SAN FRANCISCO--(BUSINESS WIRE)--Financial technology startup Card1, which turns a single payment card into a secure, universal card by connecting it to a unique cloud-based digital wallet, announced today that it is raising funds through a crowdfunding campaign on IndieGoGo to assist in delivering Card1 to market in 2016.
Card1 founder and CEO Randy Smith states, “We want Card1 to be a brand that provides the payment and financial services security products that gen X, Y and Z consumers want. Millennials live in a digital world and demand the convenience that it affords. Card1 provides this convenience along with added security in a solution that works within the confines of today’s payments infrastructure.”
Card1 is launching the company from TechCrunch Disrupt’s Startup Alley, to which founder Randy Smith is no stranger. His last payments company, MobilePayUSA, debuted as a Startup Alley winner in 2010.
Today, EMV and NFC payment capabilities are available in only about 10 percent of retail locations in the United States, creating a technology barrier for consumers who wish to pay with mobile wallets. Card1 bridges the NFC gap by linking to existing cards and third party wallets to provide users with a single card to use for point of sale or online transactions.
Card1 transactions work like conventional credit card transactions, but add an extra layer of security and convenience. The Card1 card is a conventional, plastic payment card and requires no power or charging to use. The Card1 companion mobile wallet app enables consumers to easily add payment cards to enabled digital wallets using a mobile phone camera and secure payments made with a Card1 card.
In securing transactions, Card1 will employ cutting edge behavioral analytics, tokenization and identity authentication software and best practices to deter fraud. Card1 will also give consumers the ability to authorize each card payment, which is a valuable tool to prevent online fraudulent transactions, which EMV chip cards have no mechanism to deter. Card1 will also offer a frictionless security feature that authorizes card transactions only when the phone and store location match.
“We can lock our cars, homes and computers, but not our payment cards,” said Smith. For consumers, Card1 is the easiest, most secure option for turning their mobile phone and a single payment card into a universal digital and mobile wallet. “Consumers deserve a universal card they can depend upon to work consistently to make payments, is affordable, deters fraud and enables them to seamlessly earn and redeem rewards, gift cards or offers.”
Orange County, California-based Card1 is turning a single payment card into a consumer’s secure wallet. Card1 combines the convenience and flexibility of a universal payment card with the security features of a card-control mobile application. Card1 links to digital currencies and bank-issued cards stored in a user’s digital wallet in the cloud. The company’s next generation technology employs location matching to authorize payments and reduce fraud for a frictionless purchase experience. Learn how to join the Card1 movement at www.GetCard1.com, as well as through the Card1 Facebook and Twitter.