The First Internet ID and Payment Card is Here
In 2003, the first metal card transaction created an entirely new product for the high net worth and affluent audiences that set a new standard for quality and security in payment. Now, metal cards have become the default for any high-end credit card option, and wallets across the world suddenly got heavier as these sleek and elegant cards quickly replaced their plastic counterparts. At Nok Nok, we admire the innovation and vision behind reinventing what our wallets look like, which is why we’re pushing the envelope even further.
This week we announced a strategic alliance with the company behind the metal card, CompoSecure, to introduce the first internet ID and payment card. This new offering, which will roll out early next year, will act as a virtual ignition key to authenticate a user into any digital service on any device and create a new level of safety for both consumers and merchants. If recent months have taught us anything, it’s that criminals will never stop looking for new ways to target and exploit weaknesses in consumer transactions.
Our partnership with CompoSecure will create a platform for secure login and one-step authentication that removes any risk or expense associated with “Card Not Present” transactions, chargebacks, or BNPL (Buy Now, Pay Later). Currently, there are substantial downsides for these types of transactions, whether it’s the risk associated with giving your credit card information over the phone for pizza delivery or making payments online. With 2.8 billion credit cards currently in use worldwide combined with a $25 billion Card Not Present fraud industry, the need for securing these types of transactions is immediate.
The buck doesn’t stop there. While securing payments is a primary focus, both Nok Nok and CompoSecure want to completely change how business is conducted over the internet. This new offering will also allow us to combat identity fraud in evolving areas such as eGaming, cryptocurrency exchanges, e-passports, and more. We want to extend the security CompoSecure has already deployed to its credit cards to any verifiable claim, which could include anything from COVID vaccination status to proof of driver’s license. We have big plans!
When we started working on solving the authentication problem nine years ago with a standards-based approach, we knew the journey wouldn’t be a quick one. We’re nearing a tipping point toward mass adoption of strong authentication and assurance signals, as security teams are dealing with the challenges and costs of data breaches. Our work with CompoSecure is just beginning and the benefits will help bring Nok Nok’s vision of greater security and a better user experience to life.