How they describe themselves: Our mission is to enable complete control of how, when, where payments are made to the payment instrument holder thereby building stronger and engaging relationships between the cardholder and the issuing Financial Institution (bank). We are creating ways to enhance digital user interaction with their payment instruments and at the same time reducing fraud, increasing usage (transactions and value) and overall cost of service for the financial institutions. Ondot serves Financial Institutions (banks) via direct relationships as well as through channel partnerships with a majority of the largest card processors in the world, who serve 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, email@example.com