News

MagicCube, areeba partner to launch contactless payment solution in the Middle East

Monday 15 June 2020 14:20 CET | News

US-based IoT security platform MagicCube has partnered with financial technology company areeba to roll out a contactless payment solution in the Middle East.

According to the press release, the solution, called SoftPos, is a POS system that turns any Android-based smartphone or tablet into a contactless payment acceptance terminal. Therefore, merchants will need to download the areeba mobile application from Google Play to their mobile device, which then allows their customers to make their payments by tapping their contactless cards, HCE mobile wallets, and wearables on the merchant's mobile device.

Moreover, other financial institutions in the region are taking notice, as MagicCube also announced that CVentures, CIB's venture capital arm, has made an investment in MagicCube, joining a group of investors led by Bold Capital, Epic Ventures, Sony Innovation Fund, NTT Data, Azure Capital, Visa, and Luqman Weise Capital.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: MagicCube, areeba, Middle East, softPOS, contactless payment acceptance terminal, POS, merchants, Google Play, contactless cards, HCE mobile wallets, CVentures, Bold Capital, Epic Ventures, Sony Innovation Fund, NTT Data, Azure Capital, Visa, Luqman Weise Capital
Categories: Payments & Commerce | Mobile Payments
Countries: Middle East
This article is part of category

Payments & Commerce