Mobi724, a digital incentive, couponing and payment technology company has signed a deal with Tangent Solutions of the Philippines which helps the latter meet a government deadline for EMV compliancy.
Tangent produces payment industry software. It manages the payments terminals for more than 80 banks through partnerships with the nation’s largest ATM switch and every major credit card acquirer.
Mobi724 President Robert Rioux said all banks and retail payment terminals in the Philippines must be EMV compliant by the end of this year. The agreement with Tangent Solutions goes a long way in meeting that goal.
“This is an opportunity for us to leverage our EMV gateways to connect and route the retail payment terminals to the proper issuing bank. This agreement allows us to reach over 40 percent of all the retailers in the country and it will allow us to connect MPOS transactions.”
Mr. Rioux said they will deploy its couponing solution in a future phase. That is part of a much larger vision, he added.
“Our vision is to enhance the value of commoditized payment transactions to the players in this ecosystem (card associations, banks, mobile carriers and retailers) by adding layers of intelligence to these card-linked transactions (i.e. smart transactions) in a seamless manner for all the players in the ecosystem.”