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NEW YORK (April 17, 2019)Payfone, an award-winning digital identity authentication leader, today announced the closing of a $24 million funding round led by TransUnion (NYSE: TRU), a global leader in information solutions, with participation from existing investors Synchrony (NYSE: SYF), a premier consumer financial services company; MassMutual Ventures, the venture fund of leading mutual life insurance company Massachusetts Mutual Life Insurance Company (MassMutual); and Wellington Management LLP.

 

TransUnion’s investment in Payfone underscores a new strategic partnership that will leverage the two companies’ complementary missions and capabilities to accelerate the global digital economy.

 

TransUnion will enhance its existing IDVision® with iovation® suite of products by integrating Payfone’s Trust Platform™ and Trust Score™, enabling businesses to overcome the historical tradeoff between security, convenience, and privacy. Payfone also announced that TransUnion will become Payfone’s primary partner for regulated identity verification information.

 

Despite the fact that it is estimated that 98% of online transactions are legitimate, the digital economy suffers from a ‘Trust Gap’ in which the fear of cyberattacks, synthetic fraud, and stolen identities leads to falsely declined transactions and ever-mounting fraud losses. Powerful, proprietary algorithms enable Payfone’s Trust Score™ to close the Trust Gap, allowing businesses to approve more transactions instantly, while thwarting fraud.

 

“The fear of identity fraud and cyberattacks holds the digital economy back from its full potential,” said Rodger Desai, CEO of Payfone. “For example, in lending, it’s striking that today five times more loan applications are approved in-person than on-line, despite credit -worthiness. With our partnership with TransUnion, we can now leverage TransUnion’s footprint of more than 30 countries to help expand our Trust Score™ around the globe, allowing billions of additional consumers to safely access digital services.”

 

“We’ve had a relationship with Payfone since 2017, recognizing the incredible value they bring to fraud prevention. Within this new strategic partnership, we anticipate supporting Payfone’s expansion to new markets and looking at other uses of their products throughout our organization, said Geoff Miller, Senior Vice President of Global Fraud and Identity Solutions, TransUnion. “We are both committed to protecting consumers, focusing on data privacy and building trust with our customers, and the combination of our solutions will create a better, more seamless experience for everyone.” 

 

In March, Payfone announced the next phase of their Zero-Knowledge architecture, which enables identity verification partners, such as mobile network operators, to verify consumer and business identities without consumer information being passed, stored, or aggregated. In 2018, the company authenticated 20 billion transactions for Fortune 500 companies using this privacy-first approach, and it expects to double that number in 2019. Click here to learn more about Payfone’s privacy-first Bill of Trust.

 

As part of the funding round, Miller will join Payfone’s Board of Directors.

 

About Payfone

Payfone’s award-winning Trust Platform™ and Trust Score™ bring trust to the digital economy by enabling businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework. Payfone serves 6 of the top 10 US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

About TransUnion (NYSE: TRU)

Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Europe, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.

We call this Information for Good℠. www.transunion.com

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

Today, Payfone received coverage in The Nilson Report, a bi-weekly global publication which reaches more than 2,000 financial institutions and enterprises worldwide in the global card and mobile payments space. The article, entitled ‘Payfone Token Protection for Digital Transactions’, profiles Payfone’s unique differentiators that allow us to ‘close the trust gap’, as well as our and zero-knowledge architecture for privacy.

Read the full article here.

Companies benefit from expanded U.S. coverage and efficacy of digital identity verification without sacrificing consumer data privacy  

 

NEW YORK (March 1, 2019) Payfone, the world’s leading digital identity authentication network dedicated to bringing Trust to the digital world based on their consumer-first Bill of Trust, announces that it has expanded its digital identity verification coverage to 90% of U.S. adults for all active mobile, fixed and non-fixed VoIP and landlines.* Additionally, Payfone is extending its Zero-Knowledge architecture, a privacy safe haven first introduced in 2015, to now include Authoritative Identity Verification partners, such as mobile network operators and financial institutions.

 

These two milestones represent major developments in the identity authentication leader’s strategy to harmonize trust, privacy and consumer experience in the digital world, and extend these benefits across the United States. This expanded reach means that Payfone can extend its KYC/AML identity verification and fraud prevention solutions to even more people, which is critical as more and more consumers rely on mobile devices as their primary form of interacting with businesses and each other.

 

To learn more, click here to join Payfone on March 14 at 1pm ET for a webinar on how to put privacy first with Zero-Knowledge architecture.

