payfair Products
payfair@POS - Revolutionary
Pay-by-Phone system starts
payfair developed payfair@POS, a revolutionary
solution
that
allows consumers to pay their merchants
by simply using
their mobilephones.
Knowing that
credit card skimming at restaurants, gas pumps and
other retail establishments is a major contributor to
credit card fraud
and identity theft, payfair@POS
solution is a real alternative to
combat fraud attempts
since no card is used on the POS
terminal.
Only
phone number, secret code and a call from
the
server are needed to authenticate safely the customer.
In all cases, the Hardware
(mobile phone) needs to be
in possession of the user. For low value
transactions
or for
specific retailers, the customer could be
configured to be
authenticated only
by his/her secret
code or sound only.
But in general the double
authentication is recommended
(secret code + sound).
To summarize - payfair@POS helps:
• Reduces fraud on existing schemes and therefore
losses by the issuer
• Allows merchants and acquirers to accept strongly
secured transactions without EMV technology on POS
terminals
• Allows POS transactions for card-less users
• Allows mobile phones holders either to pay on
internet or to withdraw on ATM or to purchase on POS
with the same mobile device, and the same virtual
(or real) card associated to the mobile
• Introduces new technology and being state-of-the art
• payfair@POS could also be run on simple cash registers
How it works?
• The Merchant POS terminal displays the purchase
amount and invites the Customer to enter his mobile
number and secret code
• The payfair Bank Directory checks that the mobile
number is eligible for the sound authentication method
• The issuing bank checks the validity of the secret code.
Our platform calls the customer's phone. As soon
as
the customer answers the call, a sound partition is
sent to the POS and the customer is
authenticated
once the customer's phone hears it
• The transaction is then submitted for online
authorization.
