Dojo Becomes First to Go Live with MagicCube's i-Accept Product as its Contactless SoftPos + PIN in the UK and Ireland not constrained by contactless CVM limits
i-Accept enables merchants and retailers to accept PIN-base contactless cards from American Express, Discover, Mastercard and Visa
LONDON and SANTA CLARA, Calif., May 17, 2021 /PRNewswire/ -- MagicCube, the leader in the new category of Software Defined Trust (SDT), and Dojo, a leading UK payments provider, today announced the deployment of a joint product offering contactless SoftPos + PIN in the United Kingdom and the Republic of Ireland. The combined platform of the MagicCube product, i-Accept™?, and Dojo's powerful payment acceptance technology will allow merchants on Dojo's network to receive secure, contactless payments though MagicCube's completely software-based product, without the need for additional hardware or terminals.
"Embedded directly into existing point-of-sale software or available via an Android app, this new technology opens up a whole host of opportunities to help our customers," says Nick Fryer, Chief Technology Officer, Dojo. "Owners and staff of independent businesses can now use a single payment and order device in their pocket, without having to buy or rent a separate payment terminal, or having to rely on cash. This will not only significantly reduce costs, but also improve the payments experience for business owners and their customers alike."
Dojo merchants may now forgo buying and subsidizing expensive, single-function card acceptance hardware devices, and instead deploy apps secured by MagicCube that can turn any consumer device into a payment acceptance point. The solution will work with Android devices at launch. MagicCube's differentiating technology offers businesses' early adopting customers a significant advantage over the competition, with benefits such as hardware-grade protection that's delivered purely through software and the cloud, making it easily scalable and deployable.
"We continue to see a secular shift to digital experiences, with sharp rises in contactless payments as shopping behaviors change," said Nili Klenoff, Senior Vice President of Global Acceptance Solutions at Mastercard. "Mastercard is at the vanguard of this shift, creating safe and frictionless commerce experiences; innovation like MagicCube's i-Accept product is critical to this evolution, helping merchants swiftly deploy, manage and scale contactless acceptance technologies.
The acceleration of key trends, such as the shift to digital, will continue to define our everyday lives and therefore the retail industry in 2021 and beyond.
"Simply by downloading a mobile app millions of sellers worldwide can now accept contactless payments anywhere, anytime," said Pratap Gautam, Vice President, Head of Buyer and Seller Solutions, Europe, at Visa. "With billions of phones in the hands of consumers and sellers around the world, we are delighted to work with partners like MagicCube and Paymentsense to give sellers the opportunity to quickly gain access to the digtal economy, prevent lost sales and improve their cash flow."
This deployment will give access to MagicCube's i-Accept to thousands of independent businesses in the United Kingdom. Dojo is currently trialing the technology with several customers across a range of different venues throughout the UK and the Republic of Ireland. Once the trials are completed, Dojo plans to rapidly scale the technology.
"Our goal is to help provide multiple frictionless acceptance options for our merchant partners so that they can continue to grow their business in a way that fits their needs. Contactless payments are here to stay, and post pandemic we will continue to see a demand for them. There will be a demand for payments software that makes changes and updates simpler for the merchant," said Andrew Hopkins, Senior Vice President of Global Products at Discover. "MagicCube and Paymentsense are giving merchants the option to accept these types of transactions without having to add an additional piece of equipment, increasing the simplicity and ease of use."
MagicCube's i-Accept™ technology 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 existing PCI standards in mind enabling PIN acceptance with contactless limits at card-present rates. The product offers near plug-and-play, fully contained modules that can fit into the current flows of modern acquiring bank or merchant acceptance solutions. Powerful features, like over-the-air upgrades, remote provisioning, risk management and mitigation, remote attestation and compliance enables i-Accept™ to be easily integrated using simple APIs, deployed rapidly and operated easily. MagicCube's underlying technology is a significant advance on traditional white box encryption and obfuscation techniques, which is why i-Accept™ does not need to use a confusing keypad or requires multiple apps to complete a transaction.
"As the last year accelerated touchless payments for consumers and business owners alike, cleaner, more digital ways to pay are the forefront of the industry. With innovations like that of Dojo and MagicCube, our Cardmembers get more access to fast and efficient payments, while our merchants benefit from the ease of accepting card payments on the go without a separate POS device," said Dan Edelman, Vice President and General Manager, UK Merchant Services, American Express.
MagicCube's mission with its large customers, like Dojo, is to enable quick integration, easy and fast certification, as well as effective and efficient deployment. This is one of the first of multiple deployments with several leading banks and financial institutions on multiple continents, and further positions MagicCube as the leader in the Software Defined Trust (SDT) category – a new category shifting the security of mobile and IoT devices into a whole new paradigm.
"We are excited about scaling our deployment with Dojo, and being first in the important UK market, leveraging our cutting-edge technology and Paymentsense's extraordinary customer support, merchant services and card payments," Sam Shawki, CEO of MagicCube said. "With this new offering, Dojo is able to offer merchants in the UK a huge advantage in ease of use, a great user experience and unlike traditional terminals, the ability to expand acceptance points inside the same business on-demand. Dojo also speeds up merchant's ability to handle more customer flow through the store, whether by having a tablet at each table of the restaurant instead of one mPOS shared across tables, or by presenting alternative check out options inside a store during peak times to manage longer lines and wait times."
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 appointed to the PCI Security Standards Council's Board of Advisors. 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.
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