US mobile platform provider Mocapay has launched a mobile solution that enables secure mobile payments regardless of tender type and transaction location.

Mocapay’s “dynamic cryptogram” architecture allows mobile payment transactions to be executed via a one-time use and perishable authorization code. Mocapay’s transaction-level, token-based, mobile payments solution ensures that no customer sensitive information is stored on a mobile handset or passed to the merchant point-of-sale (POS).

Mocapay offers its mobile platform solution to merchant issuers of closed-loop loyalty, gift, and private-label credit, as well as financial institutions that issue open-loop prepaid, debit, and credit.
The company provides issuers three methods to utilize its mobile payments solution: out-of-the-box, Software-as-a-Service (SaaS) platform, or white-label, issuer-branded wallet and SaaS platform, or technology licensing.

Mocapay’s platform thus supports a single solution for multi-channel and multi-location mobile payment acceptance. The company offers issuers, depending upon tender type, three-modes of mobile connectivity: SMS/text, Internet/browser enabled phones (WAP), and handset Apps (iPhone, Android, and soon-to-be-released Blackberry). The solution can also be deployed by merchants for their own merchant-branded mobile loyalty and gift programs and used to accept funds from financial institutions that issue mobile open-loop tender.

As a mobile SaaS solution, Mocapay is downloaded onto the merchant’s existing POS system. The Mocapay platform also has an embedded messaging engine enabling issuers to communicate to their consumers before, during, and after a payment transaction.