RFinity Wins Contactless Intelligence’s Monkey Award for Trailblazing and Innovation

IDAHO FALLS, Idaho--(BUSINESS WIRE)--RFinity, a technology company specializing in secure near field communication (NFC) mobile payment transactions, has received Contactless Intelligence’s (CI) prestigious Monkey Award for Trailblazing and Innovation. The Monkey Award recognizes exemplary companies that further the boundaries of contactless technology through product introduction or pilot programs. RFinity interim CEO, CTO Steven McCown received the award during CI’s Monkey Awards dinner April 29 following the Contactless Intelligence Fourth Annual Conference in London.

“We are honored to be recognized for RFinity’s innovative technology that transforms mobile commerce by making it vastly more secure and convenient”

CI received a record number of entries this year from innovative companies from around the world including the United States, India, Finland, Austria, France, and the UK and narrowed the competition to 36 finalists in nine categories. Other award winners this year included Coca-Cola, VIVOtech-Citibank, Subway, and O2. Past winners include Yo! Sushi, Pret A Manger, EAT, Evening Standard, Carrefour, 02, RMV, and Payter.

The award recognized, in part, RFinity’s successful pilot program that began last fall at Brigham Young University-Idaho (BYU-I), where students are using RFinity-enabled cell phones to securely and conveniently make purchases at the campus bookstore. The pilot will soon be expanded to include more purchase sites and involve up to 5,000 participants.

“We are honored to be recognized for RFinity’s innovative technology that transforms mobile commerce by making it vastly more secure and convenient,” said McCown. “We are extremely pleased by the pilot’s success and the enthusiasm from participants who love having the convenience of making purchases with their cell phones and the peace of mind that comes from RFinity’s secure architecture.”

RFinity successfully attacked and solved the weaknesses of mobile commerce that employ security and transaction technologies adapted from the outdated magnetic strip credit card industry, from Near Field Communication (NFC) technologies designed for product tracking, and from mobile phone technologies that were never engineered for the level of security needed to conduct financial transactions.

RFinity solved these problems by creating technology that uses one-time codes and complex cryptographic signatures to assure that each transaction code can be used only once. Even if a transaction is intercepted, the code will be useless to attackers. The operating system, cryptographic engine and transaction devices are entirely contained on a microSD card that can quickly be inserted into a cell phone.

McCown anticipates that RFinity’s technology will push mobile-commerce into everyday use because it offers consumers convenience and the confidence that their personal information will remain secure and confidential.

“We also envision that RFinity mobile technology will be adapted for multiple applications enabling consumers to use their cell phones to check in and access hotel rooms, purchase tickets for sporting events and concerts, store and access personal medical information, or even verify identity,” said McCown.

About RFinity

With offices in Idaho Falls, Idaho; Rexburg, Idaho; and Wanchai, Hong Kong, RFinity offers an unparalleled, simple, elegant, and secure user experience. It is dedicated to delivering a highly secure mobile transaction platform to enable users to conduct business in completely new ways, while eliminating the security vulnerabilities of legacy transaction systems. RFinity’s dynamic and security cryptography allows you to use your mobile phone as a secure transaction device. Visit www.rfinity.com for more information.