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Mobile Payment Security: Perception vs. Reality

By Michael Orlando, CEO, Fit Pay, Inc.

Less than a year ago, ISACA (Information Systems Audit and Control Association) released the results of their 2015 Mobile Payment Security Study. This study surveyed roughly 900 “cybersecurity experts” and asked them about mobile payment security. Seventy seven percent of the respondents were either unsure or thought mobile payments were not secure, and 87 percent said that they expected to see an increase in mobile payment data breaches in 2016.

Last month, ISACA released another report countering that very finding and describing mobile payment security measures like tokenization and two-factor authentication as the safest option in payments.

The first report prompted a flurry of articles about how mobile payments were slow to catch on because of these security concerns. The second report has not generated nearly as much attention. I hope that will change and perceptions about mobile payment security will more closely match the reality, which is that contactless mobile payments are much more secure than traditional magnetic stripe transactions.

It’s worth noting that ISACA didn’t release a study of actual mobile payment security, nor did they claim to. They conducted a survey of people’s feelings about mobile payment security. So, in reality, these are perceptions—from cyber security experts. And if the experts feel that way, you can bet consumers and merchants do as well.

So, if we are to gain broad acceptance of mobile payments, as an industry we need to work hard to continually change perceptions and educate consumers about how mobile payment providers keep their data safe.

The truth is mobile payments, especially contactless mobile payments, are among the safest forms of payment currently available.

The vulnerability of magnetic stripe transactions is well documented. What makes this technology, which is by far the most-widely used, susceptible to a breach is that the stored data, the actual card number and expiration date, is static and shared at the point of sale, exposing it to malware in the local machine.

EMV chip cards, affectionately known as chip-and-pin, have significantly improved this security situation. EMV cards use encryption to protect data, and require either a PIN or signature. Using this two-factor authentication is much safer than swiping a magnetic stripe. However, if you’re swiping your chip-and-pin card – as many retailers still have customers do – you have just negated these security measures. And, as researchers from NCR demonstrated at the annual Black Hat hacker conference in Las Vegas in August, even EMV technology can be compromised.

Contactless mobile payments uses two-factor authentication and tokenization, which does not expose card data at the point of sale, making it more difficult to hack. Tokenized contactless transactions are fundamentally more secure, than traditional mag-stripe swiped transactions. If fact, the NCR researchers at Black Hat recommended that consumers pay with contactless mobile payment systems like Apple Pay, which uses the same tokenization technology that Android Pay and FitPay have implemented.

Does that mean mobile payments are “The Winner in Payment Security” as ISACA’s report suggested? I think so, but data security threats are constantly evolving. There is no one-time solution for payment security. We must be continually finding new ways to keep payment transactions and consumers’ card data safe from attack.

Ultimately, I believe that wider adoption of contactless payments will make paying for things faster, more convenient… and much safer for consumers and merchants. The challenge for the industry is to stay ahead of the latest threats and to help separate perception from reality when it comes to mobile payment security.

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Michael Orlando is Co-founder and CEO of Fit Pay, Inc., a white-label technology platform that adds contactless payment capabilities to wearable devices—with very little start up time, no investment in software development and instant access to the leading card networks. FitPay was named a Gartner “Cool Vendor” in consumer financial services for 2016. Learn more at www.fit-pay.com, or follow FitPay on Twitter.

MasterCard Partners With Designer Adam Selman To Design The Next Generation Of Payment Wearables

Mobile Pay: FitPay Is Putting The Pieces Together For Wearables

FitPay CEO Michael Orlando marked the company’s two-year anniversary with interview by PYMNTS.com, a leading industry news site.  Here’s the story…

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Posted: September 1, 2016

Mobile Pay: FitPay Is Putting The Pieces Together For Wearables

In 2014, FitPay’s founders, who all have backgrounds in payments and financial services, were frustrated with the pace of mobile payment adoption. They felt that mobile payments were lagging and wanted to bring a sense of excitement to the mobile payments scene. So, in 2015, they developed a “smartstrap” to enable NFC payments on Pebble Time smartwatches.  Read more.

