payleven, a mobile payments solutions provider, has announced at Apps World an exclusive Chip and PIN terminal that supports Visa across Europe.
TelecomsTech spoke with Rafael Otero, CTO and managing director of payleven, at Apps World to explore the new technology and its implications for mobile payment trends.
One major obstacle for mobile payments has been reluctance from large card networks—most notably Visa and MasterCard—to permit emerging solutions. payleven’s new product addresses that concern by meeting the compliance and security standards required by all major debit and credit card schemes.
“Offering a fully fledged Chip and PIN solution that is fully compliant opens up Visa acceptance points and vastly broadens the consumer base available to merchants,” Otero explained.
Why choose Chip and PIN? Otero says the decision was deliberate and based on careful consideration.
“We invested considerable effort to understand the card scheme requirements and the related risk and security issues—what is the ideal solution and the ideal technology?” he said.
“That’s why very early on we committed to the chip-and-PIN route. It takes time, resources and a substantial infrastructure to roll out, but it provides the necessary compliance and security for broad adoption,” he added.
The device uses Bluetooth to connect to smartphones and tablets. In the UK, where Chip and PIN is ubiquitous and Visa represents roughly three quarters of annual card transactions, the solution should be particularly well received.
This development is another step forward in the evolving mobile payments landscape. But can different approaches—Chip and PIN, swipe-and-sign, and others—coexist?
Otero believes they can, though geographic and contextual differences will determine which methods prevail.
“Acceptance varies by location and by authorization method,” he noted. “In the UK market, for example, everyone uses Chip and PIN today. Introducing a different authorization method there would be cumbersome.”
Overall, payleven’s compliant Chip and PIN solution aims to bridge the gap between mobile convenience and established card network requirements, making it easier for merchants to accept payments securely across diverse markets.