Decentralised global payment processing firm Radpay has incorporated a patent-pending fraud resistance functionality into its digital wallet.
Radpay combats fraud using increased identity and transaction validation methods. This is done by linking mobile phones and wearable devices running a Radpay-enabled digital wallet with traditional payment methods such as debit cards.
The move is aimed at resolving a $33bn fraud problem affecting card issuers, transaction acquirers, as well as merchants.
Radpay Dana Love co-founder and CEO said: “Digital payment solutions need to be more than a smart phone version of your credit and debit cards.
“Radpay is working to reimagine payments, and that includes making fraud protection a central element to our payment system and our digital wallet.
“One way we’re working to help consumers stay safer is through linking our mobile digital wallet with a variety of payment methods, both card present for retailer and card not present for e-commerce merchants.”
Radpay’s merchant card payment solution is said to enhance net margin by up to 200%. The firm’s technology is compatible with card-present and card-not-present environments.
This August, Radpay introduced a new technology called SpeedPath. The technology is designed to allow merchants to accept digital wallet payments even when the customer is not in front of the cash register.