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Table of Contents

Lead Story

Compliance: a costly, multi-headed monster

Patti Murphy

News

Industry Update

Cross promotions roll on VisaNet rails

Lucky7Coin bad luck for Cryptsy

New checks target mobile deposit fraud

Downstream networks detect Wendy's breach

Features

Millennials and the payments game

Managing digital stakes

Views

Your strongest, weakest LinkedIn

Dale S. Laszig
DSL Direct LLC

The outlook for payments: Five questions

Greg Cohen
iPayment Inc.

Education

Street SmartsSM:
Know your customer acquisition costs

Jeffrey I. Shavitz
TrafficJamming LLC

EMV: Where we stand, where we're heading

John Buchanan
Cayan

Understand and honor confidentiality

Adam Atlas
Attorney at Law

Targeting retail SMEs can kill your ISO's value

Adam Hark
MerchantPortfolios.com

Company Profile

Cayan

New Products

Mobile CRM powers automotive, marine industries

Brandable, wearable, secure payment platform

Inspiration

Sales gardening 101

Departments

Readers Speak

Letter from the editors

ISOMetrics: Cybersecurity pressure cooker

Boost Your Biz

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

February 22, 2016  •  Issue 16:02:02

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New Products

Brandable, wearable, secure payment platform

San Francisco-based FitPay Inc., founded by former CyberSource Corp. and Visa Inc. executives with expertise in payment and authentication technologies, developed a wearable payment enablement platform.Fitpay New Products Contact Box

The flexible, scalable solution enables wearable device manufacturers to seamlessly add contactless payment capabilities to their products and supports a wide range of wearable products and devices, FitPay stated.

FitPay's payment platform combines near field communication technology with card network tokenization to securely communicate with POSs at participating retail and hospitality merchant locations. Adoption of contactless-enabled payments has grown to approximately 9 million retail outlets worldwide. The FitPay platform is designed to help manufacturers, merchants and consumers leverage contactless-enabled payments and authentication services.

Manufacturer benefits

The company noted that FitPay can help manufacturers minimize time-to-market, costs and complexity associated with incorporating payment and authentication services into wearable devices. Processors can brand the white-label wallet to control payment flow, and manage multiple integrations with payment and authentication service providers using the platform's back-end architecture, application programming interface library and software development toolkit. The Payment Card Industry Data Security Standard Level 1 compliant infrastructure additionally protects and secures consumer data.

Consumer benefits

FitPay's platform facilitates a frictionless, secure experience for consumers to make payments with wearable devices, the company said. Consumers can leave their mobile phones at home; once they have registered with the service, they can make payments directly from wearable devices. FitPay validates consumer identity, handles secure authentication and prevents data compromise in the event of a lost or stolen device. The Consumer Device Cardholder Verification Method supports high-value contactless transactions, eliminating the need to sign or enter a PIN at the POS. When connected to the same tokenization schemes used by Apple Pay, Android Pay and Samsung Pay, FitPay enables consumers to digitize multiple credit cards and banking accounts onto their wearable devices, FitPay pointed out.

Kickstarter watch

The company launched a Kickstarter crowdfunding campaign in February 2016 for the Pagaré smartstrap, a device designed to pair with Pebble Time Round watches using FitPay's Trusted Payment Manager platform. FitPay expects Pagaré users will be able to make secure contactless payments at millions of participating retailers worldwide.

Pebble has sold more than 1 million of its Pebble Time Round smartwatches since launching the product line on Kickstarter in 2015. Its multiple lines of smartwatches are designed for every type of user, including travelers, fitness enthusiasts, fashionistas or technology buffs. Pebble smartwatches support both Android and Apple smartphones and feature an open platform for developers.

"Pagaré adds a compelling new capability to the Pebble Time lineup," said Michael Orlando, co-founder and Chief Executive Officer of FitPay. "Pagaré gives Pebble Time users access to the simplest, fastest and most secure way to pay."

Pagaré wearers will be able to make secure, phone-free transactions with a wave of their wrists, the company noted. The platform's bank-level security is designed to protect their data, even if a Pebble is lost or stolen. Pagaré will replace existing Pebble charging ports with a USB connector at the end of the payment strap. FitPay's funding target for the Kickstarter campaign is $120,000. The company anticipates shipping Pagaré in mid-2016.

Product roadmap

FitPay, winner of the Comerica Bank and RocketSpace $50,000 Wearable FinTech Startup Challenge, has further releases planned, including possible transit, secure authentication, secure identification and other payment schemes.

More than 100 million consumers own wearable devices, but approximately one-third stop using them within six months, the company noted. FitPay plans to accelerate wearable adoption, believing that by giving consumers a convenient, highly secure way to pay, they will have a reason to put on their wearables every day.

Website: www.fit-pay.com Contact: info@fit-pay.com

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

USAePay | Impact Paysystems | Electronic Merchant Systems | Inovio | Board Studios, Inc.