Paytechs MYPINPAD and SmartPesa merge

UK-based paytech MYPINPAD and Singapore’s SmartPesa have merged in a bid to become a “global leader in mobile payments acceptance” and develop mobile payments solutions for customers and merchants at scale.

The company will operate under the MYPINPAD brand

MYPINPAD provides secure payments acceptance and personal authentication solutions using smartphones and tablets.

The new combined entity, which will operate under the MYPINPAD brand, will double its existing footprint in the Asia-Pacific, Latin America, Europe, Middle East and Africa regions, with a view to expand into North America in 2022.

SmartPesa develops payments and agency banking solutions for merchants and banks, providing a mobile-based one-stop tool for accepting multi-channel payments online and offline.

The firm says its “last-mile” solution drives financial inclusion by extending the banking network into rural areas.

MYPINPAD CEO Richard Forlee says: “The combination of our two businesses will accelerate growth, provide economies of scale and better position us to serve our global customer base.”

The company says customers will also benefit from robust regulatory support as the sector prepares for the PCI Security Standards Council’s forthcoming Mobile Payments on COTS (MPoC) Standard.