MYPINPAD, a company in mobile-based payments acceptance and digital authentication solutions, and SmartPesa, a provider of payments and agency banking solutions, have agreed to merge. The combined entity will operate under the MYPINPAD brand.
Customers will benefit from greater scale, a wider product offering and the certainty of continued support as the industry moves towards the PCI Security Standards Council‘s forthcoming Mobile Payments on COTS (MPoC) Standard. The deal positions MYPINPAD as the leading global provider in the rapidly expanding mobile payments acceptance market.
What does the merger mean to MYPINPAD?
The combined entity of the two industry leaders expects to double its existing footprint in APAC, LATAM and EMEA and target North America in 2022 and beyond. Richard Forlee, CEO of MYPINPAD said: “We’re thrilled that we can come together with SmartPesa at this time.”
“Their expertise and strong product capabilities complement MYPINPAD’s existing suite of PCI certified payments solutions. The combination of our two businesses will accelerate growth, provide economies of scale and better position us to serve our global customer base.”
What does the merger mean to SmartPesa?
Barry Levett, Founder and Executive Chairman of SmartPesa said: “We are excited about the future that this merger brings our firms. MYPINPAD is the leading solutions provider of mobile-based payments acceptance solutions backed by a skilled team of experts. Together we can develop innovative new mobile payments solutions for customers and merchants at scale.”