eCommerce Acquiring on the JoMoPay Scheme
In an effort to increase interconnectedness in the payments market and foster the growth of both the mobile money sector and the eCommerce sector, and to expand the use of mobile payments, more specifically QR payments, JoPACC introduced an acquiring certification process for Mobile Payment Service Providers (mPSPs) who would like to become eCommerce acquirers. The acquiring process, set by JoPACC in collaboration with the Central Bank of Jordan, requires mPSPs to fulfill and comply with a certification process to become eCommerce acquirers and enable mobile wallet online payments.
Acquirers are licensed payment entities or banks that accept transactions to facilitate digital payments and provide merchants with the infrastructure and financial facilities to do so, making the process of shopping both online and in stores faster and easier for both the merchant and the customer. In eCommerce acquiring, acquirers enable payment channels that offer secure payment methods on online shopping platforms. By streamlining the eCommerce acquiring process for mPSPs, mobile wallet holders will be able to make purchases online and pay through mobile wallets in an interoperable, efficient, and safe manner. This initiative aims to expand the use cases of mobile wallets and provide a new service that is simple and convenient for end-users. While online purchases are available for mobile wallet holders through companion payment cards, this new service is cardless and is based on QR codes.
Once an mPSP is certified to become an eCommerce acquirer, they can acquire eCommerce platforms and integrate mobile wallet payments on these platforms. The payments can be made by scanning a generated QR code on the eCommerce platform through the mobile wallet application and confirming the purchase process, almost instantly concluding the payment. This service adds a new use case of mobile money and is expected to increase the uptake of mobile wallets. It is further beneficial to eCommerce platforms as it opens their services to a new segment of customers- mobile wallet holders- and supports them in expanding their businesses.
JoPACC worked on formalizing and standardizing the certification process of mobile money eCommerce Acquirers in collaboration with the Central Bank of Jordan and has introduced the certification process to the mPSPs. Aya Pay is the first mPSP to have applied to become certified and have completed the certification process, making them ready to start acquiring eCommerce platforms.