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Washington Lawmakers Spotlight Online Safety and the Children's Online Privacy Protection Act (COPPA) at Recent US House of Representatives Hearing; Rego Payment Architectures is Leading the Charge

Rego Payment Architectures (OTCQB: RPMT) "REGO" recognized for its digital wallet platform, Mazoola(SM) - the first and only independently certified COPPA compliant digital family wallet


News provided by

REGO Payment Architectures, Inc. (“REGO”)

Dec 15, 2021, 07:00 ET

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BLUE BELL, Pa., Dec. 15, 2021 /PRNewswire/ -- Last week, the US House of Representatives held a hearing on Holding Big Tech Accountable, spotlighting the need to keep children and their information safe while they are online. Tech policy expert and Rego Board of Advisors Member Rick Lane testified on the risks kids face online today and ways Congress can step up to protect them.

Building a safer and more secure Internet for children will require Congress to focus on a variety of interlocking issues, including online privacy protections and broader liability and safety standards – particularly in the context of digital payment systems and apps. Lane focused on the Children's Online Privacy Protection Act (COPPA), which makes it unlawful for a "website or online service" to collect personal information from a child under thirteen—whether for the service's own use or to sell to others—without first obtaining parental consent.

Currently there are dozens of financial apps on the market for kids and teens. However, only the Rego Payment Architectures "REGO" digital wallet platform, Mazoola, is independently COPPA certified and ensures a child's identity is kept private.  Due to a legal loophole, other financial apps for children currently allow the collection of a great deal of their personal information without parental consent. Many fall into a dangerous FinTech Child Privacy Protection Gap where kids as young as 13 are treated as adults and have their data harvested, profiled, and targeted. According to a recent VICE article, it's incredibly hard for a parent to control the sensitive information being shared about their children online, including their names, birthdates, email addresses, GPS location history, and now financial transactions. And when this data is hacked or breached, it can set in motion a lifetime of identity theft and devastating financial consequences.

During the US House of Representatives hearing, Mr. Lane urged Congressional leaders to hold big tech accountable and enact legislation to build a safer Internet. He shared that "digital wallets are growing in popularity at a remarkable pace. Children today are engaging in financial transactions with digital wallets, both online and in stores more than ever before." He went on to say that "to combat the potential harm to our children through online data collection, REGO has incorporated COPPA privacy by design into its Mazoola financial application and pay button, producing the only COPPA certified digital payment app on the market. Policymakers at all levels are starting to work on this problem, but progress has been slow."

It's incredibly important for kids get an early start on learning and preparing for future financial success, but in a safe way. Mazoola is currently the only digital banking solution that puts privacy first and helps teach kids essential financial management skills. The app only collects from parents the bare minimum identifying information needed for banking, and no personally identifying information at all for its child users. It doesn't even know your child's name, as parents can assign nicknames for kid's accounts. Mazoola will also never share or sell the limited information it does have. This commitment should be the gold standard for protecting kids' privacy online.

Find out more about Mazoola at mazoola.co. Follow the conversation on Instagram and Facebook (@Mazoolawallet).

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, Mazoola℠, 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.

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.

SOURCE REGO Payment Architectures, Inc. (“REGO”)

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