Payments

Apple comes up with an iPhone 5S-based POS system that is EMV, NFC ready

MEDICIFounder and Chief Strategy & Innovation Officer

It was back in 2009 that Apple first began utilizing its iPod touch as an ‘EasyPay’ system for employees in its retails stores. Now Apple is in the process of updating its current mPOS system that utilizes the iPod touch with a new iPhone 5S based system, according to 9to5mac. The iPhone 5S-based POS system also includes a number of additional new features.

The upgraded system includes a new “shell” or “sled” that attaches to the iPhone 5S. This is made by VeriFone Systems, one of the world’s leading POS vendors, says Forbes.  The new device is around one ounce heavier and a bit thicker than the previous model.

  • The device is high on security aspects as it features a number of things such as it accepts chip-and-pin (EMV) cards, which offer the current maximum level of account security. Entering a PIN provides a high level of improved security, especially if the card is stolen or misplaced. As the US moves towards Chip and Pin, this device is future proof.
  • Utilizing this system, buyers insert their card into a reader and then enter a PIN (personal identification number). A PIN entry keypad has been placed on the back of the VeriFone POS device, that’s set to hit Apple stores.
  • The VeriFone POS device consists of a laser barcode scanner for 1D as well as 2D codes.
  • Apple has upgraded its propriety POS software to take advantage of the iPhone 5s and VeriFone shell features, says Forbes.
  • Their upgraded POS system also features a number of upgrades, including enhanced PassBook scanning.

Apple has already outlined quite a few other modifications over the previous system, including longer battery life, 2D bar code scanning capability, and better network connectivity, according to an internal memo obtained by 9to5mac. Apple has already sent out the iPhone 5s to several stores in the U.S. with units set to be rolled out to every store in the country over the next couple of weeks, according to 9to5mac. The company also seeks to alter the EasyPay name.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”