 

“Over the past few years, Payfone’s commitment to fraud prevention has led us to focus on bringing these benefits to all individuals in the U.S., including the underbanked. Digital KYC and AML services need to be available to all, including those with pre-paid phones, those who are on family plans, and even those with small business and corporate phones,” said Rodger Desai, CEO and Co-Founder of Payfone. “As we continue the journey in 2019, we plan to expand our reach by adding coverage for lifeline phones, hybrid WiFi-Cellular plans, as well as eSIM.”  

 

In addition to expanding coverage, the sharing of Payfone’s Zero-Knowledge architecture raises the bar for consumer data privacy for the entire industry. Zero-Knowledge architecture enables a Relying Party to verify a claim, such as age, through Payfone without personal information being passed back, stored, or aggregated.

 

“We have been using Zero-Knowledge for our customers (Relying Parties) since 2015,” explained Desai. “Now we are extending our Zero-Knowledge architecture to Service Providers and Authoritative Identity Verification partners to accelerate the modernization of the industry’s ecosystem. Thwarting fraud does not need to come at the expense of data privacy.”

 

“The telecom industry and American public are currently plagued by robocalls, SS7 attacks, SIM swap scams and porting fraud,” said Michelle Wheeler, Payfone SVP of Industry Relations and CTIA board member. “Solutions like this, which allow consumers to participate in the digital economy without fear of getting scammed or worrying about their data privacy being compromised, are welcomed news for the industry.”

 

For more information, see the interview between Payfone CEO Rodger Desai and David Birch of Consult Hyperion about the impact of Zero-Knowledge on consumer data privacy. We also invite you to join us on March 14 at 1pm EST for a webinar on how to put privacy first with Zero-Knowledge architecture.

 

*Based on independent third-party data studies with Fortune 500 companies in the fields of Financial Services, Healthcare, Insurance and Retail.

 

About Payfone
Payfone’s mission is to bring Trust to the digital world and enable enterprises and their customers to enjoy experiences that are fast, frictionless and fraud-free. Payfone’s award-winning Trust Platform™ and Trust Score™ give enterprises the power to give their customers safer and better digital experiences by issuing real-time Trust Scores. Our zero-knowledge Trust Platform™ orchestrates the verification of identity claims with an ecosystem of authoritative partners within a privacy-first framework. Payfone provides digital authentication services for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at www.payfone.com and linkedin.com/company/payfone.  

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

 

The two digital identity leaders are combining forces to make the login experience easier and more secure for consumers in Spain

 

BARCELONA (February 14, 2019) – Payfone, the world’s leading digital identity authentication provider, and the GSMA, a trade body representing mobile network operators worldwide, announced today a new partnership to bring fast, frictionless and fraud-free login experiences to companies and their consumers in Spain. Payfone and the GSMA’s Mobile Connect authentication technology fulfill the need for enterprises in Spain to engage more effectively with their customers. Payfone’s award-winning Trust Platform and Trust Score™ replace cumbersome and hackable identity verification processes such as passwords, knowledge-based security questions and SMS one-time passcodes with instant, invisible, and zero-knowledge digital authentication. The deal marks another major milestone for Payfone as it continues its expansion into 35 global markets.

 

The key ingredient to enabling the best possible digital experiences is eliminating the real-time Trust Gap, the difference between the >95% of consumers who can be green-lighted through a VIP customer experience and the <5% of consumers who require further authentication to confirm that they are who they claim to be. Payfone eliminates this Trust Gap and creates a VIP express lane experience for trustworthy logins through our patented Trust Platform and Trust Score. The Trust Score answers the question ‘Is this customer who they claim to be?’

 

“Companies around the globe realize that there is no longer a need to trade off great digital experiences for fraud prevention,said Rodger Desai, Chief Executive Officer of Payfone. “Winning businesses will be differentiated by delivering experiences that not only engage customers and drive long-term loyalty, but save on OpEx by eliminating unnecessary intervention processes.” Desai continued,”We are thrilled to partner with the GSMA and Mobile Connect to bring our advanced Trust capabilities to Spanish enterprises, who can leverage them to give their customers a safer and more convenient way to log in while competing more effectively.”

 

“With Mobile Connect, the mobile industry is fulfilling an important role in the digital identity space, giving users control over their own data and enabling consumers, businesses, and governments alike to interact and access online services in a convenient, private and trusted environment,” said Alex Sinclair, Chief Technology Officer of the GSMA.

 

Payfone and Mobile Connect’s secure, frictionless authentication technology will be available to Spanish enterprises in mid-February 2019.

 

Request a meeting to learn how you can boost customer satisfaction and engagement with Payfone’s Trust Platform.

