MYPINPAD Receives World's First Certification for Contactless Card Payments on Mobile Devices
Certification strengthens credit card acceptance security on smartphones and tablets and helps build trust in new technology that allows merchants to forego traditional payment terminals.
NORTHBROOK, Ill., July 29, 2020 /CNW/ -- UL, a leading global safety science company, today announced that MYPINPAD, a provider of secure personal authentication for payment solutions on smartphones and tablets, is the first company globally to be certified to the Payment Card Industry (PCI) Security Standards Council's Contactless Payments on COTS (CPoC™) Security and Testing Requirements for its MYPINPAD SoftPOS solution.
A set of principles and requirements for a mobile payment-contactless acceptance solution, CPoC Security and Test Requirements provide a security framework to protect the confidentiality and integrity of sensitive payment information captured and processed in CPoC solutions. MYPINPAD SoftPOS facilitates contactless chip-based payments using the near-field communication (NFC) interface of common commercial off-the-shelf (COTS) devices, such as a smartphones or tablets. Designed to allow merchants payment acceptance flexibility, MYPINPAD SoftPOS addresses online based contactless chip-based transactions that further enables merchant acceptance.
CPoC certification means that MYPINPAD SoftPOS meets key security requirements that help ensure the security of the payment data obtained through the NFC interface and contactless kernel on the COTS evice. These security mechanisms, controls and mitigations protect the consumer's account data and other assets, such as cryptographic keys, helping to ensure the payment process is protected even when performed on consumer grade devices such as mobile phones.
According to Colin Greene, CEO, MYPINPAD, the CPoC certification provides marketplace confidence in MYPINPAD's technology. "We are extremely excited about our collaboration with UL. With its extensive experience in the payments industry, UL has helped MYPINPAD drive trust with both partners and customers and paved the way for significant adoption of a disruptive technology that has the potential to change forever card payment transaction schemes," said Greene.
Currently, merchants can accept card payment via a dedicated credit card terminal, or process payment through hardware readers that can transfer magnetic stripe data to a payment application running on a PC or mobile device. MYPINPAD SoftPOS allows the merchant to completely bypass both options and conduct a contactless transaction on a smartphone or tablet without any external hardware.
Isabelle Noblanc, vice president and general manager, UL's Identity Management and Security division, said, "Companies developing smart and secure payment systems that power successful businesses and brands must innovate with security guiding the way. This is why, as the leading safety and security authority, UL applauds MYPINPAD for achieving the first-ever certification for PCI's CPoC requirements. This milestone helps ensure MYPINPAD compliance and further demonstrates how UL is enhancing payment ecosystem safety."
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