MYPINPAD, a provider of payments software authentication solutions, and payment facilitator Ingenico Group have announced a partnership to pilot ‘PIN on Mobile’ (PoM) solutions for SME merchants & mobility transactions in Europe.
PoM is the latest innovation in payment acceptance for in-store transactions and is set to revolutionise the industry. It has been developed to enhance and expand the current mPOS market offering and to meet the ongoing demand for increased card acceptance points across the globe.
Under the agreement for live pilots, MYPINPAD’s PoM product, MPES (MYPINPAD’s PIN Entry Solution) has been integrated within Ingenico’s payments solution to deliver secure PIN authenticated transactions via consumer-off-the-shelf (COTS) devices, such as smartphones and tablets.
MPES is a software-based PIN pad that securely captures PIN entry on COTS devices. Removing the need for a hardware-based PIN pad allows payment service providers and acquirers to offer low-cost solutions to micro-merchants in order to grow the number of global retail acceptance points. As well as the global appetite for such solutions, the technology will also help micro-merchants benefit from a very cost-efficient acceptance solution.
MPES ensures the PIN number entered in to the smartphone or tablet is isolated and protected. Already compliant to card scheme rules, the first pilot is expected to be live in Europe by mid-2018, under specific card scheme waivers.
“Ingenico is an ideal partner for our global PoM delivery,” MYPINPAD’s global head of mobile POS solutions David Poole said. “Their knowledge, understanding and reputation for securing payments is renowned globally. Together we have produced a pioneering payment solution that is designed to meet scheme requirements. We know that ubiquitous smart devices have a significant role to play in powering the growth of card acceptance points and we expect to lead that drive. PoM has the potential to become the most widespread form of face-to-face payment authentication.”