MeaWallet launches MeaPay, a SoftPOS solution offering device freedom to merchants

MeaWallet launches MeaPay, a SoftPOS solution offering device freedom to merchants

This morning I stood in a queue at the local coffee shop. After a few minutes of waiting, it was finally my turn to tap my card to the large payment terminal at the counter. As I waited, I envisioned a different scenario; a scenario in which the staff behind the counter were all equipped with smartphones that could accept my payment, so that multiple staff could help multiple customers at once. The queue would be reduced, the customers happier and the workload more dispersed. But to do this requires breaking the bonds to the traditional payment hardware and instead embracing software point of sale (SoftPOS) technology that can turn any device into a payment terminal.

Meet MeaPay, a new SoftPOS solution from MeaWallet

Today the MeaWallet team announced our latest innovation, MeaPay, the new SoftPOS solution that transforms any Android NFC-enabled device into a contactless payment terminal. It’s an exciting move towards device freedom for retailers, small businesses, independent workers, and service providers, who now have the possibility to accept payments on whatever device suits their needs. 

Over the last six months or so, we’ve experienced the rapid acceleration of contactless payments due to the COVID-19 pandemic. It’s become an expectation for businesses to offer a zero-touch form of payment, with many shops and restaurants even refusing cash exchange during the crisis. But for many businesses or independent workers, purchasing or leasing the payment hardware is too costly and the device itself is cumbersome. For others, the hardware POS lacks the scalability needed. That’s where MeaPay is changing the game.

MeaPay is designed for integration with apps and third-party software

MeaPay is a contactless acceptance solution provided as a Software Development Kit (SDK) that can easily be integrated with other applications. This makes it possible for MeaPay’s partners to launch stand-alone SoftPOS solutions and for developers to enable contactless acceptance directly into their own apps. A SoftPOS running on Android also enables the connectivity required for any other use case desired: loyalty, eRecipt, integration with accounting systems, and more.

This means, for example, that the payment functionality can be integrated into existing apps for restaurants, bars, taxi, accounting software, or even a simple payment app for service workers such as electricians, allowing them to collect funds on-premises when a job is completed. This is a new era in which small businesses, restaurants, retailers or independent service providers can easily accept contactless payments on off-the-shelf Android devices of their choice.

In addition, MeaPay offers the same level of protection as paying on a physical payment terminal. Customers can still perform the payment with their contactless plastic cards, mobile wallets or wearables. 

Get more out of the payment interaction with customers

Our vision when developing MeaPay has been to positively impact the future of contactless payments. We want to help our customers to expand their offerings, through the integration of the MeaPay SDK, in their existing software. At the same time, we see a future in which MeaPay supports greater engagement between merchant and customer. With the old, physical hardware out of the equation, and the MeaPay software in place, merchants will one day have greater opportunity to offer post-purchase discounts or loyalty cards to their customers, all through the push of a message from device-to-device. 

We believe that the market for MeaPay is growing rapidly. As cash exchanges continue to decline, more and more vendors will need a way to accept payment. This includes the local plumber, the florist, the café owner or the janitor. There’s also potential among the larger retailers, such as a department store, where all employees working the floor are equipped to accept payment. The days of the bulky and expensive payment terminals are numbered; businesses want flexibility and smarter payment solutions. 

It’s time to offer device freedom to your customers. Our team of fintech experts – the bright minds behind MeaWallet – are here to help you integrate MeaPay into your customer offerings.

 

Please visit: www.meapay.com


Video: Security for Cloud-Based Payments with Armands Antāns from MeaWallet

Security for Cloud-Based Payments with Armands Antāns from MeaWallet

Earlier this month Armands Antāns (mobile developer) from MeaWallet visited PaymentConf 2020 in Riga, Latvia and had a speach about Security for cloud-based payments.

