Secure m-payments at POS


Mocapay has introduced what it claims is “the only mobile solution in the marketplace that enables secure, hardware infrastructure agnostic, mobile payments regardless of tender type and transaction location”. The company was issued patent US 7,657,489 B2 on February 2, 2010 for this solution.

Mocapay’s ‘dynamic cryptogram’ architecture, which recently received the patent, ensures every mobile payment transaction is executed simply and securely with a one-time use and perishable authorization code. It’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 POS.

‘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,’ says 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 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 platform: 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.

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.