Radpay, a company that combines blockchain technology with traditional card payments infrastructure, added a new fraud prevention feature to their digital wallet, the company said in a press release. The feature works by adding additional identity and transaction validation methods using mobile phones and other wearable internet devices tied to a Radpay digital wallet. The company’s blockchain-based peer-to-peer payment processing and reward framework works in both card present and card-not-present environments.
“One way we’re working to help consumers stay safer is through linking our mobile digital wallet with a variety of payment methods, both card present for retailer and card not present for e-commerce merchants,” said CEO Dana Love in the press release.
The announcement mimics increasing demand for anti-fraud technology that goes beyond traditional passwords, such as the new payment security measures required by the European Union in the PSD2 directive. Although similar legislative requirements do not currently exist in the United States or other developed countries, the increase in fraudster sophistication makes additional security measures increasingly necessary.
“Digital wallets should be the intersection between fraud resistance, identity validation, and payments,” said Love. “Radpay’s portfolio of patent filings speaks strongly to each of those areas.” said CTO Jared Stauffer.“Privacy and security are central to Radpay’s vision and technology, and our secure payments system are purpose-built to help consumers take proactive steps to enhance the security of their transactions.”
The mixture of digital wallets, cryptocurrency, and traditional payments methods is an emerging space. This announcement by Radplay will supplement an additional product offer of more than two dozen different payment solutions blend traditional card payments with mobile devices and other technology.
“[This annoucement] follows the earlier launch of Radpay’s CryptoClick™ and SpeedPath™ solutions for e-commerce merchants, upscale retailers, and restaurants, and amplifies Radpay’s novel innovations in the development of modernized payment solutions,” the statement said.