 

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The Changing Payment Ecosystem

By Michael Orlando, CEO, Fit Pay, Inc.

How consumers pay, and what they pay with, is changing. The growth of contactless and mobile payment options and new attitudes about payments among Millennials are forcing the traditional payment paradigm to evolve. The way in which people pay is now being driven more by how they live and less by what’s in their wallet. This new payment ecosystem will introduce a whole new level of convenience and security for consumers, and tremendous benefits for retailers.

Evolution can be slow, but we’re closer to a new payment paradigm than you might think, and we have the Millennials to thank for that. They want to be able to grab a coffee after a run, and pay with their smartwatches, or foot the bill for a night on the town with their phones, and many of them already do. Twenty-three percent of Millennials use contactless payments at least once a week. That’s second only to higher income individuals, 38 percent of who tap and pay at least once a week.1

Millennials are also driving greater acceptance of alternative payment options by virtue of their aversion to credit cards. Only 33 percent of people 18 – 29 have a credit card, as opposed to 55 percent of adults ages 30 – 49, and 62 percent ages 50 – 64.2 Millennials are using alternative payments to avoid debt and manage spending, and in the process, forcing change.

Millennials may be driving the market, but all consumers will benefit from the new ecosystem. Contactless payments are faster and easier, and because many new payment methods don’t share credit card information at the point of sale (POS), they’re more secure.

Contactless payments also produce significantly less “friction” at the POS than traditional payment methods. While the overall payment experience has yet to be transformed into something completely frictionless (If you’ve ever felt the ease of stepping out of an Uber car without having to pull out your wallet, or experienced the joy of the MagicBand at Disney World, you know what I mean by completely frictionless), more mobile and contactless payment options are making the consumer payment experience better and better.

So what does that mean for business? Today, contactless payments are at $6.70 Billion and they’re estimated to grow to more than $17.56 Billion by 2021.3 The mobile payments market as a whole is estimated to exceed $1 Trillion by 2019.4 That kind of rapid growth means opportunities for retailers: faster checkout lines, reduced risk of data breaches, the ability to make paying a positive experience, and, perhaps most importantly, greater opportunities for consumer engagement.

Consider Starbucks. They tied their customer loyalty program into their mobile app so that customers could not only use the app to pay, but earn rewards when they did it. Payments through their mobile app went from 2.1 percent of US retail sales to 21 percent in one year.5

 It also means opportunities for new entrants to capture a piece of the trillion-dollar payment industry. With the ability to add secure payment capabilities to a wider range of devices, more players can now participate in the payment ecosystem, enabling them to not only build a stronger, more sticky relationships with their customers, but also to create new and recurring revenue streams.

It may take time before we say, “goodbye” to our cash and plastic credit cards, but mobile payments today look a lot like ecommerce circa 1997. The snowball has started to roll down the mountain. And for those are willing to step into the payments space, it means the opportunity shape this transformation.

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Michael Orlando is Co-Founder and CEO of Fit Pay, Inc., a white-label technology platform that adds contactless payment capabilities to wearable devices—with very little start up time, no investment in software development and instant access to the leading card networks. FitPay was named a Gartner “Cool Vendor” in consumer financial services for 2016. Learn more at www.fit-pay.com, or follow Fit Pay on Twitter.

