Intel and Ingenico Group will develop a mobile tablet that supports EMV and NFC payment that will assist banks to prevent credit card fraud – targeting Internet of Things (IoT) market.
By October 2015, if retail merchants do not upgrade their POS equipment to support EMV chip cards, they will be responsible for recovering the funds if fraud occurs. At present, banks are responsible for fraudulent activity on credit cards, costing them $14 billion in 2013.
“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,” said Doug Davis, senior vice president and general manager, Internet of Things Group, Intel.
Intel Data Protection Technology for Transactions will be combined with Ingenico Group payment acceptance capabilities in mobile and future solutions in the United States and Canada, beginning with the jointly developed mobile tablets based on the Intel Atom processor.
Intelligent vending machines, kiosks and digital signage will be target areas in future. Both Intel and Ingenico will be at the Transact 15 Annual Convention & Expo in San Francisco.
Philippe Lazare, chairman and CEO, Ingenico Group, said: “This is a great example of how innovation can simplify the purchasing experience and further enhance the merchant-consumer relationship.”