Launched at TechCrunch Disrupt in London, the new digital signature processing platform requires customers to use their bank account number and personal signature to authenticate the payments.
Upon validating the authentication, the amount gets automatically deducted from the customers’ bank account, thus preventing fraudulent transactions.
Sign2Pay CEO and co-founder Nicolas Mertens said: "Online debit payments have been plagued by inconvenient and cumbersome authentication methods such as challenge response systems and physical card readers.
"Allowing users to use their personal signature not only increases trust and speed, it also increases sales conversion rates for merchants."
The platform does not require any additional hardware devices such as card readers, ?nger print readers or other biometric authentication devices, and offers better security than biometric authentication methods and PIN-codes, claims the company.
Sign2Pay can currently process payments from over 3,700 banks in the Europe.
Image: Sing2Pay uses customer’s signature to authenticate mobile payments. Photo: courtesy of Sign2Pay.
