MyPinPad – a UK based leading player in global secure personal authentication solutions market revealed strategic partnership with Mswipe & Visa as part of its efforts to expand global footprint in its latest announcement. Mswipe is an India based payments solution provider and is largest independent mobile pos merchant acquirer and network provider in the country while Visa Inc is a well recognised multinational payments solution provider. As part of this strategic partnership, the three firms will work together to propel contactless and digital payment solutions in India. This move follows shortly after MyPinPad became the world’s first and only company to achieve payment card industry (PCI) security standards council (SSC) certification for its software only contactless payments in Commercial off-the-shelf (CPoC) solutions market.
This is a major factor for MyPinPad’s global footprint expansion plans as its current target Indian market is currently seeing rapid growth in tap-to-pay/contactless card payments led by Visa with more than 30 Million contactless cards active in the market. Mswipe is the market leader and pioneer in driving tech based innovations across payments solutions market with particular focus on MSMEs – Micro/Small/Medium Enterprises. The firm currently facilitates payments via cards, wallets, mobile payment apps and bank apps, contactless & QR payments and its product services are used by more than 650,000 POS & 1.1 Million QR merchants allowing the firm to gain its current status as largest independent mobile POS acquirer and network provider in India.
Speaking about the firm’s expansion efforts into Indian market and the firm’s strategic partnership agreement, Colin Greene – CEO of MyPinPad 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. 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”.
Speaking on same note, Manish Patel – CEO of Mswipe stated “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”.
Commenting on same note, Shailesh Paul – Head of Merchant Sales & Acquiring and Cyber source – India & South Asia at Visa added “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”.