PIN on Mobile Set to Revolutionise the Payments Industry
MYPINPAD, global leader in payments software authentication solutions, today released its eBook highlighting the benefits of the emerging PIN on Mobile technology. PoM is the latest innovation in payment acceptance for in-store money transactions, and is set to revolutionise the payments industry.
With growing demand for smartphone & tablet-based payment authentication, the Payment Card Industry Security Standards Council announced their intent to publish a security standard for PoM technology that will include a specification for isolating and protecting the entry of PIN into consumer-off-the-shelf devices.
mPOS solutions have evolved from low-tech, low-cost swipe devices, to ones that closely resemble POS terminals with mandated support for EMV and PIN authentication to combat rising fraud levels. However, this has introduced significant costs, however to grow the number of acceptance points globally PCI are now enabling the use of COTS with secure PIN entry for payment acceptance.
Global Head of Mobile POS Solutions at MYPINPAD, David Poole explains: “Many consumers have abandoned cash for card payments, but not all retailers have the ability to accept card payments due to the capital outlay of mPOS terminals. This new standard will help power the forecasted growth in markets such as India where digital payments are forecasted to grow 10x to €500bn by 2020. More than ever, retailers need access to a cost-effective solution to accept every sale while enriching the in-store experience for customers. Mobile and tablet-based payment solutions present many advantages for retailers, both operationally and financially.”
This allows Payment Service Providers and Acquirers to produce low-cost devices designed to grow the number of global retail acceptance points at an estimated CAGR of 32.84% by 2021.
“The need for Payment Service Providers to differentiate themselves and remain competitive is becoming more important as the choice of alternative technologies, vendors and service providers grows. It is crucial to offer the most current, future-focused products and services to remain relevant for merchants. PIN on Mobile has the potential to transform the payments landscape and become the most widespread form of face-to-face payment authentication. In doing so, it can play a major role in enabling more retailers to accept card payments, while ensuring the highest possible security standards to protect consumers.” concluded Poole.