Fiserv Teams Up with Visa, Samsung, PayCore to Test Using Smartphones as PIN-Entry Devices for Retail Payments

Fiserv has teamed up with Visa, Samsung and PayCore in order to test the use of consumer-grade smartphones as PIN-entry devices for retail sales transactions.

The new capability can be accessed through an app that may be downloaded to Samsung mobile devices. It allows retailers to process PIN-based contactless payments without requiring a PIN-entry device or separate card reader.

The SoftPOS system uses near-field communication (NFC) functionality in a vendor’s mobile phone or tablet computer to allow them to take payments from contactless cards and NFC-enabled handsets and wearables.

The new capability has completed its security testing phase. The product is now being tested in Poland, with plans to introduce it in Europe, Middle East, and Asia Pacific regions.