Online Transaction Settlement, Exclusive Merchant Discounts Make PXT Smart Debit a Local Currency, Brookline, MA Next to AdoptHAMPTON FALLS, NH--(Marketwire - May 11, 2010) - PXT Payments (PXT, formerly Parcxmart) an electronic payment solutions provider, today announced the launch of its new chip-based, secure smart debit cards, designed to create a safe, local currency that boosts consumer spending in municipalities nationwide.
The new smart debit card is also fully integrated with PXT's flagship product Parcxmart, the on- and off-street parking application. The town of Brookline, MA, will be the first town to adopt both Parcxmart and the smart debit card program.
"We're thrilled to be able to offer incentives for our customers to shop here, and let them reload their smart debit cards here," said David Leschinsky, owner of Eureka Puzzles and a participating merchant in the upcoming Brookline program. "The PXT smart debit card, and the Parcxmart parking system, provide us with a way of helping our customers fund their transactions and avoid parking tickets."
The PXT smart debit card, with merchant loyalty discounts and exclusive offers for consumers, as well as its credit card-like settlement process, effectively creates a local currency to be spent locally.
"I was told about the positive impact PXT payments could have on my business by bringing in loyal customers repeatedly who use their cards, But I never thought I would be overwhelmed by their desire to use their cards. And I was," said Benjamin Wilkinson, manager of Blue State Coffee in New Haven, CT, a new participant in New Haven's PXT smart debit card program. "In the first few hours of my business opening its doors to the public, we quickly got our PXT POS terminal operating and began selling and accepting the cards quickly."
The cards can be made for exclusive use in a single town, city, or Business Improvement District (BID), 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.
Identity theft watchdog organizations, as well as the FBI, report that most credit card-based identity theft still happens in restaurants, not during the course of online shopping. The point of sale in the physical world is still most dangerous, so a completely secure card will engender the trust of consumers, as well as protect merchants from costly liability.
"The new card launch reflects the maturation of our smart debit card payment system, and the symbiotic relationship between parking, merchants, consumers, and the economic health of BIDs," said John Regan, CEO of PXT.
About PXT PaymentsPXT Payments (PXT, formerly Parcxmart), 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 www.pxtpayments.com.
