LISNR in the Ubiquitous Payment Ecosystem
What is the ubiquitous payment ecosystem solution?
Perhaps it’s the title for the next Blockbuster film starring that baby-faced assassin, Leonardo DiCaprio, returning for the sequel to Wolf of Wall Street.
OR…
The ubiquitous payment ecosystem solution is the answer to secure data transmission everywhere. Yes, everywhere. Any time, any day, any place. (Sorry Leonardo, we need to borrow the spotlight for this one.)
From a global perspective, money is transferred in various different ways throughout various different countries. The payment ecosystem is comprised of the following:
Consumer payment services exist all over the world; from JP Morgan Chase and Wells Fargo, to Union Pay overseas or NPCI in India. But not all types of payment methods or exchanges are secure. Whether it’s with the swipe of a card, a QR code scan, a digital wallet or bluetooth (BLE), payment data is at risk of being intercepted.
So what is the ubiquitous payment ecosystem solution? Can it integrate at any node in the payment workflow, even before it is routed to an issuer? What is the solution that will ultimately keep your data from falling into the wrong hands, no matter the time or point of transaction?
The Economic and Global Benefits of Data-Over-Sound
Ultrasonic data-over-sound technology offers a vast range of benefits, including offline data transmission, and serves as an alternative to other methods on a global scale. While banks in the U.S. and overseas are all controlled by a hierarchical governing body, these key players have one thing in common: they all control the payment ecosystem for their respective regions.
From the banking institutions down to the merchants and methods being used to accept payments (Visa, Mastercard, Apple Pay, PayPal, Google Wallet), having a secure means to transfer data is of the utmost importance. Country to country, there is a known misalignment in the way payments are accepted. For example, some countries may allow for near field communication (NFC) payments, while others do not.
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With data-over-sound technology, you have a truly ubiquitous payment ecosystem solution wherever integration is required. As long as there is a mobile device, there is a device with a speaker and microphone. And if there is a speaker and microphone, there is a safe and secure way to process payments through online and offline data transmission; whether it is a card network, a bank, a merchant or a digital wallet.
A Cost-effective Way to Transmit Data Securely and Reliably (It’s Fast Too)
In 2022, Tekspace found that approximately 47 % of all cybersecurity incidents involved personally identifiable information (PII) and 7 % involved payment card data. Whether you’re swiping a credit card, scanning a QR code, or sending data via BLE or NFC, you run the risk of payment processing fraud, eavesdropping, interception attacks or worse.
An ubiquitous payment ecosystem solution like near-ultrasonic, ultra-low power data transmission technology, enables businesses everywhere to transfer payments using fast, reliable and secure communication between devices.
All you need is a speaker and a microphone to process payments securely
A merchant can purchase a mobile device at any number of costs. For example, if a merchant needs 100 terminals priced at $400 each, that out-of-pocket cost is $40,000. Acting as a secure local proxy for data transmission, data-over-sound technology is removing the need for complex, expensive and power-consuming wireless technologies. Therefore, businesses across the globe can save money on hardware costs, eliminating the need to purchase terminals or scanners and readers, by using sound to transfer data on existing devices.
Crafting the ideal payment experience for your organization and customer base with data-over-sound, end users can be the sender of payments, the receiver or both. Whether you’re using sound technology for transportation, ticketing or retail transactions, our solution helps minimize network service idle-time by reducing the transaction cycle by 10.5%. (Top that, Leonardo DiCaprio!)
The Solution that Delivers Everywhere Payments Are Made
LISNR operates transactionally for secure communication between two mobile devices. Using the microphone and speaker of existing devices, we transmit data-over-sound with near-ultrasonic, ultra-low power technology. The ability to send and receive data is powered by integrating our software. We provide a simple communication method that can be layered into any existing software, device, service or media. And we can do it from anywhere.
At LISNR, we deliver secure, near field transactions over an open-counter platform that reduces total cost of ownership (TCO) while enabling more customer value-driven solutions. Contact us and start using sound to send and receive secure credentials and payment details. The future of your business starts today.