I find it interesting that as commerce becomes more and more digital, I pay less attention to my own personal transactions. Maybe it’s the break from the physical act of removing money from a wallet, but I often proceed with nary a thought as to what’s happening with my funds once I swipe my card or place an order on Amazon. While my lack of diligence is likely directly related to my current net-worth, there are thankfully others looking to do the heavy lifting for me. SafePay Solutions Group Inc. announced a two-tiered solution today: enabling cardholders to register a free account in order to protect their financial assets and accounts 24/7, and online merchants to significantly reduce their financial losses incurred through online fraud.
Here’s how it works: SafePay sends realtime requests directly to the cardholder via a smartphone app (currently iPhone only), asking them to verify the online purchase that is about to be charged to their credit/debit card. The verification must occur before any purchase can be completed. A simple user experience that takes a lot of effort to enable behind the scenes.
I had a chance to sit and talk with Mick Bhinder, SafePay’s founder and CEO, about the solution during one of the many session breaks at UNTETHER.talks. In the video above, we cover SafePay’s benefits for users, merchants, and banks, the challenges and opportunities found in acting as an intermediary between all three, and how Apple’s Passbook might affect mobile payments and commerce as a whole.
It’s great to see a fellow Canadian startup looking to provide real benefit to consumers with a lightweight mobile solution. I’m sure Mick and the SafePay team would love to hear your thoughts on how the comfort of additional commerce security might affect your purchase behaviour, and how you feel about mobile devices becoming monetary hubs. Post a comment and let them know!