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Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials

Liquid Avatar Technologies | Cara Buckspan | Nov 8, 2021

Liquid Avatar payment infrastructure partnership - Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital CredentialsPassmateTM enables digital credentials for identity, access, and qualifications to be verified at point-of-sale payment terminals using the same platform as financial, debit and credit card transactions.

Toronto, Canada - TheNewswire - November 8, 2021 -Liquid Avatar Technologies Inc. (CSE:LQID) / (OTC:LQAVF) / (FRA:4T51) / (CNSX:LQID.CN) (“Liquid Avatar Technologies” or the “Company”), a global blockchain, digital identity and fintech solutions company, through the Liquid Avatar Verifiable Credential Ecosystem (“LAVCE”), announces the introduction of its proprietary PassmateTM services program to expand identity verification and validation opportunities for business, industry, and government through the payment terminals and Point of Sale (POS) systems found in most commercial facilities around the globe.

PassmateTM is a Software as a Service (“SaaS”), subscription based transformative technology that makes secure data sharing and proof of identity easily available to consumers and businesses by using the payments infrastructure that merchants and businesses already use. Developed in conjunction with  U.S.-based payments technology company Dynamics Inc. (“Dynamics”) and with Indicio Inc. (“Indicio”), a global leader in designing decentralized trusted data ecosystems, PassmateTM enables any business or facility currently using mainstream POS systems to deploy verifiable credentials to ensure that identity data and other high-value information can be authenticated in a secure, privacy-preserving way.

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“Dynamics and Indicio both share in Liquid Avatar Technologies’ vision for quick and reliable digitally verifiable identity that can easily scale across businesses, trade shows, events, convenience stores, restaurants, or other retailers or venues using existing point of sale terminals.” said David Lucatch, CEO Liquid Avatar Technologies. “Passmate™ is a modern and cost-efficient tool that leverages current technologies, like point of sale or payment terminals to confirm that an individual is who they say they are and that they have the correct immunization, age, or other credential to receive a service, make a restricted purchase or gain access. Secure, private, digital verification reduces fraud and increases certainty between parties while no personally identifiable information is revealed without permission. This type of easy to use, trustworthy digital identity is more timely, relevant and is more powerful than ever before.”

PassmateTM  is expected to be piloted in early 2022 as part of the recently announced Smart Age program supported by the Ontario Convenience Stores Association (OCSA) as it looks to expand current age-restricted product sales. The Smart Age program for OCSA and potentially other hospitality businesses will consist of in-store and out-of-home awareness campaigns, digital verification review at the point of purchase and, where applicable, work with other transaction processing systems to support PassmateTM integration into existing point-of-sale and payment terminals that will be used to verify credentials in order to confirm that the customer is of legal age to purchase restricted products.

The PassmateTM SaaS subscription and micro-transaction program will first be introduced with the direct support of Dynamics and then be made available through Liquid Avatar Technologies and Dynamics to other transaction processors in Canada, the United States of America and globally. The Company is already in discussions with leading payment processing and solutions providers and is planning to launch PassmateTM with health credentials and age verification in early Q1 2022 as it looks to support industry and government issued credentials.

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“Liquid Avatar Technologies’ product line to make easy-to-use, verifiable digital identity is the type of ambitious innovation goal that aligns with Dynamic’s mission to change the world without changing the way the world works.” said Jeffrey Mullen, CEO of Dynamics Inc. “With Passmate™ integrated into the point of sale, businesses of all sizes will be part of an advanced capability for reducing fraud and uncertainty in the industry.”

The Future of Private Digital Communications

Liquid Avatar Technologies continues to roll out further enhancements to the LAVCE that go beyond conventional payment and communications technology solutions. As part of ongoing development and its commitment to Decentralized Finance (DeFi) and blockchain-based initiatives, the Company uses the combination of decentralized identifier technology (DIDs) and decentralized identifier communication called ‘DIDcomm’ to enable highly secure, peer-to-peer data sharing, including payment and secure communication between parties in Passmate™.

The advantage of using DIDcomm in Passmate™  is that it provides communication across multiple channels—the web, email, mobile push notifications, QR codes, Bluetooth, message queues, and more. Each peer-to-peer communication is unique, secure, and provides the parties communicating with complete control over their private data.

“It is hard to overstate the potential impact of DIDComm on the future of digital communications,” said Heather Dahl, CEO of Indicio.tech. “It’s a foundational protocol that will change how people connect to each other on the Internet. It will allow the development of much richer interaction while enabling consent, transforming security, and ensuring privacy. It enables merchants and businesses to create a new world of direct, personalized concierge-quality interaction with their customers and to offer them new services—all without having to go through a third party, and without the headache of data privacy regulation.”

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The Company believes that LAVCE’s implementation of DIDcomm to verifiable credentials and payment technologies will be one of the first commercial applications of its kind in in North America, and will create a plethora of use cases and opportunities for consumers, businesses, and the Company

“DIDComm has the same excitement and possibility around it as HTTP did when it was first launched.” Lucatch said “Liquid Avatar Technologies is fully committed to the advancements that Indicio is working on and is helping to facilitate in the Decentralized Identity Foundation and other standards bodies. This technology is crucial for the future transformation of online payments, making them more secure, more trustworthy, and closing the chapter on financial fraud and identity theft.”

For more information, or to book a demonstration of the technology and how the LAVCE can assist your organization to support your reopening and health care objectives, please contact Liquid Avatar Technologies.

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NCFA Jan 2018 resize - Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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