 

  1. https://www.accenture.com/t20151021T165757__w__/us-en/_acnmedia/Accenture/next-gen/na-payment-survey/pdfs/Accenture-Digital-Payments-Survey-North-America-Accenture-Executive-Summary.pdf
  2. http://www.bankrate.com/finance/consumer-index/money-pulse-0616.aspx
  3. http://www.marketsandmarkets.com/Market-Reports/contactless-payments-market-1313.html
  4. http://www.nfcworld.com/2016/02/04/341939/global-mobile-payment-revenue-to-hit-620bn-in-2016/
  5. http://www.seattletimes.com/business/technology/starbucks-secret-on-mobile-payments/
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Fit Pay to Participate in the WT | Wearable Technologies Conference 2016

Company to Highlight its Contactless Payment Platform for Wearables

San Francisco, Calif. – (July 6, 2016)Fit Pay, Inc., a provider of contactless payment platforms for wearable device manufacturers, will be participating in the annual WT | Wearable Technologies Conference 2016 USA taking place July 12 – 13 at the Fort Mason Center Festival Pavilion in San Francisco, California. Fit Pay will have a booth in the exhibit hall (Booth #212) and CEO Michael Orlando will participate in the Demo Pitch on July 13th, presenting the company’s contactless payment platform for wearable devices.

“The Wearable Technologies Conference attracts the world’s leading wearable technology companies,” said Michael Orlando, chief executive officer of Fit Pay. “It is great opportunity to demonstrate to wearable OEMs how Fit Pay’s platform can seamlessly add contactless payment capabilities to wearable devices, increasing consumer engagement, creating new revenue streams and making their devices indispensible.”

Fit Pay’s payment platform uses Near Field Communication (NFC) technology and the same tokenization schemes as Android, Apple and Samsung Pay to enable wearable devices to make contactless payments at the more than 10 million retail point-of-sale (POS) terminals worldwide. NFC is becoming a ubiquitous payment acceptance technology. Fit Pay’s Trusted Payment ManagerTM platform allows manufacturers to seamlessly integrate payment and other contactless authentication capabilities into their product roadmap.

In February, Fit Pay was named as launch partner for Visa Ready, the payment card network’s program to bring payments to Internet of Things (IoT) devices. The Visa Ready program gives companies one seamless path to integrate secure payments into their products and services.

The 21st WT | Wearable Technologies Conference 2016 USA will take place July 12 – 13 in San Francisco for the 5th consecutive year. The conference will gather the entire wearable technologies ecosystem, including chip vendors, integrators, distributed networks, as well as network, product, and service solutions providers.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform allows device manufactures to add highly secure, contactless payment capabilities to their products. The company was named a “Cool Vendor” by Gartner for 2016. Learn more at www.fit-pay.com, or follow us on Twitter.

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Plastc and Fit Pay Team-Up to Provide One Tap Payment Capabilities For Users On The Go

Fit Pay’s Contactless Payment Platform to Power Plastc All-in-One Card

San Francisco, Calif. – May 18, 2016Plastc, Inc., creator of the Plastc Card, the most intelligently-designed and secure digital card ever invented, announced today that they will be teaming up with Fit Pay to enable contactless payments on the Plastc Card. The partnership will give the Plastc Card the capability of transacting NFC payments for the first time through the Fit Pay’s Trusted Payment Manager platform which uses tokenization to enable secure, contactless payment transactions.

“Plastc has always been about making the payment experience more seamless and convenient for consumers, and with contactless payments being a must have for consumers, the Fit Pay partnership was a no brainer for us,” said Ryan Marquis, CEO and founder of Plastc. “With Fit Pay’s platform, our users will now have the ability to simply tap and go.”

Plastc Card, which allows consumers to add all of their payment cards into one beautifully designed device, was built with the hardware to support NFC payments. This new relationship with Fit Pay will provide Plastc with the software platform and payment network relationship needed to offer contactless payments on the Plastc device for the first time. Fit Pay was one of the first IoT-related companies to join the Visa Ready Program, the payment technology company’s program to help embed secure payments in devices, software and solutions. As a participant in the Visa Ready program, Fit Pay will ensure Visa payments in Plastc’s new NFC payment card utilize the Visa Token Service, which replaces sensitive payment account information with a unique digital identifier so that actual account details are not exposed.

