Wibmo Introduces OTP Free Payment Solution for Customers

Wibmo, launches One StepTM that can help consumers to pay directly from his or her credit, or debit card without having to move money into virtual wallets

No need to wait for One-Time Passwords

WIBMO One StepTM is positioned by the company as a game changer in the emerging market for mobile payments. It brings together the best of breed technologies and processes in security while simplifying the payment process for the consumer. “With the seamless integration of the consumer’s device, personal credentials, and data secured and validated by the participating bank – all in realtime, WIBMO One StepTM 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.” said Mr. Govind Setlur, CEO of Wibmo Inc.  The complexity involved in securing the transaction and completing the payment is managed transparently between the bank’s authentication systems and the underlying WIBMO One StepTM technology.

“For the first time, the consumer can make a payment on his mobile device without the visible and 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 said.

No need to transfer money …

“The power of WIBMO One StepTM is not just the security and simplicity of 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.” he added.

“The multi-factor authentication in WIBMO One StepTM is a verification of the unique combination of the user, user’s device, and user credentials with the bank. In addition, the transaction is completed without sending any card details to the merchant. One-StepTM for the first time, brings together the best combination of security and ease of use” added Akshath Shetty, Sr. Director, Product Engineering with the company.

According to the company, WIBMO One StepTM is being incorporated into mobile payment offerings by a number of banks. This includes HDFC Bank, India’s leader in digital payments, which recently launched PayZapp One Click payments using WIBMO One StepTM technology.