MagicCube receives strategic investment from Visa

By Pavithra R

MagicCube, a Software Trusted Execution Environment platform developer, has announced that the company has received a strategic investment from Visa.

As part of the investment, MagicCube & Visa will also look forward to enhancing their partnership by exploring various new use cases in the payments industry, like Tap to Phone, where the platform can bring next-generation security, operability, and ease of integration. Visa, being a previous investor, is renewing its support for the company with this latest financing as the FinTech continues to gain momentum in global partnerships and customers to bring its virtual TEE-based platform and solutions to scale.

“Visa’s continued support of MagicCube shows how much potential there is in the new SDT category, which we are leading. Unlike legacy systems, we use virtualization that is upgradeable over the air, remotely manageable and can adapt quickly to new security threats. Powerful features like over the air upgrades, remote provisioning, risk management and mitigation provide a product that can be integrated using simple APIs, deployed rapidly and operated easily. These are key differentiators that set our technology apart from hardware-based security and traditional software obfuscation,” said MagicCube CTO Nancy Zayed.

MagicCube’s products enable modern consumer devices to read contactless cards from Visa and other major card brands while securely capturing financial PIN and other verification methods. The solution provides security, end-to-end functionality, and modern acceptance capabilities, which were previously limited to hardware-based terminals. The software-based solution offers a plug-and-play, fully contained module that fits into the current flows of any modern acquiring bank or merchant acceptance solution.

“Sellers are looking for simple, low-barrier ways to offer digital payments and there may be nothing simpler than transforming an everyday device, such as a mobile phone, into a payment terminal. By expanding our work with the team at MagicCube to scale softPOS technology, including Tap to Phone with PIN support, we want to enable sellers around the world to not only begin accepting digital and contactless payments, but also give them flexibility to do so in a way that is physically less constrained to a traditional point of sale,” said Mary Kay Bowman, global head of buyer and seller solutions, Visa.

MagicCube aims to serve financial institutions by offering them a key differentiation, a hardware-grade protection that is easily scalable and deployable that will provide early-adopters with a considerable advantage over the competition.