ViVOtech recently announced the availability of the new point of sale terminal (POS) for payments and the NFC mobile commerce. ViVOtech is a near field communication (NFC) software and systems company. This new reader could save potential and eligible merchants over $2 billion a year in payments to validate Payment Card Industry Data Security Standard (PCI (News - Alert)-DSS) costs under a Visa Inc. initiative. This elimination of costs means better service and more profits for eligible merchants. This was designed as part of the Visa Technology Innovation Program. This will eliminate the costs paid towards PCI-DSS validation.
ViVOtech’s latest ViVOpay 8100 terminals are built to accept the traditional magnetic swipe cards, chip cards, stripes, contactless cards, and NFC enabled phones. This was the stipulation laid down by Visa for the Visa initiative to accelerate the migration of Eurocard-MasterCard (News - Alert)-Visa (EMV) contact and contactless chip technology in the United States.
In a release, Visa wanted to motivate the merchants and they said, “Effective October 1, 2012, Visa will expand its Technology Innovation Program (TIP) to the U.S. TIP will eliminate the requirement for eligible merchants to annually validate their compliance with the PCI Data Security Standard for any year in which at least 75 percent of the merchant's Visa transactions originate from chip-enabled terminals. To qualify, terminals must be enabled to support both contact and contactless chip acceptance, including mobile contactless payments based on NFC technology.”
The industry association for Smart Card alliance in their annual estimates said that they estimate that more than $2 billion a year in spent on PCI-DSS fraud protection validation costs alone. The new ViVOpay 8100 contains both EMV-Ready and NFC checkout technology.
ViVOtech’s CEO Michael (Mick) Mullagh said, “Viva Visa! It's about time the U.S. joins the rest of the world, which has been using highly secure contact and contactless chip technology for nearly a decade. We applaud Visa's efforts to advance adoption here. And, we have the affordable technology available today in the new ViVOpay 8100 for merchants to take advantage of Visa's incentives while benefiting from rich NFC mobile commerce.”
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