Mica provides a payment infrastructure that utilizes a patent-pending Universally Unique Ephemeral Key (UUEK) to eliminate sensitive payment credentials, significantly reducing the risk of fraud in transactions. The platform supports various forms of value through a single API, enhancing consumer purchasing power and streamlining payment processes across multiple channels.
Funding
Funding not disclosed
Founders
Product
Problem
Current payment systems rely on the transmission and storage of sensitive payment credentials, such as card numbers and account details, creating significant vulnerabilities to fraud and data breaches. This reliance increases the attack surface for malicious actors, leading to substantial financial losses for consumers, merchants, and financial institutions.
Solution
Mica offers a payment infrastructure designed to eliminate the need for sensitive payment credentials through its patent-pending Universally Unique Ephemeral Key (UUEK) technology. This UUEK replaces sensitive Personally Identifiable Information (SPII) in the payment flow with a 50-character alphanumeric string that changes with every transaction, making it statistically impossible to replicate and useless if intercepted. Mica's system supports various forms of value, including fiat currency, crypto, loyalty points, and coupons, through a single API, enhancing consumer purchasing power and streamlining payment processes across multiple channels. The platform's architecture enables members to co-create solutions and reduce operational overhead, while its N-Character PIN provides greater transactional security without requiring changes to existing merchant or bank systems.
Target Audience
Mica targets merchants, banks, and consumers seeking a more secure and versatile payment infrastructure that reduces fraud risk and supports various forms of value.
Features
- Universally Unique Ephemeral Key (UUEK) technology that replaces sensitive payment credentials with a unique, transaction-specific key.
- N-Character PIN for enhanced transactional security across online, in-store, and in-app payments.
- SKU-level adjudication solution for real-time digital coupon redemption, increasing consumer spending power.
- Support for multiple forms of value, including fiat, crypto, loyalty points, and coupons, through a single API.
- Open architecture enabling members to co-create solutions and reduce operational overhead.
- Credential-less payments and enrollment for secure third-party app integration.