“The Fit Pay platform is designed to power a whole new generation of payment devices such as Plastc,” said Michael Orlando, chief executive officer of Fit Pay. “Matching the convenience of having all your cards on Plastc with the ease of contactless payments will be an entirely new user experience.”

Named a Gartner “Cool Vendor” for 2016, Fit Pay’s payment platform uses Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, which is available at more than 9 million retail point-of-sale (POS) terminals worldwide, is becoming a ubiquitous payment acceptance technology. Fit Pay’s Trusted Payment ManagerTM platform allows manufactures to seamlessly integrate payment and other contactless authentication capabilities into their product roadmap.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform provides a frictionless experience allowing consumers to conduct highly secure, contactless payment transactions. www.fit-pay.com

About Plastc, Inc.Plastc (www.plastc.com) is a FinTech company focused on designing innovative products that improve the lives of everyday people.

Plastc Card is the most intelligently designed, full-featured, and secure payment device on the market. In conjunction with the Plastc Wallet app, the Plastc Card can store credit, debit, gift, loyalty and membership cards on a single device. Each Plastc Card is equipped with a secure PIN lock, proximity alerts, and a unique ‘Return Me’ mode, making it more secure than both traditional credit cards and other payment technologies. Find us on Facebook, Twitter, and LinkedIn.

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Fit Pay Named a Cool Vendor by Gartner

Leading analyst selects company as an innovative company in Consumer Financial Services for 2016

San Francisco, Calif. – (April 28, 2016)Fit Pay, Inc., a provider of contactless payment platforms for wearable device manufacturers, today announced that it has been named a “Cool Vendor” by Gartner, Inc. based on an April 19, 2016 report titled, “Cool Vendors in Consumer Financial Services, 2016” by Analysts Rajesh Kandaswamy, Angela McIntyre and Brian Manusama.

“We believe this recognition by Gartner is an affirmation of our platform and the tremendous value it can bring to wearable device manufacturers, card issuing banks and the payment ecosystem,” said Michael Orlando, chief executive officer of Fit Pay. “The functionality that Fit Pay can enable gives consumers greater utility and reason to put on their wearable device every day.”

The 2016 Cool Vendor in Financial Services Report can be found here.

Fit Pay’s payment platform uses Near Field Communication (NFC) technology and the same tokenization schemes as Android, Apple and Samsung Pay to enable wearable devices to make contactless payments at the more than 9 million retail point-of-sale (POS) terminals worldwide. NFC is becoming a ubiquitous payment acceptance technology. Fit Pay’s Trusted Payment ManagerTM platform allows manufactures to seamlessly integrate payment and other contactless authentication capabilities into their product roadmap.

In February, Fit Pay was named as launch partner for Visa Ready, the payment card network’s program to bring payments to Internet of Things (IoT) devices. The Visa Ready program gives companies one seamless path to integrate secure payments into their products and services.

Gartner Disclaimer:

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform allows device manufactures to add highly secure, contactless payment capabilities to their products. www.fit-pay.com

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Visa Brings Secure Payments to the Internet of Things

Fit Pay, Inc. was very pleased to be a part of Visa’s launch of its Visa Ready program at the Mobile World Congress 2016 in Barcelona, Spain.  Here is the press release from Visa, which includes a quote from Fit Pay Co-founder and CEO Michael Orlando:

Visa Brings Secure Payments to the Internet of Things

Makers of Wearables and Cars Can Now Easily Embed Secure Visa Payments

BARCELONA, Spain & SAN FRANCISCO–(BUSINESS WIRE)–Feb. 21, 2016– MOBILE WORLD CONGRESS – Visa Inc. (NYSE:V), today announced that it is expanding its Visa Ready program to include Internet of Things (IoT) companies, such as manufacturers of wearables, automobiles, appliances, public transportation services, clothing and almost any other connected device. Emerging IoT companies will join mobile device manufacturers, including mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers and other technology partners in the Visa Ready Program.

