Due to popular demand, the Montreal-based FinTech company Mobeewave is opening up the closed beta of its mobile peer-to-peer (P2P) payment application PayMeTap to people across Canada.
This free application allows users to securely accept a payment by simply tapping your phone with a credit card. Available for Android in the Google Play Store, PayMeTap is enabling people to quickly and easily pay back their friends and family, collect donations, sell used items or receive payment for their services. A multi-award winner in the field of mobile payment, Mobeewave was recently selected as a finalist in the Payment and FinTech category of the eighth annual 2016 SXSW Accelerator Competition.
“With countries around the world embracing the concept of a cashless society, we recognized the need to give people the ability to accept payments – and make payments – with their phones,” said Maxime de Nanclas, COO and co-founder of Mobeewave. “This ability is only really useful if it offers users the greatest amount of flexibility and highest level of security. That’s why PayMeTap allows users to receive payment using credit cards without needing the other person to sign up for the service or share personal information.”
Mobeewave launched the pilot campaign for PayMeTap to provide a simple and secure solution for people to receive payment by credit cards on their phones. The application makes it incredibly easy to collect money you’re owed. The only action required is to tap the card you want to charge to your phone and money is deposited in your account within 48 hours – you can even send a receipt. Harnessing the near field communication (NFC) technology found in all modern mobile devices, PayMeTap ensures there’s no need for an external card reader and the person making the payment doesn’t need to be signed up to the service. There is also an option of absorbing or charging the small service fee.
In collaboration with their partners at Oberthur Technologies, Mobeewave was recognized as the Best Mobile Security Solution at the 2015 SESAMES Awards organized by CARTES SECURE CONNEXIONS. By harnessing the company’s approach to mobile P2P payment, PayMeTap offers the highest levels of security. No sensitive information is saved on the device and the user’s personal information is securely encrypted – the NFC technology is used to keep it encrypted and safe inside the device.
Unlike other software P2P platforms, PayMeTap does not store credit card information in the cloud, thereby removing the fear of this information being hacked. The application also offers a further layer of protection through the option to add a PIN for a specific account. The secure sockets layer (SSL) protocol is used to encrypt all communications with the Mobeewave server and the company adheres to the Payment Card Industry Data Security Standard (PCI – DSS). Transactions are also constantly monitored and analyzed through live automated programs, as well as random manual verification to detect and stop malicious or suspicious activity.
“The Mobeewave technology was created to help ensure the stream of mobile payments could always flow both ways,” said Benjamin du Haÿs, CEO and co-founder of Mobeewave. “Using your mobile device to carryout contactless payments is great, but as we’ve seen with the tremendous response to PayMeTap there is a real desire among people to both receive payments through their phones and easily pay people back.”