Magazines Archives - 2010 June

MagTek launches POS payment system
Story 7 -Retail Technology

PCI-COMPLIANT retail payment security manufacturer, MagTek Inc, has launched a new POS payment application and protection system, QwickPAY, allowing merchants to securely accept credit card payments on any PC or Mac, as well as on smart devices, such as the iPhone 3G, iPad, Droid and BlackBerry.

Said Annmarie Hart, MagTek’s president and CEO: “We are very excited about the release of QwickPAY and its ability to offer merchants of any size, a POS system designed to restore convenience and trust to the payment system … As the payment card industry works to balance convenience with security, our focus is to protect the consumer, and with that, everyone wins except for the criminals.”

Using the company’s secure card reader authenticator (SCRA) system, MagneSafe, QwickPAY is able to generate dynamic payment card data, which “offers a robust solution for immediate tokenisation of the card data”, so that users and merchants can authenticate the data in real time to prevent fraud or transactions on a skimmed card. Hart continued that this allows merchants “to leverage a layered approach to card-data security”.

“Unlike competitive systems that offer proprietary encryption using a static encryption key, or a session key that only changes once a day, QwickPAY delivers encrypted data based on Triple DES — an ANSI/ISO open standard and a unique key per swipe … This method of encryption and key management is regarded as best practice by industry experts. Other competitive offerings that do not change the encryption key with every swipe cannot offer the same level of security and can leave merchants exposed to fraud,” Hart explained. ra

To view other stories, get a copy of Retail Asia. To subscribe, please download the subscription form from http://www.retailasiaonline.com/subscription.html