Mobile engagement, payment and analytics solutions provider Netclearance has unveiled a new smart card that can be installed on existing credit card readers to allow mobile payments.
mBeaconSAM – claimed to be the world’s first commercially available Bluetooth 5 payment beacon – enables IoT payments via smartphones, tablets and wearables at any point of sale.
Using Bluetooth Low Energy technology and bank-grade encryption, it enables white-label mobile wallets and loyalty applications to be fully integrated with the card reader infrastructure without costly upgrades or impact to PCI compliance, Netclearance said.
mBeaconSAM looks and feels like a mini-SIM card, and fits into the card reader SAM slot. It is compatible with ISO 7816, an international smart card standard.
Jonathan Duffy, EMEA Executive Director at Netclearance, said: “Merchants are using tens of millions of payment terminals around the world but the vast majority of these terminals are limited to card-based NFC technology that only works with the closed mobile wallets from Apple, Google and Samsung. mBeaconSAM has been developed to fill a void in the mobile payments and engagement infrastructure. It enables open app-based payments using Bluetooth.
“Mobile payments are both attractive and safe for consumers and have the power to revolutionise the purchasing experience. For merchants and financial institutions, it potentially opens up new streams of revenue.
“It’s really exciting to bring the first Bluetooth 5 payment and proximity marketing beacon to market, and adoption of the latest technology will ensure mBeaconSAM is supported for years to come.”