Mocapay, a merchant-centric mobile marketing and payments solution provider, announced today the reissue of its cornerstone patent that offers merchants a single-use, perishable token for mobile transactions. This mobile payment methodology ensures the security of sensitive consumer information for any type of transaction while providing merchants with the marketing intelligence to better understand and influence customer-spending behavior. Additional patents have also been recently issued including the payment card emulation or “spoofing,” mobile marketing messaging and gift-a-friend patents.
“Mocapay’s early entry into the market allowed us to secure valuable mobile commerce related intellectual property such as these patents,” said Doug Dwyre, CEO, Mocapay. “These patents not only differentiate Mocapay’s solutions in the crowded mobile payments and loyalty industry, but they are merchant and consumer-centric focused on secure, intuitive, and smart transactions.”
The original cornerstone patent was approved in 2010 and was recently reissued. The technology assigns each transaction a single-use and/or perishable token or code. The code is delivered to the mobile phone of the consumer authorizing the transaction in one of the most secure methods in the industry. An additional element of the re-issued cornerstone and other issued patents is the point of sale (POS) integration.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.