International Finance

MYPINPAD expands in Asia and MENA

Smartphone adoption is growing in China, India, Indonesia and Japan

August 24, 2016: MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as smartphones and tablets, has recently channelled efforts to bring its simple, proprietary and customer friendly authentication solution to Asia Pacific and MENA.

Following the appointment of seasoned industry executives to lead global activity, MYPINPAD has aligned plans for international growth with key trends in regional markets. MYPINPAD’s proprietary technology is perfectly suited to markets where mobile has superseded other online devices, and where security problems are rife.

Smartphone adoption is growing exponentially on a global scale, and China, India, Indonesia and Japan alone are predicted to represent over 40% of the global smartphone user base by the end of the decade. Growth in the mobile as a personal banking and e-commerce channel continues unabated and has been even faster in key markets within Asia and MENA.

The global mobile payment transaction market is expected to reach US $768bn in 2016; and Africa and Asia Pacific are predicted to remain at the forefront of global demand for years to come. Still, authentication technology has lagged behind mobile adoption. Although Asia leads the way in proportionate mobile e-commerce, with nearly all purchases occurring on smartphones, the main authentication method available has been the 30-year old One-Time Password (OTP) system.

MYPINPAD has long term plans for investment in the APAC and MENA regions with permanent operations now in Indonesia and Hong Kong, two key vantage points for growth. Recent leadership appointments include, Dheeraj Ahluwalia as Head of Global Partnerships and Morten Hofstad as Head of Asia Pacific.

Dheeraj Ahluwalia, Head of Global Partnerships for MYPINPAD says: “MYPINPAD’s international expansion was ignited due to an opportunity to solve a number of issues facing m/e-commerce and online banking in the APAC and MENA regions. The legacy of one-time passwords has been a particular driver as has the dropout rate of folks trying to register their cards securely into an e-wallet or a mobile banking application. With MYPINPAD’s simple, easy to use platform, customers can use their tried and trusted cardholder PIN to on-board their cards, activate their application or authenticate a transaction on their smartphone whilst delivering the security of a 3DS transaction.”

Morten Hofstad, Head of Asia Pacific for MYPINPAD adds: “What differentiates the Asian market from Europe, for example, is the low penetration of banked population and an even lower penetration of mobile banking applications. This is cause for concern but also an opportunity, as the under-banked population are often deprived of access to certain key services. Our Asia Pacific expansion will enable consumers to use something they know alongside other factors such as something they are and something they have, to provide strong authentication with a simple, familiar and easy to use PIN, as the primary authentication or as a step-up in combination with another form of authentication such as biometrics.”

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