INTELLIGENT BRANDS // Mobile Technology
PIN on Mobile set to
revolutionise payments
industry, says MYPINPAD
/////////////////////////////
M
YPINPAD, a global leader in
payments software authentication
solutions, has released its eBook
highlighting the benefits of the emerging
PIN on Mobile (PoM) technology. PoM is the
latest innovation in payment acceptance
for in-store transactions and is set to
revolutionise the payments industry.
With growing demand for smartphone and
tablet-based payment authentication, the
Payment Card Industry Security Standards
Council (PCI SSC) announced its intent
to publish a security standard for PoM
technology that will include a specification
for isolating and protecting the entry of PIN
into consumer-off-the-shelf (COTS) devices.
mPOS (mobile point of sale) solutions
have evolved from low-tech, low-cost swipe
devices, to ones that closely resemble POS
terminals with mandated support for EMV
(Europay, Mastercard and Visa) and PIN
authentication to combat rising fraud levels.
However, this has introduced significant
costs, although to grow the number of
acceptance points globally, PCI is now
enabling the use of COTS with secure PIN
entry for payment acceptance.
Global Head of Mobile POS Solutions at
MYPINPAD, David Poole, explained: “Many
consumers have abandoned cash for
card payments, but not all retailers have
the ability to accept card payments due
to the capital outlay of mPOS terminals.
This new standard will help power the
forecast growth in markets such as India
where digital payments are forecast to
grow 10x to €500 billion by 2020. More
than ever, retailers need access to a cost-
effective solution to accept every sale,
while enriching the in-store experience
for customers. Mobile and tablet-based
payment solutions present many
86
INTELLIGENTCIO
advantages for retailers, both operationally
and financially.”
This allows Payment Service Providers (PSPs)
and Acquirers to produce low-cost devices
designed to grow the number of global retail
acceptance points at an estimated CAGR of
32.84% by 2021.
“The need for PSPs to differentiate
themselves and remain competitive is
becoming more important as the choice of
alternative technologies, vendors and service
providers grows. It is crucial to offer the
most current, future-focused products and
services to remain relevant for merchants.
PoM has the potential to transform the
payments landscape and become the most
widespread form of face-to-face payment
authentication. In doing so, it can play a
major role in enabling more retailers to
accept card payments, while ensuring the
highest possible security standards to protect
consumers,” concluded Poole. n
POM IS THE LATEST
INNOVATION
IN PAYMENT
ACCEPTANCE
FOR IN-STORE
TRANSACTIONS
AND IS SET TO
REVOLUTIONISE
THE PAYMENTS
INDUSTRY.
www.intelligentcio.com