IoT device + digital wallet, OV Valet taps legacy POS
OV Loop, a technology company focused on communications and commerce, added OV Valet to its growing family of messaging and commerce solutions. Designed to drive frictionless, touchless checkouts across mobile, in-store and in-app channels, the solution is being promoted on Indiegogo, noted Will Graylin, chairman, CEO and founder of OV Loop.
“We invented OV Wallet with the Valet Superkey that’s safe, easy to use and trackable,” Graylin said. “We’re excited to bring you the future of payments, to help you leave your wallet and worries behind.”
Graylin also mentioned that OV Valet can replace physical cards, which are costly to manage. The secure digital wallet works in a majority of existing POS systems, using both near field communication (NFC) and magnetic secure transmission (MST). MST is an alternative contactless technology developed by OV Loop co-founder George Wallner in 2013, he stated.
Leverage existing hardware
In 2013, when lack of NFC-enabled devices impeded digital wallet acceptance, Wallner found a way to facilitate contactless commerce without forcing merchants to change their systems.
“George is an expert in wireless communications and was able to create a magnetic induction solution to transmit effectively to existing POS with no change,” Graylin said. “Unlike dynamic magstripe cards that try to emulate a magnetic stripe and must be swiped through the card reader, MST is a nearfield contactless transmission that can work within 2 to 4 inches, and we can transmit one time use card data (tokens) including secure cryptogram in the CVV field of the data.”
MST can transmit a secure token while getting the POS to think a card is being swiped, Graylin stated. OV Valet uses both NFC and MST and is safe and easy to use; you can hand the OV Valet device to a waiter where you wouldn’t want to hand over your phone, he added.
Secure, efficient commerce
OV Valet is the latest in a line of innovations from Graylin and Wallner, the serial inventors and entrepreneurs behind Samsung Pay, LoopPay, Roam Data and Hypercom, company representatives stated.
The company described the following additional features and benefits of the solution:
- Energy efficient: OV Valet uses BLE (Bluetooth low energy) and unique algorithms to conserve energy. The small form factor, which is the size of a key fob, can last about four months under normal use and can recharge in 30 minutes or less. The Valet will notify the app when it has less than 20 percent power to remind the user to charge the device well before it runs out of battery power.
- In-store security: OV Valet uses one-time use tokens. If someone hacks a merchant’s system, the token is rendered useless. Additionally, the OV Valet transmits tokens only when users press a button, so they never get skimmed or sniffed.
- Online security: OV Valet generates randomized three-digit security codes for secure ecommerce.
- Advanced tracking: OV Valet doubles as a Bluetooth tracker. Users can press the Valet button three times and their phone will ring, even if it’s on silent. The app will show them where the Superkey was last connected to their phones.
- Suspend and unsuspend: OV Valet can be suspended and reactivated with the tap of a button in the app. Freezing the Valet doesn’t freeze a payment card, so even when Valet is frozen, cards are still accessible and usable.
- Dedicated Bill Pay and Rewards Account: OV Valet includes a dedicated bill pay and rewards account, eliminating the need to share bank account information with billers. Users can load money onto the account and start making payments.
More enhancements planned
Graylin stated that the company has tested paying with the phone using NFC, paying with Valet using NFC and MST, and paying online and in-app and in-message bill payment using OV Wallet. The company’s near-term roadmap is filled with additional enhancements, he added.
In addition, OV Loop will help banks and issuers distribute branded versions of OV Valet to their best customers. This will help drive their own brand awareness every time their customers use Valet, Graylin stated, adding that it will also provide safer touchless commerce with lower replacement costs.
“Valet is not just another contactless card but is really an IOT device tied to a digital wallet experience,” Graylin said. “Valet provides a gateway to better commerce experiences with banks and brands.”
For additional information about the OV Valet Indiegogo campaign through which backers can preorder OV Valet (estimated shipping date is April 2021), visit www.indiegogo.com/projects/ov-valet-superkey-with-a-heart-of-a-digital-wallet .
This article originally appeared Oct. 28, 2020, in The Green Sheet: http://www.greensheet.com/breakingnews.php?article_id=2459