Mypinpad has introduced a software-based contactless payment solution that will enable smartphones and tablets to accept contactless payments.
The technology eliminates the need of adding mPOS hardware to transform a device into a contactless payment acceptance point.
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The new solution is a variation of the company’s MPP SoftPOS solution suite. It also complies with PCI’s upcoming Contactless Payments on COTS (CPoC) standard.
Besides, the new Mypinpad CPoC solution leverages the MPP Authentication Platform to assess the safety of the mobile device before carrying out transactions.
With the new solution, a merchant can initiate a payment by entering the amount in the MPP CPoC App installed in the smart device. Subsequently, the customer can complete the transaction by tapping their contactless debit or credit card onto the device.
Accordingly, a merchant can accept contactless transactions without a Secure Card Reader.
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By GlobalDataThe contactless transactions are processed through the MPP Authentication Platform. It connects with the payments network to deliver an authorisation message to the payment service provider.
The Mypinpad CPoC solution can be integrated with customer apps utilising Mypinpad MPP API. The company noted that it has already received international contracts to implement the solution.
Mypinpad chairman and CEO Phil King 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.”
