Kuala Lumpur, 10 June 2021 – Beijing Lab of the National FinTech Evaluation Center (NFEC, also known as the Bank Card Test Center or BCTC), a leading financial technology and security service provider, today announced that Asia’s leading fintech company Soft Space, has become the first company globally to pass UnionPay International’s SoftPOS Application Test for its Fasstap SoftPOS solution.
This enables off-the-shelf mobile devices to accept UnionPay contactless payment transactions without the need for any additional hardware. With this approval, Malaysia will be the first country to launch UnionPay International’s SoftPOS solution.
“The collaboration between Soft Space and UnionPay International signals both organisations’ ambition to continuously innovate beyond existing contactless acceptance channel and to significantly strengthen our offerings for merchants in the low-cost segment of the market,” said Joel Tay, Chief Executive Officer of Soft Space.
In recent times, UnionPay International has been rapidly promoting its UnionPay global network in Southeast Asia. This SoftPOS solution therefore is a significant step in the mobile payment acceptance for UnionPay International.
By transforming commercial off-the-shelf devices into payment terminals, all types of merchants, including those in the micro and small and medium enterprise (SMEs) categories, can now securely accept card payments using Android mobile devices with near-field communication (NFC) feature.
UnionPay International requirements provide a security framework to protect the confidentiality and integrity of sensitive payment information captured and processed in contactless payment transactions.
UnionPay International SoftPOS certification covers function and security in two parts:
• UnionPay SoftPOS Application Test (L2 kernel)
•UnionPay SoftPOS Application Interoperability Test
•PCI CPoC (If PIN is not supported)
• UnionPay Specific TEE requirements (If PIN and TEE are supported)
This world’s first UPI SoftPOS certification is a testament of BCTC’s ability to guide vendors through the SoftPOS certification process, regardless of the card schemes involved. This enables vendors to bring their SoftPOS product to market quickly and securely in a cost-effective manner.