MazoolaPaySM offers an unrivaled all-digital, two-sided payment platform experience for children
BLUE BELL, Pa., April 21, 2021 (GLOBE NEWSWIRE) -- REGO Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), provider of an all digital-based service allowing children to make purchases anytime, from anywhere using their mobile devices, today announced MazoolaPaySM, a two-sided payment solution that connects merchants, financial partners and consumers through a COPPA (Children’s Online Privacy Protection Act) and GDPR (General Data Protection Regulation) compliant payment platform. Merchants are enabled to directly transact with children while maintaining privacy and consent compliance. Children can transact on-line or in-store, everywhere MazoolaPaySM is presented.
“This engineering achievement democratizes privacy, security and guardian-defined shopping experiences in such a way to enable children of all ages to financially transact directly with merchants. It cannot be ignored that the key features of MazoolaPaySM— no age restrictions, no usage of physical credit cards and security from violation of COPPA regulations –will forever fundamentally change the retail and financial services landscape globally,” said Suzanne E. Kecmer, Chief Executive Officer of SKB Capital.
How MazoolaPaySM Works
- Guardian-Defined Shopping Experience: Conform the child's on-line activity automatically within a rule base that is pre-set and defined by the guardian. Chore management, allowance transfer, and spend controls are just some of the techniques the platform uses to encourage enhanced financial literacy dialog between guardians and children.
- Check-Out Process: Users can complete transactions using MazoolaPaySM where presented. After placing an order, customers can use the MazoolaSM app to view their order invoice. For in-store purchases, QR codes are enabled for a touch-free experience at point of sale.
- Reporting: Guardians receive visibility into children’s buying behaviors. MazoolaPaySM is an opt-in platform for guardian users. COPPA/GDPR compliance allows for the dissemination of transactional data on an anonymized basis.
Peter S. Pelullo, Chief Executive Officer, REGO said: “This is the instantiation of the platform that REGO has been driving towards. In addition to merchant websites, we anticipate our native integration with e-commerce platforms will further fuel user adoption rates via purchases of physical goods and subscriptions directly on social media sites. MazoolaPaySM particularly fills a market gap precipitated by the COVID-19 pandemic, increased on-line usage and the need for a secure, contactless payment solution for children that is not currently offered in the global marketplace.”
REGO will be offering informational webinars and sandbox opportunities for both retailers and e-commerce platforms.
REGO commercially launched its all-digital family wallet, MazoolaSM, on February 8, 2021. The platform is protected by three patents (System and Method for Virtual Piggy Bank, System and Method for Verifying the Age of an Internet User, and Virtual Piggybank Having Quick Connect) that enables MazoolaSM to provide its COPPA and GDPR compliant service. REGO commercially launched the white label version of its all-digital family wallet, MazoolaEnabledSM, on February 17, 2021.
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, MazoolaSM, 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.
About SKB Capital, LLC (SKB Capital)
SKB Capital is a corporate advisory services firm specifically focused on non-traditional advanced technologies. The Company provides strategic planning, business development, board advisory, and investment banking services. Learn more at skbcapital.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