Name Change Reflects Company's Move to Tie Merchant Loyalty Programs to Parking in Cities NationwideHAMPTON FALLS, NH--(Marketwire - April 22, 2010) - Parcxmart Technologies, an electronic payment solutions provider, today announced it has changed its name to PXT Payments (PXT), signaling a maturation of the company's smart debit card payment system.
The name change comes on the heels of PXT's introduction of chip-based, secure smart debit cards. PXT provides tokenless parking transactions with wireless settlement, but the cards are smarter than just that. In the past, smart cards have been merely cards that pay for parking, essentially tokens in the form of a card. But the PXT smart debit card, with its merchant loyalty tie-ins and credit card-like settlement process, effectively creates a local currency to be spent locally.
There are two advantages of PXT's smart debit card over bank cards: The cards can be made for exclusive use in a single municipality, or standardized across a state, or even multiple states if local authorities coordinate. There are no limits. The cards are also a safe currency consumers can trust. Using chips instead of magnetic stripes enables end-to-end encryption, making identity theft impossible.
"The new name reflects the maturation of our smart debit card payment system, and the symbiotic relationship between merchants, parking, local economies," said John Regan, CEO of PXT.
About PXT Payments
PXT Technologies (PXT) is an electronic payments company specializing in smart debit card transactions and local merchant loyalty programs. The company operates its independent platform using secure, end-to-end 3DES encryption, eliminating the threat of identity theft. To complete settlement among all parties involved, PXT uses the Federal ACH payment system. PXT has been processing smart debit transactions daily since 2006. Visit PXT Technologies (www.pxtpayments.com).
PXT Technologies (PXT) is an electronic payments company specializing in smart debit card transactions and local merchant loyalty programs. The company operates its independent platform using secure, end-to-end 3DES encryption, eliminating the threat of identity theft. To complete settlement among all parties involved, PXT uses the Federal ACH payment system. PXT has been processing smart debit transactions daily since 2006. Visit PXT Technologies (www.pxtpayments.com).
