PLEASANTON, Calif.—One company believes the most effective means of reducing fraud and authenticating a consumer is by leveraging two things that everyone has—their voice and a mobile phone.
SayPay is a voice recognition and biometric authentication solutions provider for financial transactions. It uses its technology and its one-time cryptotoken to process transactions via a mobile app.
CEO Steven Hoffman told PYMNTS.com that “SayPay Code” is the one-time password that consumers of its authentication technology must establish in order to “bind” the details of financial transactions with the user in order for a secure mobile transaction to be made.
SayPay Payments, available as an in-house deployment or a cloud-based service, doesn’t send financial data to the merchant, which means account and card numbers remain out of reach of merchant point-of-sale systems, PYMNTS.com reported.
“I’d like to think of us more as an authentication company; biometrics plays a major role in what we do,” Hoffman told the publication.
What the SayPay payment experience enables for the consumer is the ability to initiate, authenticate and authorize a transaction—all without having to sign in and remember a password. Instead, its one-time cryptotoken—the SayPay Code—handles the necessary security protocols for every authentication.