Global Partnership Drives Next Generation Payment Acceptance by Transforming Regular Mobile Devices into POS Systems
Santa Clara, CA— MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), and ID TECH, a leading manufacturer of point-of-sale (POS) payment peripherals, have announced a global partnership to bring to market a hardware-free solution for secure card acceptance using PIN-on-Glass.
MagicCube and ID TECH are integrating their technologies with a new offering that will turn any locale or device into a POS, which will lower card acceptance costs for businesses, increase payment volume for banks and ensure payment security for consumers.
MagicCube has been at the forefront of PIN-on-Glass development and securing both the payments and acceptance verticals, and currently offers a suite of products – including MC-Token Shield and MC-Screen Shield – capable of replacing the need for hardware security to build, deploy and remotely provision and manage POS systems and other IoT devices. MagicCube’s technology transforms regular mobile devices into secure, full-featured POS systems capable of handling sensitive data, such as payment card PINs, on consumer device touchscreens of all sizes.
ID TECH designs and manufactures highly reliable payment solutions used in mobile, countertop and unattended POS applications. Through this partnership, ID TECH is furthering its ongoing global expansion by developing dedicated integrated PIN-on-Glass solutions for a variety of POS, mPOS devices and software applications by leveraging MagicCube technology. The two companies will build and commercially launch the solution globally later this year.
“By partnering with ID TECH, we are able to provide the market with the next generation of POS solutions that don’t require a separate device to enter your financial PIN. With PIN-on-Glass, merchants now have a fully downloadable, upgradeable, subscription-based solution that can turn any mobile phone or tablet device into a POS,” said Sam Shawki, CEO and Co-Founder at MagicCube. “PIN-on-Glass is an innovation that will create huge opportunities by reducing cost and complexity of POS ownership, raising card acceptance rates and lowering acceptance risk.”
“Advancing the global digitisation of payments requires stronger security and greater accessibility than many hardware-based POS systems can provide,” said Justin Ning, VP of Product Management at ID TECH. “MagicCube’s PIN-on-Glass technology, together with our PIN-on-Glass payment readers allows us to deliver a seamless, easy-to-deploy and affordable payment acceptance with the same security found in hardware-based technology.”
Pandemic ‘shecession’ reverses women’s workplace gains
By Anuradha Nagaraj
(Thomson Reuters Foundation) – The coronavirus pandemic reversed women’s workplace gains in many of the world’s wealthiest countries as the burden of childcare rose and female-dominated sectors shed jobs, according to research released on Tuesday.
Women were more likely than men to lose their jobs in 17 of the 24 rich countries where unemployment rose last year, according to the latest annual PricewaterhouseCoopers (PwC) Women in Work Index.
Jobs in female-dominated sectors like marketing and communications were more likely to be lost than roles in finance, which are more likely to be held by men, said the report, calling the slowdown a “shecession”.
Meanwhile, women were spending on average 7.7 more hours a week than men on unpaid childcare, a “second shift” that is nearly the equivalent of a full-time job and risks forcing some out of paid work altogether, it found.
“Although jobs will return when economies bounce back, they will not necessarily be the same jobs,” said Larice Stielow, senior economist at PwC.
“If we don’t have policies in place to directly address the unequal burden of care, and to enable more women to enter jobs in growing sectors of the economy, women will return to fewer hours, lower-skilled, and lower paid jobs.”
The report, which looked at 33 countries in the Organisation for Economic Co-operation and Development (OECD) club of rich nations, said progress towards gender equality at work would not begin to recover until 2022.
Even then, the pace of progress would need to double if rich countries were to make up the losses by 2030, it said, calling on governments and businesses to improve access to growth sectors such as artificial intelligence and renewable energy.
Laura Hinton, chief people officer at PwC, said it was “paramount that gender pay gap reporting is prioritised, with targeted action plans put in place as businesses focus on building back better and fairer”.
Britain has required employers with more than 250 staff to submit gender pay gap figures every year since 2017 in a bid to reduce pay disparities, but last year it suspended the requirement due to the coronavirus pandemic.
(Reporting by Anuradha Nagaraj @AnuraNagaraj; Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
German January exports to UK fell 30% year-on-year as Brexit hit – Stats Office
BERLIN (Reuters) – German exports to the United Kingdom fell by 30% year-on-year in January “due to Brexit effects”, preliminary trade figures released by the Federal Statistics Office on Tuesday showed.
In 2020, German exports to the UK fell by 15.5% compared to 2019, recording the biggest year-on-year decline since the financial and economic crisis in 2009, when they fell by 17.0%, the Office said.
“Since 2016 – the year of the Brexit referendum – German exports to the UK have steadily declined,” the Office said in a statement.
In 2015 German exports to the UK amounted to 89.0 billion euros. In 2020, German they totalled 66.9 billion euros.
Imports to Germany from the UK totalled 34.7 billion euros in 2020, down 9.6 % compared to 2019.
(Reporting by Paul Carrel; Editing by Madeline Chambers)
German unemployment unexpectedly rises in February
BERLIN (Reuters) – German unemployment rose in February for the first time since last June, data showed on Tuesday, dashing expectations for a fall as lockdown measures to suppress the coronavirus case load held back Europe’s largest economy.
The Labour Office said the number of people out of work rose by 9,000 in seasonally adjusted terms to 2.752 million. A Reuters poll had forecast a fall of 13,000.
“Kurzarbeit (shortened working hours) continues to secure employment on a large scale and prevent unemployment,” Labour Office chief Detlef Scheele said in a statement, adding: “Individual sectors are feeling the effects of the lockdown.”
Germany has been in lockdown since November, and measures were tightened in mid-December, as it battles a second wave of the virus. Chancellor Angela Merkel has said new variants of COVID-19 risk a third wave of infections.
The unemployment rate remained unchanged compared with the previous month at 6.0%.
The labour agency said some 2.39 million employees were on shortened working hours in December under the government’s Kurzarbeit scheme designed to avoid mass layoffs during downturns by offering companies subsidies to keep workers on the payroll.
After peaking at some 6 million last April, the number of people on Kurzarbeit fell before rising again in November as lockdown measures kicked in, the Office said.
(Writing by Paul Carrel; Editing by Madeline Chambers)
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