MYPINPAD, a UK-based mobile-based payments authentication solutions provider, has brokered a deal to combine with SmartPesa.
Financial terms of the deal were not disclosed.
Singapore-headquartered SmartPesa specialises in developing payments and agency banking solutions for merchants and banks globally.
The combined entity, which will operate under the MYPINPAD brand, is expected to become a ‘global leader in the mobile payments acceptance’ segment.
It aims to double its existing footprint in APAC, LATAM and EMEA regions and expand into North America in 2022.
The deal comes at a time when the industry prepares for PCI Security Standards Council’s forthcoming Mobile Payments on COTS (MPoC) Standard.
MYPINPAD CEO Richard Forlee said: “We’re thrilled that we can come together with SmartPesa at this time. Their experienced team and strong product capabilities will complement MYPINPAD’s existing suite of PCI certified payments solutions.
“The combination of our two businesses will accelerate growth, provide economies of scale and better position us to serve our global customer base.”
SmartPesa executive chairman and founder Barry Levett added: “We are extremely excited about the future that this merger brings our companies.
“MYPINPAD is the leading solutions provider of mobile-based payments acceptance solutions backed by a skilled team of experts. Together we can develop innovative new mobile payments solutions for customers and merchants at scale.”
In 2020, MYPINPAD secured Visa Ready certification for its Tap to Phone mPOS solution that offered optional PIN capture for Android devices
The same year, the firm teamed up with EVO Payments to accelerate tap to phone technology for businesses across Europe.