MYPINPAD release new mPOS solution onto the market

MYPINPAD release new mPOS solution onto the market
13.11.2019 10:19 am

MYPINPAD release new mPOS solution onto the market

Payments

MYPINPAD, the global leader in secure personal authentication for payment solutions, has developed a software-only based contactless payment solution, designed to remove the need for additional mPOS hardware. A variation of its MPP SoftPOS solution suite, the technology has been built ahead of but aligned to PCI’s Contactless Payments on COTS (CPoC) standard, which is due to be released at the end of 2019.

As with all MYPINPAD solutions, its CPoC solution utilises the MPP Authentication Platform to ensure the smart mobile device is secure prior to transaction commencement. This exact same platform is used for all MYPINPAD’s PIN on Mobile solutions, including its SPoC offering, MPP mPOS. Unlike MPP mPOS, which under SPoC requires a PCI certified Secure Card Reader, MPP SoftPOS transforms an everyday Android smartphone or tablet into a secure payment acceptance point for contactless transactions without a Secure Card Reader.

The consumer experience is simple and familiar: the merchant enters the amount on their smartphone or tablet (running the MPP CPoC App), and the customer initiates payment by simply tapping their contactless debit or credit card onto the smart device. Transaction processing is routed through the MPP Authentication Platform to connect with the payments network for delivery of an authorisation message to the PSP.

MYPINPAD has contracts for deployment of its CPoC solution with key international customers. The solution represents a significant step towards the ultimate payment acceptance proposition; CPoC with PIN. This yet to be published standard will allow an everyday smartphone or tablet to not only securely read cards, but also allows the secure entry of PIN as already implemented in MPP mPOS.

This industry leading technology can be readily integrated into customers Apps utilising MYPINPAD’s MPP API (Application Programming Interface) and Sandbox testing environment. The API offers a simple instruction set and requires minimal knowledge of payments. The net result is rapid time to market, combined with white labelling capabilities. 

Phil King, Chairman and CEO of MYPINPAD, said“The development by PCI of a CPoC standard represents a transformational step for payment acceptance and in conjunction with a contactless standard should lead to a massive expansion in the number of mobile payment acceptance devices. Point-of-Sale terminals and PIN entry mPOS dongles will in time be replaced by everyday smartphones and tablets running a downloadable App. The net result will be reduced operating costs, reduced complexity and increased adoption by retailers of all sizes, be they micro-merchants or Tier one retailers.  Of course, once PIN entry is added to the standard, we will be uniquely positioned. Our API and white label offering allows any provider of mobile payments to benefit from CPoC.”

Related News

Domestic Payment Card Schemes Play a Unique Role in Many Countries

Cards carrying only a domestic scheme’s branding accounted for 12% of all payment cards worldwide in 2018. This sector has strong growth potential, with products tailored... Read more »

Computop and Eckoh Partner to Provide Retailers with Enhanced Security for Card-Not-Present Payments

Computop, a leading global payment processor, and Eckoh (AIM... Read more »

BlueSnap Appears on the Inc. 5000 List Following Three-year Revenue Growth of 260 Percent

Inc. magazine today revealed that BlueSnap is No. 1648 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-... Read more »

Standard Chartered and Airtel Africa Partner to Drive Financial Inclusion Across Africa

Standard Chartered Bank (www.SC.com) and Airtel Africa have today... Read more »

Barclaycard Launches New Service to Redefine Supply Chain Payments for Businesses

Barclaycard has launched Barclaycard Payment Intelligence (BPI), a new service which uses in-depth data analytics to provide... Read more »

AscendantFX Introduces Payment Tracking Through SWIFT gpi

AscendantFX Capital announced today that they have become members of the SWIFT network, and more specifically the Global Payment Initiative (gpi). Ascendant... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel