The processor Total System Services Inc. has entered into an agreement with terminal maker Ingenico to support a wide range of payment types, including magnetic stripe, EMV, Near Field Communication and Apple Pay.
TSYS has developed a new payment application, INGEMV2, which will run on certain Ingenico terminals. The partners also plan to enhance security through features such as tokenization and encryption. Tokenization, which is used in systems such as Apple Pay, replaces sensitive account data with a secure value called a token.
For TSYS, which has expressed concern over the pace of the EMV card migration in the United States, the partnership is a way to boost chip-card acceptance among merchants as well as widen the runway for mobile payments.
"Our relationship with Ingenico Group and its industry-leading expertise in EMV and NFC enabled TSYS to be among the first processors to be certified for Apple Pay," said Craig Ludwig, senior director and head of product for TSYS Merchant Services segment, in a Jan. 22 press release.