The Ingenico Group and Intel have revealed that they will be partnering to make payments with IoT enabled devices more secure.
The two enterprises said a new mobile tablet would be designed to support EMV1 and NFC payment functionalities, a standard required by banks to help prevent credit card fraud.
According to Business Insider, in 2013 banks were responsible for fraudulent activity on credit cards, costing them US$14 billion.
From October this year, retailers will be made responsible for any fraud carried out in their establishment and will have to repay the stolen money themselves.
In order to do so, banks will require retail merchants to upgrade their POS equipment to support EMV chip cards.
The venture now announced by the two tech firms will see mobile tablets based on the Intel Atom processor.
Intel’s Data Protection Technology for Transactions will also be combined with Ingenico Group payment acceptance capabilities in mobile and future solutions in the United States and Canada.
The collaboration will open the way for further developments into IoT solutions enabling secure payments.
Intelligent vending machines, kiosks and digital signage will be possible once Ingenico and Intel create a banking-level secure system.
Philippe Lazare, chairman and CEO, Ingenico Group, said: "We are very pleased to enter a collaboration with Intel, deploying secured payment acceptance into new connected devices.
"This is a great example of how innovation can simplify the purchasing experience and further enhance the merchant-consumer relationship. Bringing secure payment into connected devices will root our payment acceptance expertise in the Internet of Things."
Doug Davis, senior vice president and general manager, Internet of Things Group, Intel, said: "The shift in liability this October will be a major milestone in the United States for banks and credit card companies, but especially for retailers.
"Intel and Ingenico Group are working to bridge the retail experience and security gap while also making sure devices are easy to deploy and manage so we don’t create new burdens for the merchants."
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