How they describe themselves: Ondot Systems is the creator of Mobile Card Services, a white-label solution that give consumers control over payment cards. Ondot brings together an experienced management team from the mobile, wireless, and payment card industries to deliver the security that consumers need with the convenience they demand.
How they describe their product/innovation: Ondot empowers cardholders to “remote control” their existing credit and debit cards from a smartphone app. Cardholders can lock or unlock their cards; set usage controls by location, merchants, transactions types, and spend limits; plus receive and respond instantly to alerts and offers. Parents can control their dependents’ spend, and employees can set controls for their employees’ purchases. Card issuers have reduced fraud costs by 60%, increased card revenue by 50%, and gained market share in high-growth consumer segments. These benefits are delivered via Ondot’s technology, which integrates user context and preferences seamlessly into the universal ISO payment standard for faster time-to-market.
Product distribution strategy: Through financial institutions, through other fintech companies and platforms
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