Samsung, Visa, Fiserv to turn smartphones into contactless payment terminals

Monday 9 September 2019 13:59 CET | News

Fiserv, Visa, and Samsung Electronics have announced that they will launch SoftPOS, which turns smartphones and tablets into contactless payment terminals.

SoftPOS enables contactless payments of any amount via a smartphone or tablet with no additional equipment using embedded near-field communication (NFC) functionality. The merchant’s phone will be enabled with the acceptance of contactless transactions from existing contactless cards, other NFC-enabled mobile phones, or other NFC-enabled devices such as wearables and key fobs.

A SoftPOS pilot will take place in Poland by the end of 2019. The pilot program will expand thereafter, initially in the EMEA and APAC regions.

In addition to international cooperation in implementing SoftPOS in the EMEA and APAC regions, Visa’s contactless capability will enable quick and secure contactless transactions, Fiserv will ensure secure settlement of transactions, and Samsung Electronics (in partnership with Samsung Knox) will provide security protocols in both hardware and software and mobile devices.

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Keywords: Samsung, Visa, Fiserv, contactless payments, SoftPOS
Countries: World