Mobile POS service provider, #ezetap has received EMV-Level 1 Certification, a global certification for credit and debit payment cards based on smart-cards that will help them provide security and global interoperability for their service users.
EMV is a global standard for credit and debit payment cards based on smart-cards formed by a consortium consisting of Europay, MasterCard and Visa. The Level -1 Certification is for the hardware device (electrical, mechanical and protocol) and Level-2 Certification for the software are mandatory requirements for any terminal.
The Bangalore based Mobile Point of Sale (mPOS) startup, incubated by AngelPrime, also said that they are in the advanced stages of the EMV-Level 2 Certification as well as in the process for meeting the Payment Card Industry’s requirements for PIN entry devices.
This development in the Indian mobile mPOS scene will be a big step forward for the advancement of mobile POS systems. In a country where most users are unsure of the saftey involved with submitting credit/debit card details online, this new system is more secure than the previous alternate, especially after this certification.
The Ezetap system consists of a card reader that can be plugged into a smart device or feature phone, and turn it into a mPOS device. The hardware accessory that reads the data on the magnetic strip of the debit/credit card and securely transmits it to the server for processing. The end-to-end Ezetap solution are manufactured in India and is compliant with global security guidelines including the Payment Card Industry Data Security Standard (PCIDSS) and the Payment Application Data Security Standard (PADSS), global security standards developed by the Payment Card Industry Security Standards Council.
“Conceiving, designing, developing and manufacturing a Mobile POS device that meets the EMV Certification is an arduous task”, said Bhaktha Keshavachar, Co-Founder & CTO of Ezetap.
Earlier, EzeTap raised $3.5mn funding from Peter Theil, Chamath Palihapitiya (of Social+Capital Partnership), PE player Nicolas Berggruen and Yammer founder, David Sacks. The service has partnered with various banks including Citibank, HDFC Bank, Yes Bank and State Bank of India to provide the service and ecommerce portals like Flipkart, Jabong, Myntra, BookMyShow have adopted this system.
Recommended Read: All you need to know about EZETap : Pricing Model, Hardware Capability
We had recently covered Circleitup , a company that provides a low cost device which plugs into a phone and converts the phone into a card reader.