Mobile payments are ubiquitous and for many they have become a daily necessity. EMV standards are based on Secure Element and many devices do have them. Unfortunately in the real-world access and implementation for this technology is restricted. Major payment networks have designed cloud-based technology to overcome these limitations. There are important security implications regarding the use of payment credentials on open devices where an attacker has full control over the execution platform. This presentation will describe the necessary security concepts and will show an interactive EMV payment analysis.

 

Here’s the full speach:


A Star is Born: EMV SRC Takes the Spotlight

A Star is Born: EMV SRC Takes the Spotlight

EMV SRC may be rising star, but to achieve its potential it’ll need a strong supporting cast, says Lars Sandtorv, CEO, MeaWallet.

With the first implementations of EMVCo’s EMV SRC specification entering the ecosystem, now is the perfect time to ask ‘what is EMV SRC and how will it interact with tokenization?’, not least because the specification has been making waves since its publication in June 2019.

For example, in September 2019, it was announced that the Visa Checkout service would close and that the giant would migrate to a new solution based on the EMV SRC specification in 2020.

Moreover, Mastercard has also begun to talk about the technology and has developed its own offering based on the specification. Additionally, it has publicly endorsed the initiative since the launch of the draft specification in October 2018.

Described by EMVCo as a set of specifications that enable the creation of a ‘virtual payment terminal’, EMV SRC is designed to enhance the e-commerce payment experience and make it as seamless as possible.

More specifically, it defines interfaces to allow for secure exchanges of payment data between participants in the remote commerce environment. Additionally, it accommodates options for using dynamic data, such as cryptograms or other transaction unique data, to enhance the security of payment transactions on a merchant’s SRC-enabled website, mobile app or other e-commerce platform.

So, is this new specification a one stop revolution, or is it best deployed with supporting, established technologies?

Importantly, we also know from EMVCo that EMV SRC is compatible with other technologies including EMV Payment Tokenisation. It says: “EMV® Payment Tokenisation may be used, for example, to restrict usage of a digital card to the remote commerce acceptance channel at a specific merchant.”

In EMVCo’s own words, as taken from the specification itself:

 

The SRC System can elect to request Payment Tokens from one or more Token Service Providers as part of the overall management of the SRC Profile. As such, the SRC System participates in one or more Token Programmes and can act as a Token Requestor or Token Requestor Aggregator on behalf of one or more Token Requestors. The SRC System supports Token Requests as defined in EMV Payment Tokenisation Specification – Technical Framework and implemented by an enabled TSP(s). The SRC System interfaces with relevant Token Service Providers (TSPs). When the SRC System is acting as a Token Requestor or Token Requestor Aggregator, it is responsible for interfacing and integrating with the appropriate TSP implementation requirements in accordance with the Token Programme(s) policies and processes including the facilitation of the relevant Identification and Verification (ID&V) requirements.

This may sound technical, but sentiment is there:  EMV SRC and tokenization are a natural fit, and consensus suggests that combining both technologies will offer merchants and customers the best outcome.

In fact, Mastercard went as far to state that it believes a seamless shopping experience must also bring in tokenization and advanced authentication as a means of protecting account numbers and reducing fraudulent transactions.

As we learn more about EMV SRC we will be able to discuss further but at this point, we must at least celebrate this as step in the right direction while remembering no technology is an island in of itself.

EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV® trademark is owned by EMVCo, LLC.

 

 

About Meawallet

Our mission at MeaWallet is to help our clients simplify mobile payments and support implementation. Our team is passionate about the subject and continually looking at the evolution and trends in the mobile payments space. We welcome your comments or invite you to get in touch directly with us at contact@meawallet.com 

Photos: ©Mastercard


Money2020 Las Vegas October 27-30, 2019

Meet us at Money2020 Las Vegas October 27-30, 2019


Our Founder Lars Sandtorv and CTO Geir will attend Money2020 USA in the end of October. Book a meeting today or meet us at this event for a good conversation about digital payment and how we can help you reach your goals.
 
