Today MYPINPAD Asia, an enabler of secure multi-factor authentication for touchscreen devices such as smartphones and tablets, has announced a new partnership with Mswipe, India’s largest independent mobile POS merchant acquirer & network. Under the partnership, Mswipe will integrate MYPINPAD’s Software PIN Entry Solution (SPES) into its new mPOS devices to meet the mandate of the RBI (Reserve Bank of India) to increase the deployment of secure PIN enabled acceptance devices into the Indian market.
Mswipe is one of the most successful and fastest growing companies in India’s payment processing industry, providing card processing and financial services to SMEs throughout more than 500 cities and towns across India.
Mswipe’s mPOS devices will use touchscreen technology, secured and hardened by the MYPINPAD SPES, for the capture of cardholder PIN; removing the need for a separate PIN pad device, resulting in reduced support and manufacturing costs and an improved cardholder experience.
Manish Patel, Mswipe Technologies, CEO & founder said: “As a payments processor, our priority is to make transacting easier for SMEs in India and MYPINPAD is helping us achieve this. MYPINPAD’s SPES solution allows us to produce a new generation of POS terminals that are more secure. This also brings the added benefit of reduced production costs, faster time to market and overall, enables us to improve user experience for both our merchants and their consumers.”
Philip King, MYPINPAD Asia Ltd, Executive Chairman and CEO, said: “We are delighted to announce our partnership with Mswipe. India is a major market with a rapidly evolving payments landscape. To ensure that the evolution and growth of mobile payments is sustainable, security is paramount. MYPNPAD and Mswipe will provide a solution that addresses the growing demand for secure mobile payment methods in a scalable, cost effective and secure environment.
MYPINPAD’s product set is borne out of extensive work across the payments ecosystem to address industry security requirements for mobile payments. Our goal is to solve a broad range of digital commerce issues through the power of strong, secure multi-factor authentication including, but not limited to, the use of our patented PIN entry solution. Mswipe will build a next-generation card acceptance platform for POS transactions in India that will play a key role in creating a safer payments environment for secure mobile transactions. We are delighted to work with Mswipe and look forward to a long and successful partnership.”