MYPINPAD has inked new strategic partnerships with Indian mobile POS merchant acquirer and network provider Mswipe and payments giant Visa to propel contactless payments in India.
The UK-based payments authentication solutions provider noted that India is an important market for the company, given that contactless card payments in the country are in hypergrowth.
The company’s solution is said to minimise cost across the entire face-to-face payment ecosystem by meeting PCI security standards through software updates alone.
It can be integrated into third party applications and delivered ‘As-a-Service’.
MYPINPAD CEO Colin Greene said: “MYPINPAD makes it easy and affordable for merchants to become a part of digital acceptance and the payments ecosystem. Mswipe has spearheaded technology innovation in digital acceptance and payments for small and medium businesses in India.”
MYPINPAD recently received Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software-only Contactless Payments on Commercial off-the-shelf (CPoC) solution.
Mswipe CEO Manish Patel said: “What we plan to achieve alongside MYPINPAD will be incredibly significant for consumers, merchants and India in its entirety.
“The company’s technology will enable true democratisation of payments and accelerate the contactless revolution in India, which will result in huge socioeconomic benefits.”
Mswipe offers tech innovations that enable micro, small and medium enterprises (MSMEs), and merchants to accept payments through cards, wallets, mobile payment apps and bank apps, contactless and QR payments.
The company is said to have over 675,000 POS and 1.1 million QR merchants.
Visa head of merchant sales & acquiring and Cybersourcefor India & South Asia Shailesh Paul said: “Consumer preference for tap to pay or contactless payments offers a transformational opportunity for our collaboration with MYPINPAD and Mswipe.
“By empowering small merchants to use their mobile phones to accept tap to pay digital payments and without the need to invest in a standalone terminal, this solution should truly help propel digital payments far and wide across India.”
Visa is said to have over 30mn contactless cards issued in India.