HORTEN, Norway--(BUSINESS WIRE)--ChipCap PLC announces patent pending for its new multi‐function EMV card reader. The ChipCap Reader combines as a personal card acceptance device, hardware authentication token and secure flash drive, enabling banks to offer new services and more value to clients building on Chip and PIN technology.
Banks will soon have a new tool against online banking and card fraud, which will also open up brand new business opportunities. The tech start‐up ChipCap PLC is developing a new multi‐function EMV card reader with multi‐layer security that will enable a secure client‐side environment and enhanced twofactor authentication with Chip and PIN, as well as enable banks to offer new services to their clients.
“Online banking and card fraud is a growing concern on a global scale. We provide heightened security without the cumbersome user experience faced by online banking customers today,” says Christian Warhuus, CTO and founder of ChipCap PLC. “Our reader will work with both a laptop computer and a smartphone. We know the mobile channel is particularly vulnerable to fraud and that we are just seeing the tip of the iceberg.”
Parallel banks are looking for new revenue channels and working to understand the new payment landscape. The ChipCap Reader will enable banks to give their customers capability to accept card payments on a PC, mobile phone or tablet utilizing Chip and PIN authentication.
“Cardholders are taught to use Chip and PIN. We want to streamline this user experience, whether you are logging into your online bank or making a payment. We believe magnetic stripe and signature transactions would be a step back when we want to move forward.”
Beyond the core features of serving as a payment device and authentication token, the Chipcap Reader can be expanded to include new applications banks can cross‐sell, for example secure storage, where the user is allocated an encrypted partition on the on‐board memory of the tamperproof device, unlocked with Chip and PIN.
“We aim nothing less than to revolutionize banking and payments,” says Mr. Warhuus. “Banks face increasing competition both from other banks and new entrants. We offer them a new tool to differentiate their value proposition and tap into new revenue streams, while their clients enjoy improved convenience and security.”
About ChipCap
ChipCap PLC is a technology company located in London, UK and Horten, Norway. The company was founded in 2011 with the mission to become the leading vendor of payment security solutions worldwide.
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