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.”