How does it work?
Card-not-present transactions work on an authentication process that requires card details & the card holder’s personal details such as registered name & address. This is vulnerable to fraud as this information can be obtained in a number of fraudulent manners such as identity theft, phishing & card skimming.
The Chip & PIN method works on a multiple authentication principle, i.e. possession & ownership of the card in question, knowledge of the PIN related to the card, & location, which can be verified by the use of a Chip & PIN reader.
This model affords a secure alternative for personal payment & gives opportunity for HomePay to be used as a low-cost merchant acceptance device suitable for roll out into every home.
HomePay also has the ability to connect wirelessly to other domestic devices, which enables it to authenticate & communicate securely with a wide range of in-home units such as audio-visual devices or mobile phones. The new generation of smart utility meters presents a huge opportunity for HomePay to simplify the payment top-ups process for pre-payment customers, with the convenience of not leaving home, as well as allowing location based payments fixed to your home for additional security. HomePay can also collect usage information from smart utility meters to help consumers manage & reduce gas, water & electricity consumption.