MeaWallet is a Norwegian company that was established in 2013. MeaWallet is the centre of excellence within mobile and digital payments and mobile wallets, providing state of the art certified technology in 18 countries.
 
We help banks and card issuers with tokenization. If a bank wants to implement ApplePay, GooglePay or Fitbit pay, we are already connected to the schemes and wallets, which simplifies the process of enabling digital payment for our clients. We would love to talk to you during the conference, book a meeting with CEO Lars Sandtorv at lars@meawallet.no

Money20/20 is where the Payments, FinTech and Financial Services ecosystem unites to create and explore the disruptive ways in which consumers and businesses manage, spend and borrow money. It’s the premier global event on the industry calendar where C-Level Executives, renowned speakers, innovators and disruptors from across the world unite to drive change in the future of money. It’s a truly unique experience that facilitates the right conversations, enabling individuals and organizations of all sizes to achieve their goals and grow. 

We’re proud of the incredible growth we’ve experienced since our inaugural 2012 event, and we’re maintaining that momentum as the industry continues to consolidate around on Money20/20.

 

Venue informations

Money20/20 USA will be held at The Venetian in Las Vegas

 

3355 S Las Vegas Blvd, Las Vegas, NV 89109, United States

Innovations on Banking 4.0 - Euroevents Czech Republic from 19th – 20th, September

Meet us at Innovations on Banking 4.0 in Prague, Czech Republic from 19th – 20th, September.


Our CEO Lars Sandtorv will highlight how EMV Tokenization and Value Added Services (VAS) for mobile- and digital payments can help banks building new innovative service for the future. 
 
MeaWallet is a Norwegian company that was established in 2013. MeaWallet is the centre of excellence within mobile and digital payments and mobile wallets, providing state of the art certified technology in 18 countries.
 
We help banks and card issuers with tokenization. If a bank wants to implement ApplePay, GooglePay or Fitbit pay, we are already connected to the schemes and wallets, which simplifies the process of enabling digital payment for our clients. We would love to talk to you during the conference, book a meeting with CEO Lars Sandtorv at lars@meawallet.no

Euro-Events is pleased to invite you to our exquisite 4th edition of The Innovations on Banking 4.0 Conference. The main focus of this unique event will be on the latest innovations, industry trends and prospects presented by the most prominent experts in the area.

Furthermore, you will be exposed to the latest developments in operational excellence, big-data implementation, and innovations in client-centric approaches as experienced by the leading European financial institutions.

During IOB4.0, international experts and officials on European regulations will discuss the banking tech and RTA process updates, PSD2 achievements, the transformation process of instant payments, cybersecurity, and Bank/FinTech collaboration.

Join us for a remarkable event and engage in open floor discussions, round-table talks, demo-tech presentations and parallel sessions with representatives from financial companies, banks, fintech/startups, consultancies, solution providers and vendor companies whose contributions shape today’s presence and tomorrow’s future of the industry.

Don’t miss this exclusive business gathering this September in Prague! Join us today and be part of an elite club shaping the industry future!

 

Venue informations

Hotel:
Hotel NH Prague City

Address:
Mozartova 261/1, 15000 Prague – Czech Republic

Mozartova 261/1, 15000 Prague - Czech Republic

Stay in control in a world of billions of tokens

Stay in control in a world of billions of tokens

The number of tokenized payment credentials (often referred to as tokens) is going to increase substantially and fast in the coming years. Tokens have already shown to be successful as a secure and reliable replacement of PANs (Primary Account Number) in mobile HCE/NFC payments.

Because of the simplicity, enhanced security and the broad digital applications areas, the use of tokens are now expanding to other areas. Tokenization will no longer only be used to issue digital payment cards (tokens) to mobile devices, but will also include online merchants, Internet of Things (IoT), subscriptions and in-app payments, which will result in billions of tokens.

What is the benefit of tokens vs. Card-on-File?