The Visa Ready Program gives companies one seamless path to integrate secure payments into their products and services. Visa Ready partners receive access to industry best practices, tools and resources, and Visa’s Digital Enablement Program (VDEP), which includes streamlined access to Visa Token Service (VTS). The Visa Token Service, an innovative security technology, allows secure mobile and digital payments anywhere there is an Internet connection.

The first IoT companies to join the Visa Ready Program will focus on payments for wearables and automobiles. Initial Visa Ready partners include Accenture, Coin, Giesecke & Devrient, Fit Pay, and Samsung, who will work with device manufacturers including Chronos and Pebble, to help embed secure payments in consumer devices and have those devices certified as Visa Ready.

Mobile technology is accelerating the pace of change in the payments industry, helping open up new possibilities for a generation of consumers who increasingly rely on connected devices to manage their money, shop, pay and get paid. The number of IoT enabled devices is expected to reach 50 billion by 2020 according to Cisco, providing a huge opportunity for secure payments to be a feature in just about any form factor.

“More and more, consumers are relying on smart appliances and connected devices to make their lives easier,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc. “By adding payments to these devices, we are turning virtually any Internet connection into a commerce experience – making secure payments seamless, and ultimately more accessible, to merchants and consumers.”

Visa Ready Program for IoT

The Visa Ready Program is a commercial program designed to provide innovators with a path to help ensure that devices, software and solutions can initiate or accept Visa payments. It also provides a framework for collaboration with Visa, as well as guidance and best practices to access the power of the Visa network. Mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, and chip and platform providers are already playing a critical role in enabling new ways to pay and benefiting from the Visa Ready Program.

The Visa Ready Program for IoT will also enable device manufacturers to evaluate, develop and potentially adopt new payment methods that are already approved by Visa, and can help financial institutions and merchants drive growth by expanding the use and acceptance of electronic payments globally.

Visa Token Service

As part of the Visa Ready Program, all participants will use the Visa Token Service (VTS) security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details.

Visa Partner Quotes:

Visa’s partners around the world are sharing their views on Visa Ready program for IoT manufacturers:

  • “This is the type of secure, frictionless payment enabler that we are looking to include in commercial solutions as clients start experimenting with how best to take advantage of the IoT,” said Anand Swaminathan, managing director of growth & strategy, Accenture Digital. “We lead a range of initiatives with contextual commerce capabilities that could integrate Visa Token Services. We are looking forward to seeing where else Visa Token Services will help make IoT-enabled payments easier for customers across any number of situations.”
  • “Chronos is focused on bringing the very best of today’s technology to the items you already wear; creating seamless devices by distilling functionality and technology only to those that provide meaningful interactions,” said Luke Fromowitz, co-founder and CTO, Chronos. “Chronos believes payment on the wrist is one of those interactions; there is no quicker or more convenient method for payment than tapping your Chronos powered watch at the register. Partnering with Coin and Visa has allowed us to quickly bring this technology to the Chronos platform and help push the standard of payment processes into the future.”
  • “Coin is excited to be a Visa strategic partner in bringing secure payments to IoT devices. We’re giving wearables makers like Chronos, enabled by Coin, a seamless solution to integrate payment functionality,” said Kanishk Parashar, CEO and co-founder of Coin. “Our partnership with Visa is significant because of how it enables payment functionality on everyday devices. This is a big opportunity for the rapidly growing wearables market, projected to reach $53 billion in sales by 2019**.”
  • “Visa Ready is about opening secure, convenient payment capabilities to a wider range of products and enhancing the overall user experience,” said Michael Orlando, co-founder and chief executive officer of Fit Pay Inc., which has developed a payment platform services for wearable devices. “Integrating our wearable payment platform with the world’s largest card network is a critical step to bringing contactless payment capabilities to a whole new generation of IoT devices, including Pagaré – a payment smart strap we have developed for the Pebble Time.”
  • “The growing IoT market, particularly wearables, needs secure transactions and connectivity. G&D secures mobile life in the connected society,” noted Axel Deininger, senior vice president and head of the enterprise security OEM division at Giesecke & Devrient. “We are pleased to work with Visa on their new program.”
  • “We’re thrilled to be one of the first smartwatch makers in the Visa Ready Program,” said Eric Migicovsky, founder and chief executive officer of Pebble. “More than ever, today’s consumers value products that make their lives easier. Having the ability to make secure payments directly from your wrist is convenient and a great example of how a smartwatch can be helpful in your everyday life.”

