PAAY launches innovative mobile payment app allowing fast, safe, secure payments

PAAY mobile wallet to improve the online shopping experience
NEW YORK - April 22, 2014 - PRLog -- New York, NY – April 22, 2014 – PAAY, an innovative mobile payment company, announced the official launch of its mobile payment app at this years’ ETA Transact in Las Vegas. The app modernizes the way transactions are made by providing a fast, easy and safe way to make online payments.

As a mobile wallet, PAAY, streamlines online purchases, allowing consumers to use the app to bypass the often lengthy online checkout process. Users simply enter their number into the PAAY widget at checkout and the transaction is pushed to their phone where they will review the order and accept by inputting their personal pin. It’s a quick process, which means a faster checkout and reduced cart abandonment rates for merchants. PAAY also provides stronger protection from fraud by tokenizing and deleting consumer’s credit cards after they are entered into the app.

PAAY differentiates itself from other mobile wallets in the level of security offered by its software. Through its partnership with SecureCode™ and Verified by Visa™, PAAY is able to reduce the risk inherent in CNP (Card Not Present) transactions. This enables PAAY to shift fraud liability away from merchants and processors as well as lower their interchange rates.

PAAY co-founder and CEO, Yitz Mendlowitz commented, “we’ve approached the mobile wallet in a unique top to bottom fashion. PAAY’s overall vision is to improve the payment process for all parties involved: consumer, merchant AND processor. Everyone should be considered in our push for easier and safer payment solutions.”

The company also announced the beta launch of its merchant and processor dashboards. The simple and focused interfaces will enable processors to easily sign their merchants up for PAAY accounts, while at the same time allowing merchants to easily track and analyze transactions made through the PAAY widget. The dashboard also features free reports that merchants can download and share with their team.

James Ruffer, PAAY co-founder and CTO, said, “Our company philosophy is one of transparency. There is no magic to what we do, just intelligent solutions that will benefit everyone. People should never worry about how they’re paying, only how much.”

With 16 processors signed up and two currently in beta testing with the payment tool, PAAY predicts a full-scale launch sometime this summer.

About PAAY

PAAY is an innovative mobile wallet that offers a safe, fast and incredibly simple way to make payments online. PAAY’s secure software and 2-factor authentication ensures that consumers, merchants and processors are protected from fraud as well as reducing transaction fees and shifting liability. PAAY is an independent startup located in New York.

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Tags:Digital Wallet, Mobile Payments, Security, Fintech
Industry:Financial, Technology
Location:New York City - New York - United States
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