Internet of Things

Netclearance Introduces Smart Technology Bluetooth 5 Payment Beacon For IoT Transactions

Netclearance, provider of the world’s biggest network of smart technology Bluetooth payment terminals, unveiled the world’s first commercially available Bluetooth 5 payment beacon.

Finextra reports that mBeaconSAM comes in a mini SIM-card sized smart card that fits into existing point of sale (POS) card reader terminals and will enable them for Internet of Things (IoT) payments transactions. It joins the Netclearance leading portfolio of BLE-based POS payment terminals, unattended payment and mobile ticketing solutions widely used in Scandinavia and other regions.

mBeaconSAM upgrades existing payment terminals to accept payments from smartphones or wearable devices using Bluetooth Low Energy (BLE) technology and is not limited by existing card-based NFC technology. The result is quick payments at the point of sale made on iOS, Android and other Bluetooth devices.

And as the first commercial Bluetooth 5 payment beacon with a built-in secure element, the device offers bank-grade security with over-the-air firmware upgrades. While it offers better range, lower power and faster speeds, the smart technology is fully backward-compatible with previous generations.

“Merchants are using tens of millions of payment terminals around the world, but the vast majority of these terminals are limited to card-based NFC technology that only works with the closed mobile wallets from Apple, Google and Samsung. mBeaconSAM has been developed to fill a void in the mobile payments and engagement infrastructure. It enables open app-based payments using Bluetooth,” said Jonathan Duffy, EMEA executive director at Netclearance. “It’s really exciting to bring the first Bluetooth 5 payment and proximity marketing beacon to market, and adoption of the latest technology will ensure mBeaconSAM is supported for years to come.”

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