Sign2Pay, a Belgium-Dutch fintech startup, officially launched its mobile payment method at this week’s TechCrunch Disrupt in London. Selected as one of 15 companies competing for a chance to win £30,000 and the coveted Disrupt Cup, Sign2Pay’s new payment method allows consumers to pay for online orders by simply signing on the screen of their smartphone.
Using any touch enabled mobile device, customers can pay for online orders using their bank account number and their personal signature. The amount to be paid is directly debited from the consumer’s bank account while the merchant is protected against fraudulent transactions. At launch Sign2Pay can process payments from over 3,700 European banks.
Personal signature increases trust
“Online debit payments have been plagued by inconvenient and cumbersome authentication methods such as challenge response systems and physical card readers. Allowing users to use their personal signature not only increases trust and speed, it also increases sales conversion rates for merchants”, says Nicolas Mertens, CEO and co-founder of Sign2Pay.
Security level
Sign2Pay’s digital signature processing platform, which analyses over a thousand datapoints in a single signature, offers a security level on par with biometric authentication and far outweighs the security level of traditional passwords and PIN-codes. The technology does not require additional hardware such as card readers, finger print readers or other biometric authentication devices.
Better fraud protection
Starting today, merchants can register on the Sign2Pay website and create an account to start accepting mobile debit payments. Thanks to built-in integration with most online publishing and e-commerce platforms, merchants will see increased sales conversion while enjoying better fraud protection.