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VerifySmart, a global leader in secure and fraud free credit card and debit payment processing services, is quickly gaining traction in infrastructure-free leapfrog economies like Asia, where mobile device adoption accounts for more than two-thirds of the 4.1 billion mobile phones currently in use globally*.

VerifySmart’s core technologies are mobile device centric - a key security feature that sets the Company’s applications suite apart from all others in the category.

VerifySmart(TM) attributes its success to a Company-wide focus on the future, and the combination of a burgeoning middle-class in Asia and India. “It is no secret that the mobile device is the central personal device of the future,” says VerifySmart(TM) CEO Ralph Santos. “If we are to empower credit and debit card holders with their own financial transaction security, it makes sense to involve them in the transaction validation/rejection process via their personal mobile devices.”

This perception resonates most clearly with consumers, data management providers, and financial institutions in developing markets like Asia, India and countries within the EU, where convergence happened outside of the infrastructure heavy environment that defines technological adoption in North America. “Already in Asia, consumers use their mobile devices for everything from vending machine purchases, to ordering groceries, to online education. Many emerging metropolitan centres sidestepped conventional landline telephones and went straight to cellular. On so many levels then, our card security solutions make perfect sense.”

The Company believes that in relatively few years, current debit and credit card fraud prevention and detection technologies will be obsolete, including the current Chip and PIN technology. Chip and PIN technology, which originated in the UK in 2004 and launched recently in parts of North America has disappointed the industry. In 2008 APACS (Association of Payment Clearing Services) reported card-only fraud losses as a percentage of card turnover amounted to 0.12%. Prior to the introduction of Chip and PIN, this same statistic was 0.14% - a mere 0.02% reduction in losses gained at the expense of tens of millions in technology modifications.

Source VerifySmart