ApplePay Competitor CP Security Develops ReceiptPass Payment Platform

May 21, 2015, 08:00 ET from CP Security, Inc.

BEVERLY HILLS, California, May 21, 2015 /PRNewswire/ --

This year, merchants and bankers are expected to make strides toward new payment technologies that offer new advances in transactional security, but the looming question is: can ApplePay compete in the long term?

"ApplePay is merely the addition of another middleman in the grand scheme of the payments ecosystem," cites Walter Steelman, President and CEO of CP Security, Inc., "People don't see it coming just yet, but there is a train wreck on the horizon. Apple has the largest repository of user payment data in the world. It's a matter of time before that becomes a major liability."

CP Security, Inc. is in the process of building a new network fabric to give a new home to digital payments that is expected to outperform all security measures in place today. Steelman continues, "People don't seem to understand that when a payment is made, there are a lot of trolls under that bridge holding their hands out." Merchants today are paying out an average of 3% per transaction for the "privilege" of offering digital payments.

"The biggest question out there right now is, what are these companies doing for the merchant and consumer? They continually place bandages on the failed portions, but no one is fixing the network and offering an actual service to all parties involved: consumers, merchants and banks," Steelman explains.

CP Security, Inc. is currently being courted by a number of banks looking to be involved on the ground floor of this software offering. Their new, patent-pending network technology is expected to completely revolutionize the way that the world handles money. The innovations they have planned can definitively change the face of the market and ultimately cut out middlemen preying on merchants and consumers today.

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SOURCE CP Security, Inc.