Empowers children to purchase, save and invest in a safe environment
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., Feb. 08, 2021 (GLOBE NEWSWIRE) -- REGO Payment Architectures, Inc. (“REGO”) (OTCQB:RPMT) today introduced MazoolaSM, a digital-based service allowing children to make purchases using their mobile devices in a secure and protected environment. The MazoolaSM App is uniquely positioned to be the leader in this field, providing a COPPA and GDPR compliant financial platform for 80 million plus children.
Our 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) that 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 investing accounts as a technique to develop financial literacy in an increasingly contactless economy.
“A financial solution where guardians and children come together to make financial decisions in a safe environment is long overdue,” said Suzanne E. Kecmer, Chief Executive Officer of SKB Capital. “What makes this offering so compelling is that it protects children’s identity and their digital footprint at every turn as they transact on-line and in-person.”
Steven Kravit, Head of Product Development stated, “To use MazoolaSM, parents and guardians first activate an account by downloading the App at the App Store. Upon registering, children can access their personal account, create savings and goals. Children can also make contactless purchases from within the app, online, or in-store. Online purchases are shipped to the parent or guardian. This is accomplished in a secure environment that protects the identity and personal information of the child.
Every MazoolaSM transaction is compliant under the Children’s On-line Privacy Protection Act (“COPPA”) and GDPR. As per the Federal Trade Commission and European Union, parents and guardians are in control of the collection of personal information from children under 13. MazoolaSM is designed to operate under these strict guidelines to protect children’s privacy and safety online.”
Peter S. Pelullo, Chief Executive Officer, REGO said: “We are proud to commercially launch a product that provides the privacy and security of children’s information and limits what can be shared without parental consent. This App allows for adherence to the growing regulatory environment which appears to be expanding in oversight and adoption. MazoolaSM allows children to transact safely and securely while providing merchants 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.
About SKB Capital, LLC
SKB Capital is a corporate advisory services firm specifically focused on non-traditional advanced technologies. The company provides strategic planning, business development, board advisory, and investment banking services. Learn more at skbcapital.com.
Scott A. McPherson
REGO Payment Architectures, Inc.
325 Sentry Parkway, Suite 200
Blue Bell, PA 19422