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The Green SheetGreen Sheet

The Green Sheet Online Edition

July 27, 2015 • Issue 15:07:02

New Products

Secure, simple mobile payment verification

Product: Ping Mobile 2 Credit
Company: Ping Mobile 2 Credit

Los Angeles-based Ping Mobile 2 Credit is an app-supported mobile security solution designed to prevent fraud before it happens. The solution can work as a stand-alone mobile app or as an integral component of an existing POS software platform. Ping Mobile 2 Credit can be integrated into a range of hardware and software platforms. Its technology, which works on Android, iOS and Windows smartphones, is not tied to any particular reward system or brand.

The app transmits a phone's location to a merchant acquiring bank and a retailer. The phone initially picks up a signal from a store's router which prompts a secure session of mobile messaging between the smartphone and router. A series of mobile pings notify the bank and retailer when a user approaches a checkout lane. Many checkout lanes have unique service set identifiers that continually broadcast signals, even when they are not connected to the Internet.

Two checkout scenarios

Ping Mobile 2 Credit Chief Executive Officer Shasha Guan said a recent spate of high-profile data security breaches formed the inspiration for establishing Ping Mobile 2 Credit. Guan and her team wanted to create an extra layer of security that would work with all payment systems, processors and payment schemes. The app is compatible with Europay, MasterCard and Visa (EMV), near field communication and mobile wallet technologies.

"I wanted to come up with an inexpensive way to protect consumers everywhere they go and stop fraud before it even happens," Guan said. "The heads-up mobile pings that are customized by each user help to validate card-based transactions by establishing the smartphone's location."

When they receive signals, acquiring banks match Ping Mobile 2 Credit payment cards with their corresponding credit cards registered in the database. If a match is found, the cardholder is authenticated, and there is no need for a clerk to check identification or ask for a signature. If a match is not found, the app will ping the phone location, text the cardholder for transaction approval and notify the acquiring bank.

Leveraged, triangulated technologies

The Ping Mobile 2 Credit app includes phone number lookup, text message confirmation and cellular tower triangulation capabilities. These combined technologies are designed to work together to reduce chargebacks and protect payment industry stakeholders from lost revenue, data breaches and other liabilities associated with payment card fraud.

Despite continued improvement to payment card security methods, many POS systems are still vulnerable to malware, hacking, and man-in-the-middle attacks. Mobile payment systems and EMV transactions do not protect consumers from identity theft.

Location pings transmitted through secure cellular networks can further protect existing POS infrastructures. Additionally, the application's customizable controls and pre-set purchase parameters can help to prevent the occurrence of fraudulent mobile wallet transactions, the company noted.

"We use location acquisition pings and API that are transmitted through secure cellular communication networks that operate apart from the POS transaction process," Guan said. "This independent, parallel process is our principal differentiator."

Channel partner opportunities

Ping Mobile 2 Credit said it is committed to protecting the general public from security data breaches and identity theft while promoting safe credit card transactions throughout the greater payments ecosystem. The service is free to consumers.

Ping Mobile 2 Credit also pointed out that its subscription model adds functionality to existing payment applications and includes regular feature updates. The company won the Southeast Acquirers Association's WhoDat2015 Innovation Award and is actively expanding its reseller distribution network. end of article

Website: www.pm2c.com Contact: shasha@pm2c.com

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