“This is a big success for Paymob to get approval from Mastercard. Now we are awaiting approval from Visa too. Mastercard promises to add Paymob to the directory of companies have received approvals. Also, all these companies approved vendors for the delivery technology «Tap on Phone”
(manager partner of Paymob technology, Kosta Du)
Use cases supported:
· Transactions below CVM for transactions originating from contactless card
· All transactions originating from Mobile wallet e.g. Apple Pay, Samsung Pay using CDCVM
· Transactions above CVM (that requires PIN) for transactions originating from contactless card – Future Phase
How does the solution work:
· Merchant downloads the app from their acquirer or payment facilitator
· Merchant logs in using merchant credential
· Merchant builds shopping cart / enter the final shopping cart amount
· Accepts contactless transaction using the Android phone’s built-in NFC and app Merchant sends receipt via email / SMS
EMVCo Level 2 approval requires every EMV kernel to have completed laboratory-type approval testing before it can used in terminals to perform EMV transactions. EMVCo also requires this approval to renewed at defined intervals to keep compliance.
Paymob Technology is an experienced IT firm founded in 2011 and focuses on card payment services, bank processing systems, mobile devices and payment terminals. The company develops innovative products that meet all international security standards for electronic payment. Paymob Technology’s innovative product known for its integrated platform for mobile commerce and banking services using a customized app.