Vanguard
By Prince Osuagwu, Hi-Tech Editor
In the early days of mobile payment, payment processing providers offered banks and merchants free legacy hardware like Automated Teller machines, ATMs and Point of Sale, POS terminals to make their transactions easy.
These terminals only read the magstripe details of debit or credit cards and authenticate commands which helped complete transactions. They were later upgraded to reading chips embedded on payment cards when the world moved to Chip and Pin technology due to vulnerabilities and security breaches inherent in the Magstripe technology.
Despite the upgrades, ATM machines and POS terminals are often found to fail or delay services owing to network issues.
