ModoPayments Secures Patent for One Time Use of Account Numbers in Merchant-Consumer Interactions

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Recently, Modo was issued United States patent number 8,751,380 covering one time use virtual payment account numbers used for payment during merchant to consumer interactions, specifically during in-store purchase transactions.

ModoPayments, or just Modo to its friends, continues to innovate on behalf of banks, retailers, and developers looking to build beautiful buying experiences*. Recently, Modo was issued United States patent number 8,751,380 covering one time use virtual payment account numbers used for payment during merchant to consumer interactions, specifically during in-store purchase transactions.

Modo’s nifty new technology includes the ability to combine offers with any number of other funding sources available to consumers during their purchase transactions, all based on a one time use account number. “The key to using mobile devices for in-store payments is one time use account numbers,” Modo CEO Bruce Parker explained. “We’ve all seen too many examples of consumer’s card numbers being compromised, and the right solution is simply to never expose the real card number to the outside world. But until now getting the right solution has been challenged by prohibitive costs and timelines.”

Modo’s solution uniquely leverages one time use account numbers that are already available for use in merchant’s payments equipment and related systems. Bruce continued, “Instead of inventing a meaningless number and figuring out how to make that work on existing infrastructure, Modo instantly generates payment numbers that merchants already know how to use.”

Sponsors may offer almost anything—from a two-for-one discount on booze, to a chance to buy some blue-suede shoes, or an entry to win a free cruise—whatever the business dreams up to inspire consumers. Modo’s solution can make this retail dream, a reality, tonight. Or tomorrow, if you aren’t in a rush.

“What’s great about the recent Apple Pay announcement is that the mobile payments ecosystem will finally be able to move forward on the long debated NFC, EMV & 3D Secure standards (and let’s throw HCE in there while we are at it). As a longer tenured member of the mobile payments industry, Modo welcomes Apple to the pool, and calls all merchants and banks to join in. Jump on in, the water is fine,” said Bruce.

About ModoPayments, LLC.- ModoPayments enables banks, retailers, and developers to build beautiful buying experiences with exceptional economics. Everyone is looking for more sales, transactions, or inspirational moments with consumers. Modo’s handcrafted API provides access to a next generation payments platform that enables in-store purchases at tens of thousands of store locations. Modo powers the payments, and you create the experience. http://www.modopayments.com

*with exceptional economics.
For more information or to obtain a quote, contact Kelley Corten via pr@modopayments.com

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Kelley Corten
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