No, it doesn't. You can use it for now, before the mandate goes into effect, but come 2020 you'll need to have a certified GPS as the position source.
For now, if you have a full-fledged TSO'd WAAS navigator like a 430W or a GTN, they meet the FAA requirements. In the future (2020 is a long ways away in technology terms) we predict the market will produce inexpensive certified GPS pucks (something that looks like the SV-GPS-250) since the whole GA fleet basically needs to equip with ADS-B Out.