BLUE BELL, Pa., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. (“REGO”) (OTCQB:RPMT) today announced that it will be entering the Beta Phase of its COPPA (“Child Online Privacy Protection Act”) and GDPR (“General Data Protection Regulation”) compliant Digital Wallet App – “MazoolaTM” and onboarding users. The Alpha Phase, that the Company has completed, provided valuable information regarding the use of the app from the parent and child viewpoints. This knowledge has now been integrated into the app and REGO is ready to progress to the Beta Phase launch.
Through the Beta test, we will be evaluating the app in a realistic environment. This will focus efforts on previously unidentified design issues. This will enable Rego to commercially launch a product that meets the standards of quality, usability and performance of our customers. Once the Beta Phase is completed, REGO anticipates commercially launching its MazoolaTM App, on December 15, 2020.
REGO’s MazoolaTM app is an unprecedented family-focused financial and COPPA and GDPR compliant solution. It allows children to shop from parent-approved retailers, deliver peer-to-peer payments, teaches financial literacy, all while keeping identities secure and safe. REGO has patented attribution and identity management methods, patented real-time access and data control, and independent verification, validation, and auditing techniques, among other core capabilities.
Peter S. Pelullo, Chief Executive Officer, REGO said: “Our team and our highly successful group of industry subcontractors have worked together and kept to our timetable initiated three months ago. Delivery of the first all digital COPPA and GDPR compliant payment platform that protects and teaches children financial responsibility has been challenging, but also has been a more than worthwhile endeavor to insure the safety of the 70 million plus 17 and under consumers.”
Safe Harbor Statement
The information in this press release may contain forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to raise additional capital, the absence of any material operating history or revenue, our ability to attract and retain qualified personnel, our ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of our services and products, our limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by us in Item 1.A “Risk Factors” in our most recent Form 10-K; other risks to which our Company is subject; other factors beyond the Company’s control.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. The Company has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.
About REGO Payment Architectures, Inc.
REGO is a digital solution that enables children to stay safe in today’s tech-first environment. The REGO Digital Wallet platform allows parents and guardians to enable online shopping or digital spending at approved retailers, control what funds are available for which purchases, and reward children or pay allowance via the app. REGO is an innovative financial platform uniquely positioned due to its Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR) compliance. Visit us at regopayments.com
Media Contact:
Scott A. McPherson
REGO Payment Architectures, Inc.
325 Sentry Parkway, Suite 200
Blue Bell, PA 19422
pr@regopayments.com
(o) 267-465-7530