Why it’s Breakthrough: It’s a credit card transaction that’s handled not just safely, securely and incredibly rapidly with your cell phone, but it’s done so in such a way that it generates a temporary expiration date and a user PIN created for that specific transaction. Should a hacker attempt to steal the credit/debit number, it’s useless since it’s only good for one single purchase. Once validated, the credit card account is accessed – without your credit card number ever exposed – and the merchant is sent an authorization code to complete the transaction.

The Story: The thieves and robbers propagating credit card fraud don’t like this one bit.

Miri Systems, LLC of Charlotte provides a speedy, easy-to-use payment solution that is ideally suited for in-store, Internet-based e-commerce transactions, and the rapidly growing “contactless” point-of-sale transactions. The MiriPay™ solution is based on a patented process that creates a single-use number that looks and functions like a credit/debit card number and is authorized through existing credit/debit card approval systems. However, the dynamic number contains hidden information that is used to validate the purchase transaction. It also provides unprecedented fraud protection that reduces monetary losses and increases overall consumer confidence.

How is it used? A payment is made by simply pressing a button (one time) on a cell phone, computer or smart card. The MiriPay number is then generated and submitted for processing the same as any other debit or credit card transaction.

How does it work? A temporary expiration date and a user PIN (personal identification number) is hidden (encoded) in the number generated. This information can only be extracted by passing the number through a MiriPay decoder typically hosted by the issuing bank or association. If valid, the actual account number is used to authorize the purchase transaction. The authorization code is then sent back to the merchant to complete the purchase transaction. The actual account number is neither accessible to, nor ever stored by the merchant. If the customer wishes to return the item, the credit card that was accessed will be credited with the return.

What are the technology components of MiriPay? Miri Systems provides an encoder to generate the MiriPay number and a decoder to retrieve and validate the information hidden in the number. The encoder is installed on a payment device (cell phone, computer or smart card) and is unique to each device. The decoder is hosted on the issuing bank’s payment authorization system.

What are the benefits?

■ Simple, safe and easy to use.

■ Five times faster than traditional methods to submit a payment.

■ Can be used anytime, anywhere (no Internet connection required).

■ Unprecedented fraud prevention that minimizes monetary losses.

■ Works with existing credit/debit card accounts.

■ As merchants deploy “contactless” terminals, they can immediately accept MiriPay transactions.

■ The actual account number is stored and accessible only by the issuing bank.

■ The MiriPay encoder is unique to every user and every device.

http://www.MiriSystems.com