Digital payments : a patent on the multichannel digital wallet


In a few years, banknotes will be considered outmoded. In these weeks, Norway is going to design guidelines of the European legislative reforms about cash digitalization process. In the middle of this Copernican revolution, Paybay obtained an important patent on the multichannel “digital wallet” system that allows to elaborate cloud and p2p payments. In order to understand these radical changes, just think to how many sources we use to spend our virtual money: starting from the credit card (or debit), pre-paid card to current account, but also to the mobile credit and digital wallet that includes money for ticket or for other services (loyalty cards, tickets, digital coupons). Well, Paybay, the digital company of «Qui! Group» ( the first company with full Italian capital operating in the sector of service titles for public and corporate welfare), offers a digital wallet, that can be installed on a computer, smartphone, tablet and other wearable devices.

Paybay explains that: Here you can pay with few clicks thanks to a platform that links sellers and buyers, in which you can access with id codes, that today belongs to the category of touch-id and biometric. The wallet can manage payments with the use of QR-code barcode or NFC. The payment process does not require username and password which are memorized by the digital wallet itself and where you can access with «mobile connect» ( a new digital standard that allows users to login one time in order to use many services). Furthermore, all transactions are recorded in a sort of permanent statement of account for personal and corporate expenses. To be more precise, these are universal authentication solutions in compliance with «Gsma mobile connect, based on the implementation of Caa (Card authentication application, an authentication standard application, ndr), it is able to make the «digital identity» experience more secure.



Story, numbers and perspectives.

This is a success for Pierluigi Simonetta, fifty year old Roman Co-founder & Ceo of Paybay, the man who in 1998 completed for the first time an online transaction in Italy and over the years has developed innumerable innovations. «This patent is for us a great success», The Ceo said. «It is added to other excellent results, such as the patents in smart automation environment, that includes the access control of taxis at the airports Ciampino and Fiumicino». Furthermore, he is the leader of a young and innovative company with sixty employees that is growing on average of 30% every year. The company has launched a recruitment campaign last year focusing on the integration of young professional in the digital market: thirty persons climbed into the company, positioned in different offices of the group. On the other hand, this is the historic moment in which the «mobile payment methods» are developing at very high growth rate thanks to agreements with bank institutions and mobile phone operators (Tim, Vodafone and PosteMobile). «Soon, the Italian market of payments must watch out for the non-financial players advance such as Google (with Google wallet), Apple (with Apple Pay), Samsung (with Samsung Pay), PayPal and other competitors, like Starbucks e Amazon, Alibaba, that aims for an owner wallet».



Read the original version on Corriere Innovazione:

Posted on 2 July 2015 in Digital Payment, News, Technology

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