Partners and device manufacturers seeking more information about the Visa Ready Program for IoT can visit: https://usa.visa.com/partner-with-us/visa-ready.html

* Source: Cisco, http://www.cisco.com/c/en/us/solutions/internet-of-things/overview.html
** Source: Juniper Research, http://www.juniperresearch.com/press/press-releases/smart-wearables-market-to-generate-$53bn-hardware

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visavisacorporate.tumblr.com and @VisaNews.

Source: Visa Inc.

Press Only
Visa Inc.
Kryssa Guntrum, 415-805-4488
kguntrum@visa.com
globalmedia@visa.com

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Fit Pay Launches Kickstarter Campaign to Support Contactless Payments for Pebble Time Family of Smartwatches

Pagaré for Pebble enables easy and secure payments with a wave of the wrist

San Francisco, Calif. – (February 8, 2016) – Fit Pay, Inc. today launched a Kickstarter crowdfunding campaign to support the final production and market availability of a payment smartstrap the company has developed for the Pebble Time family of smartwatches. The new smartstrap, called PagaréTM, enables Pebble Time, Pebble Time Steel and Pebble Time Round users to make secure, contactless payments at millions of retail locations worldwide.

“PagaréTM adds a compelling new capability to the Pebble Time line up,” said Michael Orlando, co-founder and chief executive officer of Fit Pay. “PagaréTM gives Pebble Time users access to the simplest, fastest and most secure way to pay.”

PagaréTM will use Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, in place at an estimated 9 million retail locations worldwide, is becoming a ubiquitous payment acceptance technology at the POS. PagaréTM will leverage Fit Pay’s Trusted Payment ManagerTM platform, which enables contactless payment capabilities on a wide range of wearable devices.

“We expect PagaréTM will really excite our community. It’s a great example of how our open platform allows Pebble to become even more useful in the everyday lives of more people,” said Eric Migicovsky, founder and chief executive officer of Pebble. “Kickstarter is an amazing platform to showcase this innovative smartstrap.”

Pebble made history by becoming the first smartwatch in the market to be funded with the help of Kickstarter backers. Its Kickstarter campaign for the Pebble Time raised more than $20M from nearly 80,000 backers. Pebble users, with either Android™ or iPhone® smartphones, can now add contactless payments by connecting Pagaré to the smart accessory port of the smartwatch.

Fit Pay’s goal was to make Pagaré nearly indistinguishable from a traditional Pebble strap. The company worked directly with Pebble’s suppliers to provide the same materials, colors and finish for the Pebble Time, Pebble Time Steel and Pebble Time Round. The result is a beautiful, high-quality accessory that adds a significant new capability. Hi-Res photos and graphics of Pagaré are available by accessing the media kit.

Pagaré Features

  • Pagaré enables users to make phone-free transactions with the wave of a wrist. It leverages existing point-of-sale contactless technology that is already in use at millions of retail locations worldwide.
  • With bank-level security, Pagaré protects sensitive personal data at all times, even if a Pebble is lost or stolen.
  • Authentication technology allows high value transactions at the point of sale without additional authentication, where available.
  • Pagaré replaces the standard Pebble charging port with a USB connector at the end of the payment strap. No cables required, just plug in Pebble with Pagaré to any USB port to charge the smartwatch and strap.
  • Pagaré works with a consumer’s existing credit and debit cards using a secure, tokenized and Issuer-approved solution.

