REGO Payment Architectures, 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.
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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.
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“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.”
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