The new feature would be facilitating card payment transactions for small vendors through a tap-on-phone technology. Infibeam has acquired Bengaluru-based Uvik Technologies, developer of the contactless technology 'SoftPoS' that can turn smartphones into payment terminals without an additional hardware.
Uvik Technologies offers fintech certified for PIN on glass entry, which can transform smartphones into a professional, secured and certified POS that is capable of securely accepting contactless card and mobile payments with PIN entry for above cardholder verification method (CVM) limit transactions.
The no-hardware contactless ‘SoftPOS’ technology runs on low-end android mobile devices. It offers certified technology for PIN entry for cards including Visa, MasterCard, and RuPay after rigorous security testing. This technology is expected to reduce costs for the small and medium retailers and vendors.
Company says that both the local and global banks are considering to distribute this service to reduce costs for small and medium retailers. This acquisition takes Infibeam a step further to become a full-fledged payments player by entering into offline payments, as it currently offers digital payment solutions to corporate as well as payment gateways to banks and financial institutions.
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