Pagaré’s Kickstarter page, which launched today, includes an Early Bird tier of only $49, which is $40 below the anticipated retail price of $89. Backers who contribute $199 or more receive a Pagaré and a Pebble Time smartwatch. This enables backers to pledge an amount equal to the MSRP of a Pebble Time and receive both the smartwatch and the Pagaré payment strap as a reward – a very compelling reason to back the project. Fit Pay’s target for the Kickstarter campaign is $120,000. The company anticipates shipping Pagaré in mid-2016.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform provides a frictionless experience allowing consumers to conduct highly secure, contactless payment transactions. Fit Pay offers an entirely new way for transacting payments using a wearable device. Find Fit Pay and Pagaré on Facebook, Twitter and Instagram.

About Pebble

Based in Redwood City, California, Pebble builds wearable technology that enhances, simplifies, and blends into our lives. Since making crowdfunding history in 2012, Pebble put wearable technology on the map and has sold more than 1 million smartwatches across the globe. In 2015, the company launched Pebble Time, Pebble Time Steel and Pebble Time Round providing smartwatches for every type of user whether they’re busy travelers, fitness enthusiasts, fashionistas or just lovers of cool technology. Pebble smartwatches support both Android™ and iPhone® smartphones and also feature an open platform for developers to make awesome new apps or watchfaces. Learn more at Pebble.com.

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Contact:

Chris Orlando

Orlando & Associates

Chrisorlando@orlando-inc.com

(760) 468-7273

 

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Fit Pay Completes $3.1M Seed Funding Round

Capital will enable the company to bring its contactless payment platform for wearables to market

San Francisco, Calif. – (February 4, 2016)Fit Pay, Inc. today announced the closing of $3.1M in seed funding led by Giesecke & Devrient (G&D), a leading supplier of mobile security products, software and solutions to banks, mobile network operators, and OEMs. Fit Pay has developed a payment enablement platform that allows wearable device manufacturers to seamlessly add contactless payment capabilities to their products.

“The G&D investment not only validates our core business proposition of enabling a wider range of products to transact contactless payments, but also brings a strategic partner that will help us accelerate our growth,” said Michael Orlando, Fit Pay’s co-founder and chief executive officer.

“We are pleased to support Fit Pay’s vision for transforming wearables,” explains Scott Marquardt, president, Giesecke & Devrient America, Inc. “The Fit Pay platform, in combination with G&D’s capabilities in embedded secure operating systems, applications and credentials lifecycle management, brings a complete end-to-end portfolio to Fit Pay’s prospective wearable device partners.”

Fit Pay’s payment platform uses Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, in place at an estimated 9 million retail locations worldwide, is becoming a ubiquitous POS payment acceptance technology. Fit Pay’s Trusted Payment ManagerTM platform allows contactless payment capabilities on a wide range of wearable devices. Fit Pay’s future applications may include transit, secure authentication, and other secure identification use cases.

Fit Pay completed San Francisco-based Plug and Play Tech Center’s FinTech Accelerator Program last fall. Plug and Play participated in this seed-funding round as well. In December, Fit Pay was selected from among hundreds of participants as the winner of the Comerica Bank and RocketSpace $50,000 Wearable FinTech Startup Challenge.

Fit Pay will launch a Kickstarter crowdfunding campaign on February 8, 2016 to support the commercialization of a payment smartstrap the company has developed for the Pebble Time family of smartwatches. The new payment smartstrap, called PagaréTM, enables Pebble Time users to make secure, contactless payments at millions of retail locations.

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform provides a frictionless experience allowing consumers to conduct highly secure, contactless payment transactions. Fit Pay offers an entirely new way for transacting payments using a wearable device. www.fit-pay.com