MYPINPAD continues growth of contactless payments in India

India
India

Seeking to propel contactless payments in India, MYPINPAD has boosted its global footprint announcing new strategic partnerships with Mswipe, India’s largest independent mobile POS merchant acquirer and network provider, and digital payments specialists, Visa.

The announcement follows MYPINPAD becoming the first company to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software-only Contactless Payments on Commercial off-the-shelf (CPoC) solution.  

This is an increasingly important market for MYPINPAD, given that tap-to-pay or contactless card payments in the Indian market are in hypergrowth, led by Visa with over 30mn contactless cards issued.

CEO of MYPINPAD, Colin Greene, commented: “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. This important milestone, following our recent world-first PCI SSC CPoC certification, is another huge step for the industry in simplifying digital acceptance for the smallest of businesses to the larger retailers.”

Mswipe is at the forefront of driving 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.  

CEO of Mswipe, Manish Patel added: “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. We look forward to deploying the solution, and where the partnership will take us in the future.”

The global impact of the COVID-19 pandemic has fuelled the need for contactless transactions, with Visa recently announcing a commitment to support 10 million small businesses across Asia Pacific. The pledge is part of a global program that sees Visa supporting 50 million small businesses worldwide.

As part of the commitment, the company is introducing a range of programs and solutions to help small and medium enterprises (SMEs) drive efficiency and sales by accepting and making digital payments to meet increased demand for cashless payments – both online and in-store. 

Shailesh Paul, Head, Merchant Sales & Acquiring and Cybersource, India & South Asia, Visa also stated: “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.”