Payments

Payfone Authentications Grow 340% Since June 2015; Forecasts to Process More Than 3 Billion Authentications in 2016

MEDICI

[Press release]: Payfone, a leading Mobile Authentication company that helps financial services customers identify their mobile users, announced strong growth statistics from the Money20/20 event in Las Vegas. Since June of 2015, authentications processed by Payfone have grown by 340% Payfone expects this rate of growth to continue, resulting in more than 3 billion Payfone authentications processed next year.

Payfone's explosive growth in the United States is the result of strong demand from the financial services industry via their strategic alliance with Early Warning, whose bank customers need to know whether they are interacting with their customers or criminals who are exploiting mobile security weaknesses to defraud banks and their customers. "It's taken a significant amount of time for us to build our mobile network intelligence," said Payfone co-founder and CEO, Rodger Desai. "But now the market is recognizing the value of stopping mobile fraud, and this is resulting in significant demand."

The demand for Payfone's services is not limited to the U.S; Payfone is preparing to expand to the U.K. and Canada, starting with a pilot in each region. "Canadian banks face the same market problems Payfone helps with in the U.S., use cases such as provisioning cards on mobile wallets and protecting customers from social engineering fraud so that they can do more from their mobile device," said Robert Blumenthal, Head of Digital Identity and Authentication Services for EnStream, a joint venture of Canadian Mobile Network Operators.

Both pilots are scheduled to begin Q1 of 2016.

About Payfone Payfone is a leader in Mobile Identity Authentication. Payfone's suite of network authentication services provides unparalleled mobile security while eliminating friction from the customer experience. The company is backed by leading venture firms, financial institutions, Mobile Network Operators, and Early Warning and is based in New York. Follow Payfone on Twitter @payfone.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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