PIN on Mobile; the next generation of payments for retailers
It is estimated that of the five million SME businesses in the UK, only half accept card payments. Many small and medium high street retailers still struggle with the fees, resources and technologies associated with mPOS terminals.
It has been predicted that cash usage will be eclipsed by debit cards and contactless payments by 2021, and that 78% of all UK retail spending is already done via a card. As a result, it is becoming clear that SME retailers must be able to accept card payments if they are to meet customers’ demands for a cash-free shopping experience.
This is where PIN on Mobile (PoM) is beginning to change the payments landscape as we know it – with PoM, a customer’s card PIN number is entered directly and securely into a mobile device to authenticate the transaction. This radically challenges the traditional POS terminal market and represents a major move to increase card payment acceptance, whilst reducing hardware costs and operational complexity. It also addresses customers’ growing appetite for convenient cash-free payments.
MYPINPAD’S PIN on Mobile solution creates a trusted and hardened environment that protects the consumer, building upon their established trust of PIN, enabling strong multi-factor authentication with security and simplicity at its core.
Entering a PIN into a mobile device will soon become a routine way to enable authentication of payment transactions, transforming the way in which companies and customer’s trade.