Mocapay unveils secure mobile payments at merchant POS
23 February 2010 | 1550 views | 0
Mocapay, a mobile experience platform, today, introduced the only mobile solution in the marketplace that enables secure, hardware infrastructure agnostic, mobile payments regardless of tender type and transaction location.
"Our mobile payments platform ensures true anywhere, anytime mobile payments acceptance regardless of where the consumer wants to make a purchase or with which tender type the consumer chooses to use."
Mocapay's "dynamic cryptogram" architecture, which recently received a U.S. patent, ensures every mobile payment transaction is executed simply and securely with a one-time use and perishable authorization code. Mocapay's transaction-level, token-based, mobile payments solution ensures that no customer sensitive information is stored on a mobile handset or passed to the merchant point-of-sale (POS).
The company was issued patent US 7,657,489 B2 on February 2, 2010 for this solution.
"Security and merchant acceptance is a critical component of mobile payments and one of the seminal reasons behind the limited adoption of mobile payments in the United States," said Kevin Grieve, CEO, Mocapay. "Our mobile payments platform ensures true anywhere, anytime mobile payments acceptance regardless of where the consumer wants to make a purchase or with which tender type the consumer chooses to use."
Mocapay offers its end-to-end mobile platform solution to merchant issuers of closed-loop loyalty, gift, and private-label credit, as well as financial institutions that issue open-loop prepaid, debit, and credit.
The company provides issuers three methods to utilize its patented mobile payments solution: out-of-the-box, Software-as-a-Service (SaaS) platform, or white-label, issuer-branded wallet and SaaS platform, or technology licensing giving issuers various solutions to match their business needs.
Mocapay's platform simplifies deployment and support by offering a single solution for multi-channel and multi-location mobile payment acceptance. The company offers issuers, depending upon tender type, three-modes of mobile connectivity: SMS/text, Internet/browser enabled phones (WAP), and handset Apps (iPhone, Android, and soon-to-be-released Blackberry). The solution can also be deployed by merchants for their own merchant-branded mobile loyalty and gift programs and used to accept funds from financial institutions that issue mobile open-loop tender.
Mocapay works with all the major U.S. carriers further extending its consumer reach and has integrated its product with most of the major POS vendors.
As a mobile SaaS solution, Mocapay is downloaded onto the merchant's existing POS system preserving the merchant's current in-store, POS hardware and providing forward compatibility with future POS configurations. The Mocapay platform also has an embedded messaging engine enabling issuers to communicate to their consumers before, during, and after a payment transaction.