BLUE BELL, PA — REGO Payment Architectures, Inc. (OTCQB: RPMT) this week 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.”
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