Ingenico Group and Intel collaborate to provide secure payment acceptance for the Internet-of-Things (IoT). Both 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.
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, begining with the jointly developed mobile tablets based on the Intel® Atom™ processor. The collaboration is expected to 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.
According to Intel, at present, banks are responsible for fraudulent activity on credit cards which has cost them US$14 billion in year 2013 alone. By October 2015, banks are expected to require retail merchants to upgrade their POS equipment to support the EMV chip cards, failing which they will be taking the responsibility for recovering the funds lost to fraud.
We are very pleased to enter a collaboration with Intel, deploying secured payment acceptance into new connected devices. 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.
Doug Davis, SVP & General Manager, Internet of Things Group, Intel
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. 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.
