation can simplify the purchasing experience and further enhance the merchant-consumer relationship,” Lazare said.

Intel offering more choices for retailers

Intel suggested that at present, banks are held accountable for any fraudulent activity on credit cards, which cost them around $14 billion in 2013 alone. By October 2015, banks will ask more retail merchants to upgrade their POS equipment to run EVM chip cards, without which they will be liable for recovering funds lost to fraud.

Intel’s Doug Davis, SVP & General Manager of the company’s Internet of Things Group, suggested that the transfer of liability in the United States for banks and the credit card companies will be a breakthrough for retailers. Both Intel and Ingenico are working to narrow the gap in the retail experience and make sure devices are easy to install and manage without creating any pressure on merchants.

In a separate development, Intel made its compute stick available for preorders. Users can use the device by plugging it into a TV or monitor through an HDMI cable or all-in-one desktop that can run Windows or Linux.

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