As we ready WingCash’s presentation for FinovateFall next week in New York City, Apple Pay has taken over the mobile payments news cycle. We’ll have some more direct comments coming in the following weeks, but for now we’d like to discuss a couple of points from Top Tech News: Will Apple’s Digital Wallet Kill the Card Swipe? (http://www.toptechnews.com/article/index.php?story_id=1000037X81RG)
The main pain points for Apple Pay adoption that Mae Anderson mentioned in the article were, “The company and other digital wallet providers must convince shoppers that the transactions are safe…Meanwhile, the company must also make a case to retailers that it’s worth it for them to invest in new point-of-sale systems.”
Security and Point-of-Sale system updates/upgrades are huge issues, as they should be. WingCash has addressed both:
On the WingCash system, cash is secured in the wallet by representing, electronically anchoring, and encrypting value securely with an immutable and publically verifiable denomination and access address. WingCash complies with PCI security measures and also uses tokenization technology when storing payment card information in the wallet. Merchants do not receive card data in transactions that involve a card that is attached to the WingCash wallet. To minimize the threat of identity theft, the wallet stores a minimum level of personal information.
WingCash also uses a push-based system, where money is “pushed” by the consumer out of the wallet; it is not “pulled” from the wallet by another entity, offering consumers more security and control. Cash transfers are irreversible, immediate and have no transfer fees for either the merchant or the consumer.
WingCash integrates smoothly with existing point-of-sale systems. Since no NFC (near-field communication) technology is necessary with WingCash, merchants can sign up now for free and without needing to spend hundreds of dollars and hours of worker training for a new system.
Find out more at www.wingcash.com, and stay tuned next week as we blog from New York & FinovateFall 2014!