Because your child’s privacy matters
The Children’s Online Privacy Protection Act (“COPPA”) and the General Data Protection Regulation (“GDPR”) compliance drive world-class privacy and consent policy features
BLUE BELL, Pa., July 19, 2021 (GLOBE NEWSWIRE) -- REGO Payment Architectures, Inc. (“REGO”) (OTCQB:RPMT) today announced the upcoming launch of its MazoolaSM version 3.0, a digital-wallet platform that allows children to fully participate in the digital economy in a secure and protected manner. The super app is scheduled to be released August 9th and expected to quickly become a perennial leader in the family neobanking, digital wallet space. As the only certified COPPA and GDPR compliant super app and with mounting pressure to protect children’s identity, MazoolaSM is uniquely positioned to address the 70M+ Gen Z Kids and Teens commerce needs, who are rapidly beginning to dabble with credit and payment platforms.
Rego’s technology is protected by three patents: (System and Method for Virtual Piggy Bank, System and Method for Verifying the Age of an Internet User, and Virtual Piggybank Having Quick Connect). This enables MazoolaSM to provide its COPPA and GDPR compliant service.
With MazoolaSM, children purchase items on-line and in-store, as well as conduct peer-to-peer transfers. Users maintain a digital wallet with cash, savings and accounts to develop financial literacy in an increasingly contactless economy. Version 3.0 will introduce additional capabilities such as push provisioning, charity donations, expanded parental and guardian controls, extensive reward management and non-nuclear family enrollment.
“Privacy is a critical concern for parents, but the topic is not fully understood. As mobile wallet adoption continues to increase and Gen Z teen and tween participation in the digital economy rapidly grows, privacy will take center stage,” said Dan Aptor, Head of Strategy. As recent studies have shown, an alarming amount of personal and identifiable information is being collected by debit card providers for kids, including names, email addresses and their geolocation. “Invasive marketing tactics expose children’s identity and frequently violate COPPA. With MazoolaSM, parents should feel rest assured that our technology and services are powered by privacy first.”
Steven Kravit, Head of Product Development stated, “The MazoolaSM version 3.0 provides parents, guardians and children with an unmatched experience, including a streamlined onboarding interface, preference management and features all powered by privacy. The enhancements and rich feature-set offered by MazoolaSM will be the only wallet a child needs to conduct commerce, earn an allowance and rewards for chores and gain financial literacy.” Moreover, parents will never have to worry about their children’s personal information being disclosed or shared with retailers. The MazoolaSM app does not collect personal information such as a child’s name, track their browsing habits or solicit them with targeted advertising.
Peter S. Pelullo, Chief Executive Officer, REGO said: “Our new version will continue to build on our mission to provide parents and their children with a safe and secure method to participate in the digital economy without compromising on functionality. I am thrilled with the progress our team has made and confident that our offering will be revered by parents and kids alike. We are the only mobile wallet provider that can confidently provide merchants and retailers with a payment mechanism that is COPPA compliant in the United States and GDPR compliant in Europe.”
Safe Harbor Statement
The information in this press release may contain forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to raise additional capital, the absence of any material operating history or revenue, our ability to attract and retain qualified personnel, our ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of our services and products, our limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by us in Item 1.A “Risk Factors” in our most recent Form 10-K; other risks to which our Company is subject; other factors beyond the Company’s control.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. The Company has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.
About REGO Payment Architectures, Inc.
REGO is a digital solution that enables children to stay safe in today’s tech-first environment. The REGO Digital Wallet platform, MazoolaSM, allows parents and guardians to enable online shopping or digital spending at approved retailers, control what funds are available for which purchases, and reward children or pay allowance via the app. REGO is an innovative financial platform uniquely positioned due to its Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR) compliance. Visit us at regopayments.com.
REGO Payment Architectures, Inc.
325 Sentry Parkway, Suite 200
Blue Bell, PA 19422