15th July 2021, CARDIFF: MYPINPAD, leader in PCI certified software-based payments solutions, today announced it has received further accreditation from the Australian Payments Network (AusPayNet). After making history earlier this year by being the first CPoC (Contactless Payments on Commercial off-the-shelf) solution to attain approval in Australia, MYPINPAD has now also received SPoC (Software-based PIN Entry on COTS) certification.
This makes MYPINPAD the first company to achieve both types of certifications in the region. Its SPoC solution enables card payment acceptance by means of card insertion or tapping onto a card reader paired with merchants’ iOS or Android tablets and smartphones with the option of using PIN entry where needed.
The announcement comes at a time of optimism for the Australian retail sector. Following the challenges of COVID-19, recently released figures show a 25% year-on-year increase in monthly revenue for the retail industry. As the sector rebounds together with consumers’ preference for contactless transactions, enabling customers to make higher value purchases, with the security of PIN entry if needed, will be hugely beneficial.
In April last year, the Australian government doubled the legal contactless limit to A$200 to help reduce social contact for consumers making purchases in person, a move that was welcomed by merchants and card schemes. Despite decreasing numbers of COVID cases, the country retained the limit in 2021 and further guidance has yet to be issued.
By enabling mobile smart devices to be used for PIN entry on purchases over the contactless limit, MYPINPAD increases the scope in which software-based solutions can be used throughout the retail industry and beyond.
Morten Hofstad, Head of APAC at MYPINPAD comments on the certification: “The news of our CPoC certification earlier this year was a first for the Australian market, and this announcement of SPoC accreditation furthers our capabilities in the region. Being recognised as the only provider to be both CPoC and SPoC accredited is an important step in our Australian expansion, which we see as a key hub for payments innovation.
MYPINPAD’s SPoC solution gives merchants and consumers confidence in using secure and robust payments software that protects their sensitive data, particularly while making higher value purchases. The accreditation will allow us to further innovate in the payments space, opening up new options for merchants throughout a range of industries.”