The challenge with Card-on-File (CoF) is that consumers enter their card details everywhere they purchase goods and services online, and they eventually lose track of where those details are stored. Another challenge is that the consumer must update all stored CoF whenever he receives a new card from the bank. Unlike CoF, all tokens are preserved within something we call a token vault. This is a place that also holds the relationship between PANs and tokens. The concept of a token vault combined with the fact that a token is always generated for a specific wallet (device, merchant, other), makes it therefore possible to manage and keep control of all created tokens.

But first: how to provision these tokens?

There are several ways to provision tokens to merchants, IoT, OEM Pays (read a previous blog post about OEM here), mobile and other types of digital wallets. Most of these will support what is referred to as Push-provisioning. This feature allows the consumer to generate and push tokens using the Issuer’s app. MeaWallet is making it easy for banks to implement this feature through Mea Token Management SDK (Fact Sheet Mea Token Management). Mea Token Management SDK can be integrated directly into the Issuer’s app. It communicates with Token Service Provider(s) and ensures that the card gets tokenized and provisioned into any eligible wallet, merchant or device.

More control to the consumer with Mea Token Management

The consumer should be able to keep control of and manage all tokens that are created and issued. The customer can access these new features through his existing mobile- or online bank. Token Management is supported and incorporated in Mea Token Management SDK. It offers all the required functionality to retrieve and view all created tokens, as well as suspend or delete them. This gives the consumer complete control and the bank will increase traffic to the mobile- and online banking services.

Our mission at MeaWallet is to help our clients simplify mobile payments and support implementation. Our team is passionate about the subject and continually looking at the evolution and trends in the mobile payments space. We welcome your comments or invite you to get in touch directly with us at contact@meawallet.com 

 


The “ninja version” of a mobile wallet?

Converged what? Wallet?

The payment market has for some time now been talking about a converged wallet, but what exactly is that? Is it a “ninja version” of a mobile wallet, or is it simply an evolution of a mobile wallet?

A few years ago everyone spoke about Omnichannel and how it would revolutionize the way marketing, consumer- and shopping experience work. But in order to make omnichannel work, you need a payment instrument that works for all channels. This Omnichannel payments will typically be gathered in a “wallet”, let us call it a converged wallet for now (see what I did there?), which is the ultimate tool for payments through all channels.

The converged wallet got its name from the convergence of in-app, online and in-store payments through the same payment instrument; the wallet. Through tokenization and the introduction of Digital Secure Remote Payments (DSRP), the same tokenized card can be used for payment in all channels. This brings security and convenience to a new level, whereas tokenization protects the cardholder's actual PAN. In addition, will DSRP and Masterpass increase the convenience when shopping online or in-app.

Is the timing right?

The time for making your move towards the mobile- and digital space, is now. There are huge changes in the market with new FinTechs popping up every week and regulatory changes like PSD2 and GDPR. The market is forced open by new actors. It is of great importance to stay relevant, updated and competitive. Many banks have started their strategies and initiative in the mobile and digital sphere, but the technology and markets for converged wallets have yet not been mature enough. We now have the needed technology, both mobile payments, as well as the market's readiness have matured, so all the pieces are lined up and available. Now!

Youths expect their banks to offer mobile and digital services, and are very open to change bank for what they consider to be better services and products. This is a radical change to how it used to be. Customers are no longer loyal to their banks, and digital and mobile services are one of the driving forces for this “infidelity”. Banks are now in the position where they must choose their direction. Will they move in front and maintain the customer relationships with the technology, services, and products the customers expect, or will they accept that other actors will handle that part?

If the choice is to let other actors take care of new services, the bank will stay relevant for their customers merely as an invisible infrastructure. Both are strategies, but by choosing the passive one, the bank might end up disrupted by a startup bank, or someone else. They need to catch up with innovations and technology now in order to stay in the race.

How is it possible?

The way we in MeaWallet have solved our converged wallet is by combining the online and in-app shopping from Masterpass with tokenization through American Express Token Service, Mastercard Digital Enablement Service and Visa Token Service for HCE payments. This combination is great, allowing the users to pay wherever a card can be used, might it be in a webshop, in a physical store or in a merchant app.

Masterpass is a giant actor for in-app and webshop payments that permits consumers to store their credentials in a safe place and provide the merchant with these while shopping online. This significantly reduces friction and drop-off rate for the merchants. The HCE payments are performed by using the payment networks’ tokenization solutions, ensuring global acceptance and interoperability.

Caption: Converged wallet that can be used in any channel both online, in physical stores and in-app
So is it a ninja then?

So let us go back to the beginning of this blog post, where we asked; Is a converged wallet a “ninja version” of a mobile wallet, or is it simply evolution of a mobile wallet? I think it is an impossible conclusion to draw, but it surely is a great leap in the right direction to become the one and only payment instrument you will need. It is omnichannel for payments, connecting all the dots.

To sum it up; it is more than evolution although it cannot do insane ninja tricks. Yet!

Our mission at MeaWallet is to help our clients simplify mobile payments and support implementation. Our team is passionate about the subject and continually looking at the evolution and trends in the mobile payments space. We welcome your comments or invite you to get in touch directly with us at contact@meawallet.com 


OEM Pay vs. Issuer Pay

OEM Pay vs. Issuer Pay

With the introduction of mobile payments, a brand new market has opened up to OEM pay. The OEMs revolution of in-app and App Store payments, of which the next logical stepping stone has been contactless payments. This has resulted in OEM Pays, which is the Mobile Payment Applications (MPA) of the mobile device producers, which allows users to add cards from multiple banks to the wallet application.

There are many OEM Pay apps out there, and the most common are; Android Pay, Apple Pay, and Samsung Pay. OEM Pay enables issuers to be present in the pre-installed OEM Pay app, allowing their users to perform payments. The solutions are rapidly growing in popularity and expanding into new markets and countries.

Since the launch of the various OEM Pays over the last few years, they are perceived as giant actors in the mobile payments ecosystem, each serving about 25 million to 85 million users.

What about issuer pay?

Issuer Pay allows Issuers to provide their users with their own Mobile Payment Application (MPA), designed to reflect their specific look and feel and promote their branding throughout the application. The MPA can be combined with the issuer’s existing application(s) or provide a separate payment app only for mobile payments. Compared to the OEM Pays, this provides a more flexible user experience, design, and user interaction.

Key benefits

The two varying options bring different possibilities and opportunities for the issuers. OEM Pay can give the user a more seamless experience, as all cards are in one application. The Issuer Pay can bring more flexibility and possibilities to the user, especially in terms of value-added services and interaction with the users.

The below table highlights some of the key features and differences between OEM Pay and Issuer Pay.
Branding options are very good for Issuer Pay as the issuer controls the mobile application and the user experience.  In OEM Pay, the issuer has limited branding possibilities through card art and other available interfaces. The popularity and availability of iOS, Apple’s proprietary operating system, has been one of the major reasons why issuers have decided to enable OEM Pay and especially Apple Pay. On iOS, NFC is not available for third-party developers, allowing only Masterpass transactions to work on that platform.Red is not available, yellow is partially available,  green is available

With Issuer Pay, the issuers can maintain flexibility with a highly customizable solution. This allows for a simplified user experience and onboarding, the possibility to add other services to existing applications and the choice of which technology to use.

Combining the Pays

By combining Issuer Pay with one or multiple OEM Pay apps, the issuer will benefit by providing a broader and more flexible solution, allowing the consumer to choose what wallet to use. In addition, the issuer can enable their cards to be available in other third-party wallets, meaning every wallet with support for third-party cards can digitize them providing yet another channel to usage.

Connecting the Pays give issuers possibilities to expand their customer base, be present in multiple wallets and provide the best user experience for consumers. For users, the key benefits are the ability to select their preferred payment wallet with the knowledge that they can use their existing cards in any of the apps.

