I got the team working on a project recently resurface, but this time with endorsement from the VISA/MasterCard schemes.
In summary, my take is that alternate payment methods (including QR, close loop and crypto) are a challenge to the incumbents. This new channel of accepting contactless (payWave, payPass) by NFC enabled mobile device shortcuts the perceived cost of the terminals.
The new program codename TapToPhone follows the prerequisite standards for L1, L2 and CDET certification to comply with the exisiting scheme requirements. The modality is generally termed softPOS. We are pushing for SP to be the first in APAC to take this softPOS to market.
Below video captures our prototype of L2 Kernel operating behind NFC reader processing contactless payments. The modular design allows for L2 Kernel to be hosted either on a central server (cloud kernel) or local device (SDK instance). The original code stems from 2014 during our early certification with FIME in Taipei for EMV contact, and now extended into contactless. The beauty is the messaging layer, and the log shows the APDU command exchange with SmartPesa’s L2 Kernel from ATR, PPSE, App Select, etc. This allows for our embedding directly in the SmartPesa SDK with simple abstraction for developers to add to their apps.
There is huge potential for softPOS – F&B, ticketing, transport, parking, vending machines, general retail, queue busting, etc that have hardly been tapped to date. Excited about the prospects by our venturing down this part within the regulated shere of existing banking rules and regs.