 

About Payfone
Payfone is the world’s leading digital identity authentication network. Our award-winning next-generation Trust Platform validates identities and enables enterprises to deliver fast, frictionless, and fraud-free customer experiences to over 90% of their customers. Payfone closes the Trust Gap and issues a real-time proprietary Trust Score for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

Introducing the Trust Platform, a meaningful differentiator for brands

NEW YORK (January 24, 2019) – Payfone, the world’s leading digital identity authentication network, today announced the launch of the Trust Platform, a first-of-its-kind digital authentication platform. The Trust Platform enables enterprises to increase customer satisfaction with faster, frictionless and fraud-free customer experiences across all channels.

Payfone developed the Trust Platform to address a major challenge for leading financial, healthcare, technology, retail and insurance companies. Currently, a ‘trust gap’, a void in real-time identity information, forces businesses to treat all of their customers with increased suspicion and friction.

The Trust Platform enables forward-looking enterprises to finally overcome the tradeoff between security and user experience by leveraging Payfone’s patented, deterministic technology. Key elements which efficiently close the ‘trust gap’ include a tokenized Payfone ID, an enterprise-specific Fonebook, and the Payfone Trust Score, a real-time number which quantifies the level of confidence in a consumer’s identity. The Trust Score allows brands to deliver a VIP express lane experience to over 90% of their customer base by confidently answering the critical question, “Is this customer who they claim to be?”

digital authentication, digital identity, identity authentication, payfone, trust platform, customer experience, mfa, multi-factor authentication

To learn how to differentiate your brand and deliver a streamlined customer experience with Payfone’s Trust Platform, click here.

“We believe that Trust is the new KPI which will reshuffle the Fortune 500,” said Rodger Desai, Founder and CEO of Payfone. “Companies who figure out how to trust more people online and transact with them quickly and conveniently are going to grow more rapidly than those who don’t. That’s what we deliver through our Trust Platform and award-winning Trust Score.”

digital authentication, digital identity, identity authentication, payfone, trust platform, customer experience, mfa, multi-factor authentication

Desai commented that “the bottom line is that the Payfone Trust Platform facilitates commerce by making it easier for consumers to do business with brands, and easier for enterprises to provide an optimal user experience to the vast majority of their customers.”

Request a meeting to learn how you can boost customer satisfaction and engagement with Payfone’s Trust Platform.

About Payfone
Payfone is the world’s leading digital identity authentication network. Our award-winning next-generation Trust Platform validates identities and enables enterprises to deliver fast, frictionless, and fraud-free customer experiences to over 90% of their customers. Payfone closes the ‘trust gap’ and issues a real-time proprietary Trust Score for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

Payfone Set to Extend Award-Winning Anti-SIM Swap Fraud Technology to 35 Additional Global Markets in 2019

 

The expansion will allow companies in 35 global markets, including Australia, Austria, Canada, Chile, Colombia, Brazil, France, Ireland, Italy, the Netherlands, Nigeria, Poland, Singapore, South Africa, Spain, Switzerland, and the UK, to safeguard and better serve their customers using Payfone’s patented technology

NEW YORK (November 28, 2018) – Digital identity authentication leader Payfone announced today that it will be extending its award-winning cybersecurity technology to 35 additional global markets in 2019. The patented technology has successfully enabled major North American financial services and cryptocurrency companies to thwart SIM swap and porting fraud by alerting them of suspicious activity before fraudsters can take damaging action, and will soon be available to international enterprises seeking to achieve similar results.

“SIM swap fraud continues to make headlines around the world as a growing threat that is draining consumer bank and cryptocurrency accounts,” said Rodger Desai, Chief Executive Officer of Payfone. “Fortune 500 clients who have used our technology to dramatically reduce or completely eliminate SIM swap fraud and other account takeover attacks in domestic markets have communicated their need to extend this capability across their global portfolios. We listened very closely to those requests and are pleased to announce that starting in Q1 2019, we will be able to meet that demand, allowing our clients to protect their customers across the globe.”

 

The full list of global markets where Payfone’s technology will be available includes Australia, Austria, Canada, Chile, Brazil, Colombia, France, Ireland, Italy, the Netherlands, Nigeria, Poland, Singapore, South Africa, Spain, Switzerland, and the UK, which will come online in Q1, and Belgium, the Czech Republic, Denmark, Finland, Hong Kong, Hungary, Israel, Japan, Malaysia, New Zealand, Portugal, Romania, the Russian Federation, Sweden, Thailand, Turkey, and the United Arab Emirates, which will roll out over the remainder of 2019.

