Thales supports Swiftch to secure Visa and MasterCard mPOS payments
The UAE government is driving an initiative aimed at achieving a cashless society by the time of Expo 2020
Thales, cybersecurity firm, has announced its hardware will be used by payment technology company Swiftch, to secure Visa Ready and MasterCard its mobile point-of-sale (mPOS) solutions for merchants and acquirers throughout the UAE.
Thales' payShield 9000 hardware security modules (HSMs) will support end-to-end encryption of the payment data, to which Swiftch will use in its mPOS solution, enabling merchants of all sizes to accept payments using a smartphone or tablet and a low cost mobile card reader.
Designed specifically for the payment industry, payShield 9000 HSMs secure devices running card issuing and payment processing applications. The Swiftch application integrates payShield HSMs with mobile card readers from Miura to enable a point to point encryption to be established between the card acceptance point and the Internet-based payment gateway.
Aditya Anand, chief executive officer at Swiftch added: "Taking card payments on the move, especially in places like street markets, restaurants or when making home deliveries has always been a challenge. Our mPOS solution enables affordable on-the-go payments for merchants of any size or where home delivery drivers require payment on delivery. Hardware solutions are pivotal in making security viable in mobile environments and Thales was an obvious for choice for us, offering a best in class solution with wider support and recognition in the payments market than any other provider."
Philip Schreiber, regional sales director for Thales e-Security MEASA, added: "Mobile acceptance is seeing tremendous growth globally with a predicted 50% annual growth rate between now and 2020. But there has remained a gap between the payment options available at fixed, in-store point of sale terminals and mobile devices due to the lack of appropriate security technologies available.
"Thales is working closely with innovators such as Swiftch to close that gap by delivering the same high levels of security to the mobile world as have become common place in the tradition in-store fixed terminal environment."
UAE is developed in terms of IT infrastructure, Internet and smartphone usage, and yet cash is still the predominant payment method. With Dubai being the host country for Expo 2020, the UAE government is driving an initiative aimed at achieving a cashless society by the time of the world fair.