The certification was issued after a rigorous evaluation of the methods used within Paydiant's mobile wallet solution to prevent the exposure or disclosure of sensitive or private transaction data used in processing mobile payments.

Paydiant's cloud-based, mobile wallet and payment solution enables retailers, banks and processors to deploy a branded contactless mobile wallet, mobile payment and cash access platform without involving new intermediaries, while preserving the opportunity to create new revenue streams from highly targeted mobile ads and offers.

Numerous studies show that one of the greatest concerns about mobile payments is whether they are secure. While other approaches continue to store sensitive payment card data on a user's phone, Paydiant keeps payment card numbers and other sensitive cardholder data securely stored in a PCI-compliant, SSAE 16 certified data center. With no payment card data on the phone or passed to the point-of-sale terminal, the opportunity for data theft and fraud is greatly reduced.

Recognized for its unique and thorough understanding of the risks associated with the rapid expansion of mobile apps for commerce and banking, Chicago-based viaForensics provided a full forensic audit of the Paydiant mobile wallet and payments app. The appSecure certification process involved a battery of tests and evaluations including network analysis, operational security testing, deep inspection of permanently and temporarily stored data, and encryption methodology.

"We thoroughly tested the Paydiant solution on Android and iPhone, including more than 20 specific security criteria," said Andrew Hoog, chief investigative officer at viaForensics. "The apps were found to meet our very high standards for appSecure certification, which require best practices for secure mobile development and no exposure of sensitive data."

Paydiant is the only mobile wallet and mobile payment platform that works with existing payment instruments including PIN debit, credit, signature debit, and prepaid cards, while providing consumers with a fast, intuitive, contactless mobile payment user experience for all the ways they make payments, including in-store, online or at a dining table. Paydiant's white label, go-to-market strategy and its unique platform design address the branding, data ownership, time to market, and security issues that have prevented the promise of mobile payments from becoming reality. In addition, Paydiant has built and distributes a "Mobile Wallet SDK" for both iOS and Android so that users can mobile-enable any wallet or mobile banking app.

"It no longer makes sense for consumers to share their credit card numbers with hundreds of retailers a year," said Chris Gardner, co-founder of Paydiant. "Cloud-based wallets are absolutely the future and Paydiant's mobile wallet and mobile payments platform represents a fundamentally different and better approach. Payment card and authentication credentials are never stored on the phone and never sent to the point-of-sale terminal. From the client-facing mobile apps to the backend support systems, every component of the Paydiant solution ensures the integrity and security of the payment process for consumers, retailers, banks and processors."

While other mobile payment solutions require consumers to buy new phones, or retailers to invest in costly new payment terminals, Paydiant works with existing smartphones, point-of-sale systems, and payment terminals, including entry level countertop devices. Paydiant provides an easy to implement application programming interface (API) that enables retailers, processors, and banks to enable payment terminals, POS systems, online shopping carts, ATMs and other systems to be ready to accept mobile contactless payments and cash access requests from Paydiant-enabled mobile wallets. As a result, retailers and banks can begin signing up consumers today for mobile payments, while having the peace of mind of knowing that Paydiant works with today's technologies -- including multiple smartphone operating systems and smartphone-to-POS interfaces like barcodes and NFC -- as well as tomorrow's.