MagicCube, which claims to have the world’s only software trusted execution environment platform, has secured a strategic investment from Visa.
This is an extension of an existing partnership with Visa. Earlier in the year, Visa was among the investors of a funding round for MagicCube, which also attracted support from Azure Capital, Bold Capital, Epic Ventures and NTT Data.
MagicCube aims to replace the single-function card-acceptance devices with apps secured on its platform. The company offers APIs which can easily integrate with existing infrastructure and ensures hardware-grade security.
The company offers APIs for mobile payments, embedded secure credentials, connected cars, IoT and mobile security, IoT device identity, defence and government and medical devices.
As part of the agreement, Visa and MagicCube will boost their partnership by exploring new use cases within the payments space. One of these initiatives could be Tap to Phone, where the platform can bring next-gen security, operability and ease of integration, it said.
Visa global head of buyer and seller solutions Mary Kay Bowman said, “Sellers are looking for simple, low-barrier ways to offer digital payments and there may be nothing simpler than transforming an everyday device, such as a mobile phone, into a payment terminal.
“By expanding our work with the team at MagicCube to scale softPOS technology, including Tap to Phone with PIN support, we want to enable sellers around the world to not only begin accepting digital and contactless payments, but also give them flexibility to do so in a way that is physically less constrained to a traditional point of sale.”
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