Ingenico Group and Intel Corporation announced a collaboration to combine Intel technology and Ingenico Group secure payment acceptance for the Internet of Things. The companies will jointly develop a mobile tablet that supports EMV1 and NFC payment functionalities, a standard required by banks to help prevent credit card fraud.
Today, banks are responsible for fraudulent activity on credit cards, costing them US$14 billion in 20132. By October 2015, banks will require retail merchants to upgrade their POS equipment to support EMV chip cards. If they do not, the retailers will be responsible for recovering the funds if fraud should occur.
Under the collaboration, Intel Data Protection Technology for Transactions will be combined with Ingenico Group payment acceptance capabilities in mobile and future solutions in the United States and Canada, beginning with the jointly developed mobile tablets based on the Intel Atom processor.
This will pave the way to a broader set of initiatives and value-added services to address other worldwide devices for the Internet of Things, including intelligent vending machines, kiosks and digital signage.
“We are very pleased to enter a collaboration with Intel, deploying secured payment acceptance into new connected devices,” commented Philippe Lazare, chairman and CEO, Ingenico Group. “This is a great example of how innovation can simplify the purchasing experience and further enhance the merchant-consumer relationship. Bringing secure payment into connected devices will root our payment acceptance expertise in the Internet of Things”.
“The shift in liability this October will be a major milestone in the United States for banks and credit card companies, but especially for retailers,” said Doug Davis, senior vice president and general manager, Internet of Things Group, Intel. “Intel and Ingenico Group are working to bridge the retail experience and security gap while also making sure devices are easy to deploy and manage so we don’t create new burdens for the merchants.”
Both companies will be at the Transact 15 Annual Convention & Expo in San Francisco.