Pagare is the name, and the story is told by CEO and Co-founder of FitPay, Michael Orlando.
- What makes FitPay different than other contactless payment methods?
What makes FitPay’s solution unique is that it’s the only, all-in-one solution built for wearable manufacturers to easily and inexpensively add payment capabilities to their devices. It works similar to other contactless payment methods by seamlessly interacting with any NFC terminal with the advantage of allowing the device manufacture to white-label and own the complete consumer experience.
2. How does it work? Is it easy for people will all types of banks (small to large) to use?
We’re working directly with Visa, MasterCard and their issuing banks to allow their consumers to on-board any credit or debit card. The list of banks continues to grow every day.
3. Does FitPay work across the globe?
FitPay enabled devices will work anywhere in the world where NFC payments are accepted. The banks we were working with are located primarily in North America, Europe and Asia.
4. How secure is my data?
Security is core tenant of FitPay’s platform. We never store card data on our systems or your device. During the onboarding process, your card information is replaced with an encrypted token or “surrogate” provided by the issuer. The token is stored on the device in an embedded, encrypted chip called a Secure Element. It’s nearly impossible to breach the chip and that token is specific to your device so if your device is ever lost or stolen you can easily disable that token in the app. It’s far more secure then carrying your cards.
5. What is your ideal customer?
Our ideal customer is the wearable device manufacturer who is looking to extend the functionally and utility of their devices. We want to make it easy for them to enable payments or other secure applications on their devices.
6. Can I simply send money to another person that has Fit-Pay with the tap of my smartwatch?
Not today, but it’s something we”re looking at.
7. What is your favorite wearable?
For every day, I really like the Pebble Time smartwatch. It tracks my steps and calories, provides text and email notifications, and only needs to be charged about once a week or so – plus I think design is pretty cool, not a big bulky tech gadget on my wrist.
I also love my Garmin Approach S4. It’s a great tool to help your golf game but also something that you could wear every day. I can’t wait to pay with it so I don’t have to dig into my golf bag for my wallet or phone for a beer before the back nine.
FitPay is innovating the WT | Market by adding sleek and robustness to existing wearables. Pebble is also a forward runner as one of the original activity trackers. Interested in playing with the Pagare check them out in our exhibitor hall at WTUS16 this July 12th and 13th in San Francisco.