Our core technology is a method for generating single-use credit card numbers, around which we are building an ecosystem of software and services called Pokket. We hope to begin to offer elements of our system to consumers once we partner with card-issuing institutions.
Why does the world need Pokket?
Electronic commerce has dramatically altered the business landscape, offering merchants unprecedented opportunities to reach consumers. And yet the e-commerce payment system is deeply flawed. E-commerce currently depends on the aging physical credit card mechanism. For almost every merchant, in order to complete a purchase, consumers must copy a string of numbers from a piece of plastic in their wallet and “verify” this by providing more identifying information than is required at a voting booth. Modern digital authentication systems offer no convenience for the 21st century online shopper.
Additionally, fraudulent online transactions cost banks and merchants over four billion dollars every year—direct costs that continue to rise. Banks and merchants spend billions more on fraud forensics and prevention efforts. Two-thirds of Americans describe themselves as “extremely” or “very” concerned about credit and debit card fraud. Because of this fear, over 16 billion dollars in potential online transactions never occur, annually.
Pluribus has developed a system for processing transactions that corrects many of the flaws in the online payment system. Our solution is designed to deliver security, convenience, speed, and compatibility with the online credit card transaction system. It requires no additional hardware, no alterations to merchants’ e-commerce pages or processes, and no changes to the standard card-payment infrastructure. As a result, our protocol can immediately plug a multi-billion-dollar leak in the online economy and provide a foundation for the digital authentication systems of the future.