Kili Technology, a developer of secure, low-cost payment processing solutions, has established a new company, Dream Payments, which will focus on the development of end-to-end mobile payment processing.
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Kili Technology said that it will supply new entity with the core hardware and firmware needed to develop low cost, secure, EMV-compliant payment processing products.
"The initial offerings of Dream Payments will enable merchants to accept payments using IOS and Android mobile devices at lower cost than traditional solutions," said by Kili Technology in a statement.
The company’s cloud-based payment platform combined with its EMV-compliant mPOS device will allow merchants to accept credit and debit cards, including contactless and CHIP enabled payment cards, access analytics and reports, and provide digital receipts.
Alex Walker, co-CEO of Kili Technology, said: "The payment processing industry is undergoing exciting changes as it transitions to the widespread use of lower cost, mobile point of sale (mPOS) devices, NFC (Near Field Communications) and a mandate by governments, banks and major credit card companies globally that requires merchants to shift to more secure EMV-compliant payment processing systems.
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By GlobalData"This spin-off will allow Dream Payments to concentrate on the development of merchant focused business solutions for this new market, while Kili continues to develop the low cost, high performance semiconductors, firmware and modules needed to support these new requirements."
