The Welsh paytech MYPINPAD is to bring accessible payment acceptance solutions to micro and small business merchants in Fiji, New Zealand and the wider Pacific Islands through its partnership with the Kiwi payment service provider Solta Labs.
The Cardiff-based provider of software-based payment solutions is to establish itself within the Pacific Island region by leveraging the benefits of its newfound partnership with Solta Labs.
With a new partner based out in New Zealand, MYPINPAD is to support Mastercard‘s Strive programme and government-backed initiatives announced in 2021, aimed at restoring businesses affected by the pandemic and growing micro and SMB sectors in the Pacific region.
Solta Labs has now integrated MYPINPAD’s PCI-certified contactless payments on COTS (commercial off-the-shelf) software – CPoC SoftPOS – within its own solution.
MYPINPAD is the first company in the world to receive PCI accreditation on its CPoC solution.
This will allow the Fiji, Pacific Islands and New Zealand clients of Solta Labs to accept card payments directly on their mobiles, thereby reducing barriers and removing the need for any additional payment hardware.
“We’ve been working with our partner Fintech Pacific to deliver a new and innovative SoftPOS payment solution to the Fijians to help them kickstart their business in a post-pandemic tourism market,” said Solta Labs CEO Mark Povey.
The global pandemic had a major detrimental impact on the Asia-Pacific region, especially within the Pacific Islands region. In 2019, 2.2 million tourists spent a combined $4billion in its markets, accounting for eight per cent of GDP.
With the absence of footfall and the rise in restrictions, APAC businesses and particularly the region’s 131 million micro and small business merchants took a major hit. But from the ashes rose opportunities for its paytech to flourish.
By cashless transaction volume, APAC records the world’s fastest-growing statistics, being projected to grow by 109 per cent until 2025 and then by 76 per cent from 2025 to 2030.
There is a lot of work being done by homegrown and international entrants to the market, to ensure that SMEs are able to accept and process transactions. This is not necessarily looking exclusively through the lens of tourism, but rather, paytech has become a precondition of Covid-19; particularly in regards to personal hygiene and rising case numbers.
Growing acceptance in micro and small businesses to anticipate the paytech preferences of the tourism market, which has historically been cash-based, leaves them now in need of a contactless acceptance solution.
That’s exactly what mobile payment on COTS was designed for.
Solta Labs have developed new cloud services to support the needs of its partnership. With the wind in its sails and full integration complete, MYPINPAD will enable Pacific Island micro and small business merchants with multiple connections to various payment gateways and service providers.
All through the power of a mobile phone.