Global supplier of fraud prevention and payments solution Alaric has launched the myPinPad solution to enable the secure processing of mag-stripe and chip cards.

Alaric’s Authentic solution for transaction processing has been combined with myPinPad, to enable cardholders control the authorisation of payments made entering their PIN on touch-screen payment terminals, smartphones, tablets and online. Through the EFTPOS and ATM platform, cardholders are presented with a one-time virtual PIN pad and data relating to the transaction remains invisible until authorised at the server.

Transactions are processed as traditional card payments, with the only difference being that the PIN is verified online with the issuing bank as opposed to offline via the card and terminal.

Alaric chief executive Mike Alford said: "There have been many advances in the world of payments, but easy and cost-effective authentication of the individual making the payment has always proved a challenge. I am delighted that we can now offer myPinPad to the market, and provide a secure solution for cardholder PIN entry across mobile devices and web browsers, and separating the authentication of the user from the physical POS device."

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