Desai made the announcement earlier this month at the 2018 SINET Security Innovation Network Showcase in Washington, D.C. as he accepted the 2018 SINET Cybersecurity Innovator Award on Payfone’s behalf. In September, Payfone was selected from a pool of 123 global applicants as a winner of the prestigious cybersecurity award. Administered by SINET, the award honors the 16 most innovative and compelling cybersecurity companies in the world.

 

About Payfone

Payfone is the leading digital identity authentication provider for the connected world. The world’s largest banks, insurers, brokerages and technology companies trust Payfone to accelerate revenue by thwarting digital identity theft with real-time, passive identity authentication and predictive identity confidence through our proprietary Trust Score. Our solutions enable consumers and businesses to transact with trust. Learn more at payfone.com and www.linkedin.com/company/payfone.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

1,132% growth rate landed the digital identity authentication leader a spot on the prestigious list for the second year in a row

NEW YORK (November 15, 2018) – Digital identity authentication leader Payfone announced today that it has been named to Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America, for the second year in a row. The New York City-based company, which helps enterprises create seamless and secure digital experiences through Trust, achieved an explosive 1,132%  growth in revenue between 2014 and 2017. The win marks another important milestone for Payfone as it continues its trajectory towards 20 billion authentications for Fortune 500 companies this year and expands its Trust Score capabilities into 35 additional global markets.

Payfone, identity authentication, digital trust, trust, deloitte fast 500 2018, mobile securityThe tri-state winners of the Deloitte Fast 500 Awards were announced yesterday evening at a ceremony at the Whitby Hotel in New York City.

“We are honored to have ranked amongst the fastest growing companies on the prestigious Deloitte Technology Fast 500™ list for the second year in a row,” said Rodger Desai, Chief Executive Officer of Payfone. “This win will serve as fuel for our team to keep innovating and pushing the bar higher in our mission to create a friendlier and more frictionless digital world where companies and people can interact with Trust.”

“Our significant revenue growth is strong evidence that our patented, next-generation technology is providing value for our clients and their customers,” said Tom FitzSimmons, Payfone’s Chief Financial Officer. “Being recognized on the Deloitte Technology Fast 500™ list is validation of our team’s hard work and passion for building a new paradigm for identity authenticationone that allows enterprises to protect their users while also delivering the best possible user experience.”

Payfone, identity authentication, digital trust, trust, deloitte fast 500 2018, mobile securityPayfone was one of the highest-ranking companies in the tri-state area with an incredible growth rate of 1,132%

For more than 20 years, Deloitte has recognized the fastest growing public and private technology companies in North America. The 2018 Technology Fast 500 Companies were judged based on revenue growth from 2014 to 2017, with median growth of 412 percent.

Payfone VP of Finance Eugene Keenan accepted the award on behalf of Payfone.

About Payfone

Payfone is the leading digital identity authentication provider for the connected world. The world’s largest banks, insurers, brokerages and technology companies trust Payfone to accelerate revenue by thwarting digital identity theft with real-time, passive identity authentication and predictive identity confidence through our proprietary Trust Score. Our solutions enable consumers and businesses to transact with trust. Learn more at payfone.com and www.linkedin.com/company/payfone.

About Deloitte’s 2018 Technology Fast 500™

Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies —both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017.

 

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
+1.212.614.6927

 

The digital identity authentication leader was recognized by the SINET organization as one of the most innovative and disruptive cybersecurity technology companies in the world

 

NEW YORK CITY (September 25, 2018) – Payfone, a world leader in digital identity authentication, announced today that it has been named a SINET 16 Innovator for 2018. This prestigious award, administered by SINET, an organization devoted to defeating cybersecurity threats through public-private collaboration, recognizes the 16 most innovative and compelling cybersecurity companies in the world. Payfone was selected from a pool of 123 global applicants by the SINET Showcase Steering Committee, which is comprised of 100 cybersecurity professionals drawn from leading cybersecurity consultancies, investors and government agencies.

 

“We are honored to accept the distinguished SINET 16 Innovator Award,” said Rodger Desai, CEO of Payfone. “This win will serve as fuel for the Payfone team as we authenticate 19 billion transactions this year and continue to drive forward in our mission to create a more secure digital world where companies and consumers can transact with trust.”

 

As a recipient of the SINET 16 Innovator award, Payfone will present its unique approach to replacing vast stores of static personal data with secure, anonymous tokens informed by dynamic digital signals at the SINET 16 Showcase on November 7-8 in Washington, D.C.

