Wibmo launches new authentication platform for consumer payments
Wibmo has unveiled Wibmo One Step.
The company is positioning Wibmo One Step as a game changer in the emerging market for mobile payments.
Wibmo CEO Govind Setlur said: “With the seamless integration of the consumer’s device, personal credentials, and data secured and validated by the participating bank – all in real-time, Wibmo One Step for the first time, enables the consumer to conduct a fully-authenticated transaction, truly, in one step – with just a tap on the ‘Approve’ button on a mobile app.
“For the first time, the consumer can make a payment on his mobile device without the visible, multiple steps involved in today’s payment authentication process. The consumer does not have to provide additional data on each transaction or wait for an OTP,” he added.
“The power of Wibmo One Step is not just its security and simplicity in the payment process; the consumer can now pay directly from his or her credit, or debit card without having to move money into one of the many virtual wallets just to simplify the payment process.
“This is a game changer, an enormous advantage for banks that have issued millions of credit and debit cards, and are looking for ways to get their cardholders to use cards directly in mobile payments. Until now, the banks faced the prospect of their cards being merely used to load third-party wallets. This more than levels the playing field for banks,” Setlur added.
According to the company, Wibmo One Step is being incorporated into mobile payment offerings by a number of banks; this includes HDFC Bank, which recently launched PayZapp One Click payments using Wibmo One Step technology.