Shelton, CT - February 9, 2011
Perceptive Development, Inc. and NewNet Communication Technologies, LLC, today announced a joint collaboration to demonstrate an end-to-end secure mobile payment solution at the GSMA Mobile World Congress in Barcelona, Spain on February 14 -17.
The ubiquitous availability of mobile connectivity has spurred many ground-breaking applications and services. Mobile payment solutions are now fundamentally changing the way that payment transactions and services are being deployed. Many large credit card companies, payment acquirers and processing banks, mobile carriers, and a host of innovative new entrants are creating new ways to drive a number of easy to use solutions to the marketplace. A critical component to broad market acceptance and the successful proliferation of mobile commerce and transaction services is the promise to ensure secure access, confidentiality and privacy.
NewNet's secure access Traxcom products process over 1.5 billion transactions a month and provide secure connectivity that enables the delivery of legacy transaction payment services and brand new services such as mobile payments, e-banking, and e-commerce. Integrated, next generation encryption technology such as the Derived Unique Key Payment Transaction (DUKPT) ensures data confidentiality and safety, and enables carriers to expand current services and enter new markets such as healthcare.
The Perceptive Development FlexTransact portfolio of mobile payment products and software services for mobile solutions are available on a broad variety of smart phone platforms including Apple iPhone®, and Google Android. FlexTransact solutions provide a highly secure, easy to deploy and easy to use credit card payment client solution to meet the growing demand in the marketplace.
"The mobile payments market is growing rapidly and we are excited to host this demonstration of the AccessGuard Platform based, end-to-end solution together with client side product suppliers such as Perceptive Development to deliver the promise of secure, high performance broadband and mobile payment solutions," said Prasad Kallur, NewNet's Executive Vice President for Business Development.
"We are very excited to team with NewNet to demonstrate this end-to-end secure mobile payment solution," said Jim Medeiros, CEO at Perceptive Development. "Our expertise in developing secure payment processing solutions, coupled with NewNet's payment processing platforms, provides a wonderful opportunity for us to combine efforts. We look to continue to enhance and broaden our relationship with NewNet as this important market evolves."
The Derived Unique Key Payment Transaction (DUKPT) data encryption enables mobile devices with add-on transaction processing devices, such as magnetic strip card readers, smart card devices and NFC enabled Point of Sale devices, to work together with the AccessGuard Platforms to deliver a highly secure end-to-end mobile payments solution.
We will demonstrate the joint solution, and provide briefings at the Mobile World Congress in Barcelona on February 14-17. New Net will be in Hall 1 - Stand 1G03.
About Perceptive Development, Inc.
Perceptive Development is an innovative hardware and software development company specializing in mobile and tablet software platforms for business and personal lifestyle management. Perceptive Development's FlexTransact payment solutions include secure transaction processing for credit cards, near field communication (NFC) systems, merchant applications, inventory management and customer loyalty solutions. Their solutions have helped people manage their business through the unique integration of legacy technologies with emergent mobile platforms. As an early solution provider for Apple iPhone applications, Perceptive Development has been a participant in Apple's "Made for iPhone" partner program since its inception. Perceptive supports a variety of mobile and tablet solutions such as Apple and Android platforms, and - provides engineering services for other companies, as well as producing white label and end-branded products for specific market applications. Perceptive Development is a privately held corporation based in Los Angeles, CA. For more information, please contact:
For more information, please contact:
NewNet Communication Technologies, LLC