AusPayNet allows MYPINPAD to convert mobile devices into payment terminals
By Leandra Monteiro
MYPINPAD, a global company in secure personal authentication solutions has received certification from the Australian Payments Network (AusPayNet), the self-regulatory body for Australian payments. Australian payment regulations stipulate that all new card-acceptance technology must undergo an evaluation to assess the security, integrity and network operability and be approved by AusPayNet prior to market deployment.
The latest announcement makes history as the first Payment Card Industry (PCI) Security Standards Council (SSC) Contactless Payments on Commercial off-the-shelf (CPoC) Solution to attain approval for Australia. The certification will enable MYPINPAD to deploy its software-based payments solutions to numerous merchants in the region.
This is new move is an important step in mobile payment acceptance for Australia. 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, particularly in situations where cash may have previously been the only mode of payment.
As of December 2020, Australia is said to have 923,691 active POS terminals, a slight decrease from the same time in 2019. This decrease, however, was caused primarily by the impact of COVID-19 lockdown, making many terminals inactive. With MYPINPAD set to deploy its contactless (CPoC) solution across Australia, this number is expected to increase.
Morten Hofstad, Head of APAC at MYPINPAD shared, “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.”
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