How they describe themselves: Our mission is to enable card holders to completely control how, when and where payments are made, increasing card usage, both in terms of transactions and value. We are creating ways to enhance the relationship between banks and their customers and at the same time reduce fraud and service costs for financial institutions. Ondot serves Financial Institutions (banks) via direct relationships as well as and channel partnerships with the majority of the largest card processors in the world, serving over 12,000 financial institutions.
How they describe their product/innovation: Ondot empowers card-holders 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, transaction types, and spend limits; and receive and respond instantly to alerts and offers. Parents can control their dependents’ and businesses can control their employees’ spend limits and transaction types.
Product distribution strategy: Direct to Business (B2B), through financial institutions, licensed
Press: Gary Singh, VP, Marketing, firstname.lastname@example.org