MYPINPAD Expands Global Presence Through Partnersip with Mswipe and Visa in Indian Market

Global secure personal authentication expert joins forces with Mswipe - India’s leading independent financial services platform for SMEs and merchants, and Visa – the world’s leader in digital payments

MYPINPAD, the global leader in secure personal authentication solutions today announces new strategic partnerships with Mswipe, India's largest independent mobile POS merchant acquirer and network provider, and the world’s leader in digital payments, Visa, to propel contactless payments in India.

The announcement follows MYPINPAD becoming the first, and currently only company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software only Contactless Payments on Commercial off-the-shelf (CPoC) solution. 

This is an especially important market for MYPINPAD, given that tap-to-pay or contactless card payments in the Indian market are in hypergrowth, led by Visa with over 30mn contactless cards issued.

Mswipe is at the forefront of driving tech innovations that enable micro, small and medium Enterprises (MSMEs), and merchants to accept payments through cards, wallets, mobile payment apps and bank apps, contactless and QR payments.  With over 675,000 POS and 1.1 million QR merchants, it is the largest independent mobile POS acquirer and network provider in India.

The global impact of the COVID-19 pandemic has fuelled the need for contactless transactions, with Visa recently announcing a commitment to support 10 million small businesses across Asia Pacific. The pledge is part of a global program that sees Visa supporting 50 million small businesses worldwide. As part of the commitment, the company is introducing a range of programs and solutions to help small and medium enterprises (SMEs) drive efficiency and sales by accepting and making digital payments to meet increased demand for cashless payments – both online and in-store.  

CEO of MYPINPAD, Colin Greene, commented: “MYPINPAD makes it easy and affordable for merchants to become a part of digital acceptance and the payments ecosystem. Mswipe has spearheaded technology innovation in digital acceptance and payments for small and medium businesses in India. This important milestone, following our recent world-first PCI SSC CPoC certification, is another huge step for the industry in simplifying digital acceptance for the smallest of businesses to the larger retailers.”

CEO of Mswipe, Manish Patel adds: “What we plan to achieve alongside MYPINPAD will be incredibly significant for consumers, merchants and India in its entirety. The company’s technology will enable true democratisation of payments and accelerate the contactless revolution in India, which will result in huge socioeconomic benefits. We look forward to deploying the solution, and where the partnership will take us in the future.”

Shailesh Paul, Head, Merchant Sales & Acquiring and Cybersource, India & South Asia, Visa said:

“Consumer preference for tap to pay or contactless payments offers a transformational opportunity for our collaboration with MYPINPAD and Mswipe. By empowering small merchants to use their mobile phones to accept tap to pay digital payments and without the need to invest in a standalone terminal, this solution should truly help propel digital payments far and wide across India.”  

MYPINPAD’s solution is easily integrated into third party applications and delivered ‘As-a-Service’. It significantly reduces cost across the entire face-to-face payment ecosystem by meeting PCI security standards through software updates alone. This relieves pain-points such as the cost of traditional payment and POS hardware for the smallest retailers, while also serving larger retailers by significantly reducing maintenance, replacement costs of aging hardware-centric POS systems and ultimately providing stronger customer service with trusted and familiar devices.

About MYPINPAD:

MYPINPAD is the global leader in secure personal authentication solutions residing on commercially available smartphones and tablets. Our proprietary and globally patented technology secures and protects the input of sensitive information on touchscreens creating a trusted environment. MYPINPAD’s innovative solution set removes the reliance on specialised hardware for personal authentication; reduces cost and complexity, promotes rapid adoption and leverages the connected capabilities of smart devices. 

About Visa Inc.

Visa Inc. is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

Citi, Pepsico ranked among best cos for 'corp transparency'

Citigroup may be surviving on taxpayers money but the Vikram Pandit-led entity along with Pepsico, another firm led by an India-born chief executive Indra Nooyi, have been named among the best companies for corporate transparency by an American publication.

The 10th annual list of '100 Best Corporate Citizens 2009' by Corporate Responsibility Officer (CRO) magazine features US firms ranked for their activities in various areas including governance and employee relations.

Citi is ranked at the 35th spot while Indra Nooyi-led Pepsico is placed at the 85th spot.

Pharma major Bristol Myers-Squibb has topped the league of 100 followed by food retailer General Mills and technology giant IBM at the second and third positions, respectively.

Regarding the list, CRO noted, "when someone next asks you to define 'corporate transparency,' show them this..."

The ranking of the companies are based on activities in seven categories -- environment, climate change, human rights, philanthropy, employee relations, financial and governance.

"This list also proves that 10 years is a long time on the corporate responsibility timeline. Only three companies have made the list all 10 years: Intel, Cisco and Starbucks. Nearly 400 companies have appeared on the list over the past 10 years, including 48, by our count, that no longer exist.

"... the 100 Best List is the best-known annual snapshot of the leaders," the magazine said in an accompanying report.

Compiled by IW Financial and edited by CRO, the ranking is "completely based on publicly available information."

Other companies which have made it to the list are pharma entities Merck & Co (4th rank) and Abbott Laboratories (8), computer hardware makers HP Co (5) and Cisco Systems Inc (6), toy manufacturer Mattel (7), personal care products firm Kimberly-Clark Corp (9) and utilities entity Entergy Corp (10).

The ranking assigns maximum weight of 19.5 per cent to environment and employee relations. Climate change and human rights have a weights of 16.5 per cent and 16 per cent, respectively.

Citi has been severely battered in the ongoing financial turmoil, forcing the government to pump in billions of dollars into the financial services entity.

Already, the company has received 45 billion dollars of fresh capital apart from the US guaranteeing assets worth more than 300 billion dollars.

Agencies

Will Citi bailout end fancy pay?

Citigroup's top executives could forego some of their compensation as a condition of the bank’s bailout, but that may not satisfy critics who want firm limits on the earnings of leaders at companies getting government help. Citigroup, the latest financial institution lining up for federal help to shore up its finances, must submit an executive pay plan for government approval as part of its rescue. The plan should focus on rewarding long-term performance and contain “appropriate limitations,” the bailout agreement says.

A Citigroup spokesperson, Stephen Cohen, said on Monday that details of the pay plan were being worked out, and that no deadline for its submission has yet been announced. He declined to comment on which executives from the bank, which is getting $20 billion in new capital and an agreement from the government to shoulder the bulk of potential losses from $306 billion of toxic assets, would be subject to the pay rules.

Government officials have said more details on the compensation arrangement would be available next week. Citigroup’s chief financial officer, Gary Crittenden, said on CNBC television on Monday that the pay plan would affect 2008 compensation for some executives but offered few other details besides saying, “I know it will be done the right way.”

Source: Reuters