Credit card fraud claims a yearly damage of 8.6 million dollars in the United States alone. This made some people think about ideas to change the ways of payment, and mark security as a key aspect.
They came up with Grid, a programme which puts the consumer in charge of the payment handling.
The required personal en financial information that comes with a payment, credit card number and expiration date, no longer are within reach of parties with wrong intentions.
Grid now is applicable to the Dwolla payment network, but sets a new precedent for the use of a comparable system on any payment network. The system reduces the risk of being robbed in every payment situation, such as buying shoes, ordering a coffee or purchasing a CD.
In fact, the builders of the current system have brought about a great deal of liability for themselves and the other parties involved in a payment process: consumers and merchants. Why not change this way, as there is no compulsory payment standard?
What does Grid do?
- Provide third party developers with the tools needed to create a seamless purchasing experience in an app or an online purchase (no more entering painful credit card numbers!)
- Validate a new kind of payment network, one that doesn’t leave behind personal information.
- Serves as platform for future integration into mobile applications (Zaarly, Square, Google wallet, Mint, etc.)
- Puts consumers, not networks, in control of who can access, their payment information, and to what degree (allows users to revoke and alter third-party access to your payment network).
- Grant developers first time access to a payment network and its core technologies
It offers users the possibility to be in total control of every payment, whether it concerns managing data or the actual purchase throuhg for instance Zaarly.
This revolutionary method (access is free) offers developers to innovate and build on top of existing procedures, and the removal of payment information decreases the liability associated with plastic networks. Moreover, it is a great cost saver for businesses.
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