Ondot unveils remote control app for payment cards
25 April 2014 | 8229 views | 2
Californian startup Ondot systems has emerged from stealth mode, unveiling an app that lets people use their mobile phones to control over how their payments cards are used.
The CardControl app - being offered to banks, not directly to consumers - lets users turn their debit and credit cards on and off, giving them the power to decide where, when and how payments are made.
Users set preferences by location, merchant categories, transaction types and spend limits, with payments rejected if they fall outside of the parameters. Customers can also set up push notifications for transactions, weekly and monthly spending, and balance and fraud alerts.
Founded in 2010 by CEO Vaduvur Bharghava after his own credit and debit cards were hacked, Ondot has raised $18 million in funding so far from investors including former Wells Fargo CEO Dick Kovacevich and ex Vodafone chief Sam Ginn.
Bharghava told Wired that the app has been trialed by Texas-based Lone Star National Bank, which saw average spend increase by 48% and fraud expenses drop by 60%. As it comes out of stealth mode, the startup has for major card processors onboard.