Certified fraud proof payment platform unveiled

FOR IMMEDIATE RELEASE
Media Contact: Ben Cvetkovich
Phone: 970-227-6088
Email: ben@world-xcoin.com

Loveland, Colorado (October 16, 2018)—World Xcoin, Inc. announces the first public peek of their fraud proof payment processing platform that is guaranteed to be 100% secure against all possible fraud attempts during a card transaction. This peek is available on the World Xcoin website as well as their crowdfunding page on Indiegogo where they are attempting to raise funds for international patents. While their technology is currently under patent pending protection, the company will file international patents in 17 countries before the end of the year in preparation for their US launch slated for Q1 of 2019.

While World Xcoin is holding their cards very close to their chest currently, they are now explaining on a high level how their technology works. Basically, consumers no longer hand over their very sensitive credit card information to a complete stranger at the checkout. The merchant presents what they call a Purchase Request or Code to the consumer. The consumer then communicates with the payment networks directly through the World Xcoin App that completes the transaction. The loop is closed when the merchant receives notification that the transaction has been successful—all of which happens in less than three seconds. The technology is somewhat reminiscent of an e-wallet app but World Xcoin’s co-inventor and CEO, Ben Cvetkovich, is quick to point out that it’s nothing like an e-wallet. “E-wallets still store your card information on the device and you still have to present it to that stranger behind the counter or on the other side of the screen online—which is really scary when you think about it.”

Coming on the heels of the very expensive and marginally effective rollout of EMV chip technology, the news of a truly secure means of payment processing is met with relief according to Ben. “Whenever we present our tech, whether it be to consumers, banks or merchants, they first say something along the lines of, ‘It’s about time someone figured that out,’ followed by, ‘how can I get my hands on it!’”

Ben continues, “Because of the way our tech works, it creates synergy in the form of benefits and opportunities at every point in the transaction chain, starting with the consumer all the way up to the banks. It’s very exciting!”

When pushed for more information about these exciting synergetic benefits, Ben just smiled, but he did mention something called push purchases and how it was going to be the next really BIG thing.

The founders of World Xcoin first conceived their industry-changing technology during the first few days of 2018 while working together on an unrelated project. But despite its sheer infancy, Ben says they are well beyond proof-of-concept and already have a beta release in the App Store that is only available for download by invitation. The 2019 release will be available for iOS, Android, and Windows platforms. It is anticipated the app will be moderately priced, though an exact figure has not been decided. “We want it to be readily available to everyone but by charging a nominal fee, we can ensure a rapid, global rollout before the end of 2020,” says Ben.

The World Xcoin, fraud free technology will be available for brick and mortar, ecommerce, and over the phone sales in its initial release. They anticipate that the technology will be available for all markets though according to Ben, there are still a few more hoops before they are certified in all markets such as lodging transactions.

Since the claims of a fraud proof technology might be received with some skepticism in the industry, World Xcoin pre-empted concerns by submitted their technology to several key industry players, to review and validate the claim. To date, the consensus has been 100% unanimous—fraud of any kind during a transaction would be impossible. These key industry players will be announced in the coming months once the World Xcoin technology has been certified and available as a payment option on each respective network.

According to Greg Meyers, World Xcoin’s CTO and co-inventor, the fraud proof payment platform is just the first of several innovative and very disruptive technologies currently being developed for the payment processing industry; an industry, according to Greg, that is long overdue for a complete makeover.

“It’s really rather odd,” says Greg, “The industries which stand the most to gain from technological advances seem to be the slowest to evolve, such as banking. Part of the reason for this is because of their extreme importance in society. You don’t want to go experimenting new tech on payment networks. But the other reason why we see relatively unchanged processes for the better part of a century (as with credit cards) is because change usually means new hardware and expense incurred at every point for everyone; merchants, banks and consumers. Take the EMV chip for example. The cost of that upgrade will probably end up being over 10 billion for the industry. But what’s most tragic is that 10 billion dollar upgrade has only marginally slowed transaction fraud and in another 4 or 5 years, I predict it will be mostly ineffective once the hackers and thieves catch up.”

The global rollout of the technology is very aggressive even by World Xcoin standards but to help grease the rails, Ben and Greg made sure there would be very few barriers to adoption for both merchant and consumer as Greg explains. “One of the most exciting features of our tech is that the adaption costs are very low; under a few hundred for the merchant and no cost at all for processors and consumers.”

Besides low barriers for adaption, World Xcoin provides several very tangible benefits to both merchants and consumers, one of which is increased financial privacy. Most have probably experienced the embarrassment of having a card declined and having it announced to everyone within earshot. With World Xcoin, only the consumer gets notified of a decline, privately within the App. The consumer can then privately select a different card or simply decline to make the purchase. The only thing the merchant (or anyone standing close by) knows is that you decided not to purchase because… you fill in the blank. “Your finances are no one else’s business, especially not strangers at a store,” says Greg with conviction. “It’s a little thing but an important one I think in winning back some of our privacy today.”

World Xcoin knew any new technology is met with resistance unless the benefits far outweigh any habit changes. According to Ben and Greg, consumers won’t have to change anything they are already currently doing and merchants can train employees in less than 5 minutes; everything else works the same. “When we were designing early on, we knew we had to make the tech run on existing networks and if it at all possible, use existing cards. We were able to accomplish both, while at the same time removing burdensome PCI compliance headaches for merchants, among other things.”

About World Xcoin Inc.
World Xcoin is not a cryptocurrency. Their name was derived by combing the main objectives of the company, which is to provide a global payment exchange platform, able to process any payment type in any currency, fraud free. World Xcoin was founded in 2018 by the two aforementioned inventors and Sandy Wiegers, their COO. Ben and Sandy are long-time veterans of the payment processing industry and Greg is an equally seasoned professional in the tech industry. World Xcoin is currently raising funds on Indiegogo to cover the cost of international patents. Their Indiegogo page can be found at: https://igg.me/at/World-Xcoin/x/19351356. Interested parties can also make contributions on their website. For more information contact Ben Cvetkovich at 970-227-6088 or visit www.world-xcoin.com.

World Xcoin Inc.
PO Box 7492
Loveland, Colorado 80537 USA

Press Contact
Ben Cvetkovich, CEO
hello@world-xcoin.com

This release was published on openPR.