 

About Payfone

Payfone is the leading digital identity authentication provider for the connected world. The world’s largest banks, insurers, healthcare enterprises, brokerages and technology companies trust Payfone to accelerate revenue by thwarting digital identity theft with real-time, passive identity authentication and predictive identity confidence through our proprietary Trust Score. Our solutions enable consumers and businesses to transact with trust. Learn more at payfone.com and www.linkedin.com/company/payfone.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
+1.212.614.6927

CTIA, the wireless industry association, today announced that Michelle Wheeler, Payfone Vice President of Market Development, will join CTIA’s Board of Directors effective January.

 

Payfone is a valued CTIA member and a leading cybersecurity platform. Payfone’s focus on targeting digital identity theft with innovative identity authentication network solutions has made it a trusted brand across multiple industries.

 

“I’m excited to welcome Michelle to the CTIA Board,” said CTIA President and CEO Meredith Attwell Baker. “Payfone is a leader in the digital cybersecurity and authentication space. We look forward to working with Michelle on ways to protect businesses and consumers in the mobile ecosystem as next-generation technologies come to market.”

 

“I am honored and excited to join CTIA’s Board of Directors,” said Wheeler. “I look forward to serving the organization and advocating for the protection, privacy and convenience of American wireless users through advanced identity authentication technologies like Payfone’s.”

 

With more than 25 years of experience in the communications industry, Michelle’s career has focused on enabling operators around the world to leverage data and analytics to solve business problems. She is a recognized expert in her field with deep experience in operational credit and fraud strategies.

 

The full CTIA Board of Directors is available here.

 

About CTIA
CTIA® (www.ctia.org) represents the U.S. wireless communications industry and the companies throughout the mobile ecosystem that enable Americans to lead a 21st century connected life. The association’s members include wireless carriers, device manufacturers, suppliers as well as apps and content companies. CTIA vigorously advocates at all levels of government for policies that foster continued wireless innovation and investment. The association also coordinates the industry’s voluntary best practices, hosts educational events that promote the wireless industry and co-produces the industry’s leading wireless tradeshow. CTIA was founded in 1984 and is based in Washington, D.C.

 

About Payfone
Payfone is the world’s leading digital identity authentication network. Our award-winning next-generation Trust Platform validates identities and enables enterprises to deliver fast, frictionless, and fraud-free customer experiences to over 90% of their customers. Payfone closes the Trust Gap and issues a real-time proprietary Trust Score for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

Media Contacts:

Jason Johnson
CTIA
jjohnson@ctia.org

Yuka Yoneda
Payfone
yyoneda@payfone.com

The digital identity authentication leader will be joined by partners and clients from the mobile, banking, and healthcare sectors to share how they are collaborating to prevent fraud and solve real world challenges by reducing barriers for consumer engagement

 

LOS ANGELES (September 12, 2018) – Digital identity authentication leader Payfone announced that it will be joined by partners Early Warning Services, LLC and the GSMA, and client, higi, for a panel discussion at Mobile World Congress Americas 2018 today in Los Angeles. Entitled #BetterTogether: Breaking Down Digital Identity Barriers to Solve Real World Problems, the conversation will focus on how Payfone is facilitating the collaboration of companies from the mobile and banking sectors  to solve today’s most challenging fraud problems and unlock solutions that improve consumer experience and enhance security while reducing operating expense and barriers to engagement. Payfone will also be making an important announcement around its proprietary Payfone ID, a unique tokenized identifier that allows for private, persistent, portable and protected digital identity, at the event.

 

The panel will take place at 1:20pm Pacific Time in the West Hall of the Los Angeles Convention Center and will be part of a larger Mobile Connect seminar organized by the GSMA entitled Reducing Fraud through Secure Authentication and ID Verification Services. The conversation will be moderated by Marie Austenaa, VP and Head of Identity Business Development at the GSMA, and panelists include Rodger Desai, CEO of Payfone; Eric Woodward, Group President of Risk Solutions, Early Warning; and Dr. Khan Siddiqui, Founder and CTO of higi.

 

Payfone will also be demonstrating how clients are already using its patented digital identity authentication technology to enable use cases such as instant issuance, SIM swap and porting fraud prevention, and passwordless login with enhanced security at GSMA Innovation City, which will run from September 12-14 during Mobile World Congress Americas 2018.

 

For live updates from the panel discussion and GSMA Innovation City, follow Payfone on Twitter and LinkedIn.

 

About Payfone

Payfone is the leading digital identity authentication provider for the connected world. The world’s largest banks, insurers, brokerages and technology companies trust Payfone to accelerate revenue by thwarting digital identity theft with real-time, passive identity authentication and predictive identity confidence through our proprietary Trust Score. Our solutions enable consumers and businesses to transact with trust. Learn more at payfone.com and www.linkedin.com/company/payfone.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
+1.212.614.6927