Quisk has received a US patent for a mobile payment security system that allows customers to lock their digital cash account anytime, anywhere to prevent unauthorised use.
The recently issued patent is US Patent 8,788,389: "Methods and Systems for Providing a Customer Controlled Account Lock Feature."
The company said the account locking capability is a security feature for its patent-pending digital cash payment platform.
The Account Lock Feature allows users to easily and conveniently tailor the level of security on their Quisk digital cash account, which would be domiciled at a bank.
Various account lock features can be activated and deactivated at any time, further protecting the consumer’s digital cash.
According to the company, the new platform does not store or transmit identifiable account numbers, and consumers can access their Quisk digital cash account using their mobile phone number and a unique PIN.
Apart from giving real-time on-line access to all Quisk transactions, the account holders receive real-time SMS messages of each digital cash transaction, including retail sales, P2P, Bill Pay and eCommerce.
Quisk chairman and CEO Steve Novak said: "Security is of paramount importance to Quisk, and we have appropriately invested to ensure we build state-of-the-art capabilities.
"Digital cash must be more secure than the credit card paradigm from the last century."