MagicCube
MagicCube is a technology company at the forefront of the financial technology (FinTech) sector, specializing in mobile and point-of-sale (POS) payments security. The company has developed a groundbreaking platform that transforms standard mobile devices, such as smartphones and tablets, into secure payment and PIN entry terminals. This innovation effectively replaces the need for traditional, hardware-based card readers and payment terminals, offering a software-only solution for merchants and financial institutions. MagicCube's core mission is to democratize payment acceptance by making it more accessible, affordable, and secure through its unique software-defined approach.
The company's foundational technology is a platform it calls Software-defined Trust (SDT). This is a new category of security that protects sensitive data, applications, and critical services on any device by operating entirely in software. Unlike traditional security models that rely on dedicated hardware security chips (like secure elements), SDT creates a virtual "secure element" within the device's main processor. It leverages advanced security techniques, including hardware-backed virtualization and Trusted Execution Environments (TEEs), to isolate and protect payment processing and PIN entry from the rest of the device's operating system, effectively shielding it from malware and other potential threats.
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Products and Services
MagicCube's offerings are built upon its core SDT platform, enabling a suite of solutions for merchants, banks, and payment service providers.
i-Accept
i-Accept is MagicCube's flagship product. It is a complete software-based solution that enables merchants to accept secure contactless payments directly on their own off-the-shelf Android smartphones and tablets. This technology is often referred to in the industry as "Tap to Pay" or "Tap on Phone." With i-Accept, a merchant can simply download an app to their device and begin accepting payments from contactless cards (like Visa, Mastercard, American Express), as well as mobile wallets (such as Apple Pay and Google Pay).
Key features of i-Accept include:
- PIN on Glass: A critical component of i-Accept is its ability to securely capture a customer's PIN on the touchscreen of a standard smartphone or tablet. This is a significant technological achievement, as it has historically been a major security barrier for software-only POS systems. MagicCube's SDT platform ensures this process meets the rigorous security standards set by the Payment Card Industry (PCI).
- No Additional Hardware: The primary value proposition is the elimination of external card readers, dongles, or dedicated payment terminals. This drastically reduces the cost and complexity for small and micro-merchants to start accepting card payments.
- Rapid Deployment: Merchants can be onboarded and begin accepting payments within minutes, as opposed to waiting for hardware to be shipped and configured.
- PCI Compliance: The i-Accept solution is designed to meet the highest security standards of the payments industry, including PCI CPoC (Contactless Payments on COTS).
Software-defined Trust (SDT) Platform
Beyond the merchant-facing i-Accept product, MagicCube offers its underlying SDT platform as a service to financial institutions, payment gateways, and device manufacturers. This allows partners to build their own secure mobile applications and services. Use cases for the platform extend beyond payments and include:
- Secure Authentication: Creating un-phishable multi-factor authentication solutions.
- Digital Identity: Protecting sensitive digital identity credentials on a device.
- Connected Devices (IoT): Securing transactions and data on a wide range of IoT devices that lack traditional hardware security.
By offering a hardware-agnostic, software-based security layer, MagicCube provides a scalable and flexible alternative to legacy security systems, empowering a new wave of secure mobile and connected services.
