We recently hosted an executive briefing at MYPINPAD’s headquarters in Canary Wharf introducing the PCI’s new standard for software-based PIN entry on mobile devices for card payment acceptance.
This week we launch our exclusive video content from the event, which was attended by some of the industry’s most influential figures in retail, tech and payments.
The event raised awareness of PCI’s new SPoC standard and explored its impact on the retail and payments industry and, ultimately, the consumer.
MYPINPAD presented the first opportunity for industry figureheads to hear about the game-changing payments standard direct from PCI Security Standard Council’s Director Jeremy King. David Poole, Global Head of Mobile POS Solutions at MYPINPAD hosted the breakfast briefing.
Martin Schofield, Managing Director at Retail247, addressed the room and explored why mobile and tablet-based payment solutions present an abundance of opportunities for retailers – both operationally and financially.
Gary Munro, Principal Consultant at Consult Hyperion, reviewed its impact for the payments world and talked about the short and long-term impacts of this revolutionary technology for the industry.
The key take-away points from the event are summarised below:
- Phones and tablets have the potential to substantially increase the number of card acceptance locations globally
- It is estimated that smartphones and tablets could account for 30% of the POS marketplace (accounting for up to 30m POI) within the next 5 years
- Fears about consumer acceptance and use are overstated and unfounded
- Merchants of all sizes will be able to accept card payments. By removing the need for expensive dedicated POS terminals, barriers to entry are removed
- PoM presents a particularly attractive opportunity for SMEs and under-served economies
- Retailers of all tiers the world over will benefit from improved customer experience and staff productivity, reduced costs and logistical freedom
This is a really exciting time for the payments industry and we believe PIN on Mobile (PoM) is the biggest evolutionary step for the industry in recent years. The introduction of PCI’s Software-Based PIN Entry (SPoC) Standard will make card payments accessible to all merchants.
Our goal of increasing merchant card acceptance whilst mitigating risk for both retailer and consumer aligns tightly with PCI’s standard and we intend to be the first PCI approved PIN on Mobile solution live in market.
Watch the full event video/highlights here: