London, 29th April, 2021: Following $600 million of new investment, Stripe
is teaming up with Paytia to roll out a new secure platform for telephone
payments. Already a giant-killer in the payment processing market, Stripe
saw amazing growth in its online payment revenues during the lockdown,
raising its valuation to $95 billion (£68 billion), but lacked a significant
presence in mobile phone payments. Paytia provides a ground-breaking secure telephone transaction system - a perfect marriage for both partners.
During lockdown, many small shops and businesses adopted mobile phone payment processing apps, enabling them to quickly switch to distance selling and also offer a hygienic in-store payment option. The inherent problem with such systems is that they oblige customers to read their card numbers out loud - often in public places or to unseen personnel who are probably strangers.
That was not an attractive market to the Collison brothers, whose USP for
Stripe was, from the outset, high security. Although the practice has been
going on for some years, it is insufficiently safe for the current market
and violates Payment Card Industry standards.
Paytia solves that problem by providing an automated intermediary between buyer and seller. The buyer can now type their card details into the phone and have them processed by a secure automated system which then notifies the recipient when the transaction completes successfully. The number remains private at all times.
Stripe has embraced the solution enthusiastically. After announcing the
partnership, Curtis Nash, CEO of Paytia said: "We're thrilled to be one of
the first to join Stripe's Partner Program. Our mutual customers benefit
from the combination of Paytia's secure telephone payments terminal with Stripe's seamless payments platform. We're excited to support the program's long-term mission of growing increased customer trust."
The partnership couldn't have come at a better time. Not only are far more
telephone transactions being carried out but the buying public are
increasingly aware of the prevalence of card fraud, identity theft and
broader privacy concerns. There is growing awareness that without improved security, many businesses will begin to lose customers as well as suffer more fraud.
According to Javelin Strategy & Research, more than 60% of card fraud cases are committed without the physical card being present. They warned that "Reading your card details over the phone is a significant risk to your money". (Source: https://www.stop-idfraud.co.uk
Paytia's innovation means that more businesses can now adopt a low cost secure telephone payments line service. Whereas completing paperwork and installing the machines for conventional card payment systems used to take weeks or even months, Paytia's new system can be set up in just minutes and requires virtually no vetting of the merchant - because they are never entrusted with the customer's personal and account details.
Claire Hughes Johnson, Stripe COO, commented that "as Stripe is increasingly getting pulled up-market, our users have asked for an easier way to discover new partners and new applications. That's why we're excited Paytia is joining forces with us today to provide a better overall experience for the millions of businesses scaling on Stripe."
You can dramatically reduce the risk of card fraud by following these simple measures:
? Never write down your PIN, password or other card details.
? Never disclose your card details to anyone else, even to bank staff.