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LATPAY - TAKING BACK CONTROL OF DATALATPAY was the 2nd place winner of the Hedera Hashgraph global h
LATPAY was the 2nd place winner of the Hedera Hashgraph global hackathon out of the Singapore location. This was submitted by Shankar S. Thirlok, John Kwok, Shiyao Wang, Senthilkumar Govindarjalu.
To securely tokenise payment cards (VISA / MASTERCARD) and empower customers to authenticate before using the card details.
Thousands of credit card transactions are made every second and around 70% of merchants store card details unencrypted. As a result, credit card fraud is expected to grow to over $35 billion in 2020. To mitigate this issue, there is PCI DSS compliance for data security and GDPR for privacy in Europe. However, these steps create challenges for merchants.
We are creating a dapp - LatPay. Latpay is an app that users can download and this app helps users to interact with the hedera public ledger where they can own and store their own credit card details so that they would not have to give this information to merchants thus reducing the risk of fraud.
See an overview from the team as well as how it works in their attached presentation.