Payment solutions provider MYPINPAD has expanded its presence into Australia after it received certification from the Australian Payments Network (AusPayNet).
Currently, Australian payment regulations require all new card-acceptance technology to undergo a security, integrity and network operability evaluation. If the technology is approved by AusPayNet – the self-regulatory body for Australian payments – it can proceed with market development.
The certification will allow MYPINPAD to deploy its software-based payments solutions to merchants across the region.
Founded in 2012, MYPINPAD’s platform turns everyday mobile devices like smartphones and tablets into secure payment terminals and enables a consistent ‘card present’ payment experience across all channels, both in-store and digital.
According to MYPINPAD, this move will be a ‘significant step’ in mobile payment acceptance for Australia. It cites that by transforming mobile devices into payment terminals, all types of merchant including micro and SMEs can now securely accept card payments on everyday mobile devices.
As of December last year, the region had 923,691 active point-of-sale terminals – down slightly from the year prior. This, MYPINPAD believes, was caused primarily by the impact of the lockdown due to COVID-19, making many terminals inactive. However, following this certification, this number is expected to climb.
MYPINPAD head of APAC Morten Hofstad said, “As the first provider in the world to be globally certified by PCI to accept payments on smart devices without additional hardware, we’re delighted to mark another milestone by being the first to be certified in the incredibly dynamic Australian market.
“The APAC region is a hub of innovation for payments and we’re thrilled to gain certification from AusPayNet. We are about to unlock opportunities in seamless payments and customer experience for thousands of merchants in the region and have our first six deployments lined up to go live this year, and we look forward to many more in 2022.”
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst
