Once Cellfie is installed on a cardholder's phone, it acts like an EMV payment terminal at a physical store. When a transaction occurs, Cellfie generates cryptogram from a credit card based on EMV transactions and routes it to a payment processor for credit card authorization. Unlike payment gateways, Cellfie does not use a tokenized payment credential for online payments,.
When a consumer reaches a check out page, they choose Cellfie as payment method and simply tap their card against their mobile device to complete payment. This will reduce frictions for consumers, especially when they use new app for the first time, which requires strong card number, CVV code, expiration date, billing address, etc.
No more complex checkout page like right-hand side image. Online payments should be as simple as in-app payments. We provide a completely new customer experience by avoiding burdensome legacy systems. Consumers can check out online just like they tap and go in physical stores.
By bringing card present transactions to mobile and online payments, Cellfie helps to solve:
12% of CNP businesses have 5-10% false declines, which lead to huge revenue losses. Good customers with bad experiences due to false declines can cause a loss of revenue and customer lifetime value.
48% of US consumers believe storing their financial information online is not completely safe. Credit and debit card numbers are commonly considered sensitive information which, if stolen, may lead to identify theft.
CNP chargebacks accounts for about 50% of all types of chargebacks. Cellfie reduces this rate to as low as the chargeback rates seen in physical stores.
Don't want to type payment information for a brand new app? Tap your card against your own phone. Cellfie reduces friction when a customer buys their first product or service in a new app.
EU will make SCA effective in 2020, which will require a mobile phone for card holder verification method(CVM). Cellfie removes CNP transactions along with SCA implementation.
Merchants are always concerned about data breaches, which result in loss of customer loyalty and financial risks from stolen credit card information. Cellfie doesn't store payment credentials in a phone or cloud.
Why consumers love frictionless checkout experience
Cellfie fixes the long-standing issues for online merchants
New standard for Networks, Banks and Processors