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UK mobile-based payments software provider MYPINPAD and Singaporean peer SmartPesa have agreed to merge and operate under the MYPINPAD brand.
The combination is expected to double the joint group’s existing presence in APAC, LATAM and EMEA, while pushing towards North America this year.
“Their (SmartPesa) experienced team and strong product capabilities will complement MYPINPAD’s existing suite of PCI certified payments solutions,” said Richard Forlee, CEO of MYPINPAD.
“The combination of our two businesses will accelerate growth, provide economies of scale and better position us to serve our global customer base.”
The merger comes as the combined entity looks to leverage its expanded offerings amid the upcoming introduction of new standard Mobile Payments on COTS (MPoC) by PCI.
MPoC is scheduled for release towards the end of 2022 and will build on the existing PCI Software-based PIN entry on COTS (SPoC) and PCI Contactless Payments on COTS (CPoC) standards.
The forthcoming benchmark will support the use of mobile phones to accept payments.
According to PCI Security Standards Council, “the goal is to create a flexible mobile standard and program that supports a wide range of payment acceptance channels, different verification methods, and flexibility for payment solution development.”
The merger also gives MYPINPAD a stronger footing in the mobile payment market, which research company IMARC reports is expected to reach $6.01 trillion by 2027.
Only last month, MYPINPAD partnered with New Zealand payment service provider Solta Labs to enable clients in Fiji, Pacific Islands and New Zealand to accept card payments directly on their COTS ndroid devices.
Singaporean payments platform 2C2P also strengthened its foothold in the payments industry with a strategic investment from Chinese digital payment platform Alipay’s owner Ant Group.
The partnership connects 2C2P’s pool of merchants to Alipay Plus, expanding its global coverage.
In Europe, there have been unconfirmed reports that Polish competitor BLIK is expanding into Romania later this year.
The news comes two years after the Polish start up’s mobile payment technology was implemented in the UAE.
In the US, NASDAQ-listed CPI Group expanded its offerings to now include mobile payments, with the launching of a push provisioning service, enabling customers to connect their debit and credit cards to mobile wallets.
Singapore is one of the fastest growing markets for mobile payments in Asia Pacific, second only to Malaysia. Mobile transaction volume is predicted to increase 989% in the market between 2020 and 2025, while the user base of mobile wallets is expected to increase by 222%, according to research tank Juniper.
The region is currently in the midst of a rapid mobile payments adoption, which will see the average user base per market increase 135%. Singapore, Indonesia, Malaysia, the Phillippines and Thailand are seeing the fastest growth in users.
The A-Z of financial technology solutions