Our mission at MeaWallet is to help our clients simplify mobile payments and support implementation. Our team is passionate about the subject and continually looking at the evolution and trends in the mobile payments space. We welcome your comments or invite you to get in touch directly with us at contact@meawallet.com 


Introduction to PSD2 - part two

Transactions without the traditional players

In our previous blog post, we looked into PSD2, what it is and how it might affect banks’ business. This post takes a look at one of the key parts of PSD2: XS2A.

What is XS2A?

Access to Account (XS2A) might be the biggest technological innovation in retail banking since the internet. The XS2A opens up for bypassing actors in the existing e-commerce ecosystem. The Card Scheme and the Acquirer will be by-passed since XS2A allows direct communication between the Merchant and the Customer’s Bank. For in-store payments, this paves the way for solutions without the need of a Point-of-Sale. The shopping experience in-store can be similar to e-commerce transactions.

Third-Party Providers and XS2A

The inclusion of  Third-Party Providers (TPPs) might be the most significant change in PSD2, where Access to Accounts (XS2A) is introduced. Banks and other financial institution must give certain licensed third-parties Access to Account information, and can not treat payments that go through Third-party Service Providers any differently.

There are two types of TPPs, the Account Information Service Providers (AISP) and the Payment Initiation Service Provider (PISP). The AISP provides information about your accounts and balances, and the PISP initiate payments without going through the traditional payment networks.

Traditional e-commerce Transaction

Today, when shopping online, you decide what to buy, and complete your purchase using your card. The merchant will have an Acquirer, who will then contact the customer’s card scheme e.g. MasterCard or Visawho will then pull the payment, debiting the customer’s bank account.

 

Post PSD2 transactions

When all aspects of PSD2 are rolled out and put into motion, the traditional e-commerce transaction explained above will be disrupted. Instead of entering all your debit or credit card details, you will then be asked whether you want to give the retailer access to your bank account. By agreeing, the merchant takes you to your bank’s internet banking site where you give the required permissions.

How Facebook login and permissions flow is today

This is comparable to how you use your Facebook or Twitter information to log into your apps and websites, without ever exposing your details to the service providers.

You will not give your bank login details to the webshop, and the bank will never access your retailer login details, you simply give permissions to the webshop to execute payments on your behalf via your bank account.

Innovators have already begun

The new Payment Services Directive is being put into force now. Requiring issuers, banks, merchants and all other actors involved in the payment ecosystem, to adapt to the changes. This has already driven innovation in the space with new players disrupting the traditional existing roles in the payment ecosystem. Seqr is an example of a mobile wallet that utilizes access to the account (XS2A) in order to create a great mobile payment app. The app allows users to pay using QR codes, or by using the contactless capability on their phone, to deduct the money from the user-selected account. What other services will we see taking centre stage as PSD2 (spreads) takes hold?

Our mission at MeaWallet is to help our clients simplify mobile payments and support implementation. Our team is passionate about the subject and continually looking at the evolution and trends in the mobile payments space. We welcome your comments or invite you to get in touch directly with us at contact@meawallet.com 


MeaWallet and Latvian Investment and Development Agency

MeaWallet has signed an agreement with Latvian Investment and Development Agency for participating in a support funding programme related to business development, expansion and international export of products and services. The cooperation allows MeaWallet to market it's Products and Services widely in different industry exhibition and conferences.

SIA “MeaWallet Latvia” ir noslēdzis 08.07.2016. līgumu Nr. SKV-L-2016/546 ar Latvijas Investīciju un attīstības aģentūru par atbalsta saņemšanu Darbības programmas “Izaugsme un nodarbinātība” 3.2.1. specifiskā atbalsta mērķa “Palielināt augstas pievienotās vērtības produktu un pakalpojumu eksporta proporciju” 3.2.1.2. pasākuma “Starptautiskās konkurētspējas veicināšana” ietvaros, ko līdzfinansē Eiropas Reģionālās attīstības fonds.