HomeATM Headline News through January 19th

Hackers are defeating tough authentication, Gartner warns

Computerworld ... so they can steal customers' log-in credentials and pillage their bank accounts, according to Gartner analyst Avivah Litan, who wrote the report.



3G encryption can be broken in 2 hours, 'suggest' security experts

Three security researchers have published details on the internet detailing how the encryption used on 3G telephony can be broken into within two hours using the processing power of a single PC. This revelation comes only days after German engineers made similar claims that the 22 year-old A5/1 encryption system widely used on 2G GSM handsets could also be broken.



Coming In Through the Window!



In an article titled "Credit Cards and Reluctant Regulators", Gretchen Morgenson writes for the New York Times about the upcoming changes in the credit card rules going into effect next month. Earlier last week, the Federal Reserve published its final changes to the rules affecting credit cards - and launched a new web page for consumers outlining the changes.



E-Commerce Data Security 2010: Learning From 2009's Debacles

2009 was the first year since 2005 that the number of data breach incidents recorded actually dropped. If that makes you feel a little more secure -- there is a counter side. The same site reports on personal records that have been exposed: 220 million records in 2009 as compared with 35 million in 2008.

http://www.ecommercetimes.com/story/69129.html



Apple vs. Google: The Mobile App Wars' Impact on the Payments Biz

The application wars in the mobile phone business are heating up. They will result in significant threats and opportunities for the payments industry. Industry expert and "Paying with Plastic" author David S. Evans takes a look at what's next for mobile payments. Read more



Mobile Payments Player Boku Gets $25M Investment Boost

This round of capital builds on the strong success and momentum Boku has experienced in the last year and stands as a strong vote of confidence for the company's future. "Every day we are growing and adding new partners, and with the continued support of our investors, we will continue to establish BOKU as the standard in mobile payments," says Boku CEO Mark Britto. Read more



ACH Payments announces availability of ACH Processing Plug-In for Magento ...

Emailwire The Magento Ecommerce platform has become the leader in the Open Source online commerce arena. ACH Payments, in partnership with Thylaksoft LLC has



Mobile App Market Worth £3.7 billion In 2010 : Gartner

ITProPortal Most applications purchased are games with m-commerce, utilities, social networking and productivity apps growing in popularity fast.



Transactions are still not secure with online banking, what else ...

Ecommerce Journal ... successful in hacking security systems so as to steal customers' log-in credentials and pillage their bank accounts, says Gartner analyst Avivah Litan



Recession Helps Fuel Merchant Interest in Online PIN Debit

Digital Transactions NYCE and Pulse are two other major networks that have agreed to support PaySecure. At the same time, Merchant e-Solutions and another processor,



IBM's profit increases and revenue growth resumes

SAN FRANCISCO — IBM said Tuesday that it managed a 9 percent increase in profit in the last quarter as the technology company's revenue grew for the first time in a year and a half. Read article »



Citigroup loses $7.8 billion in fourth quarter

NEW YORK — Citigroup became the latest bank to take a cautious view of consumers' credit problems, reporting a $7.77 billion fourth-quarter loss due to failed loans and the costs of repaying $20 billion in government bailout money. Read article »

Merchant e-Solutions Adds Online PIN Debit to e-Commerce Platform

One of the First Payment Processors to Provide Consumers With PIN Debit Option for Online Purchases

REDWOOD CITY, CA--(Marketwire - January 19, 2010) - Merchant e-Solutions, Inc. (MeS), a global leader in payment processing services, today announced that merchants using its e-Commerce platform can now offer their customers online PIN debit as an additional payment choice.



Editor's Note:  For those who are interested, in a technicality, here's a clarification.  This is not PIN Debit, it  is an alternative payment which they call "Internet or Online" PIN Debit.  But it's not PIN Debit as we know it....not  really a conventional PIN Debit transaction.  Here's why: As per Visa and MasterCard rules, the magnetic stripe must be swiped in order to capture the data contained therein, namely the PVV and PVKI.   So a "card not present" PIN Debit transaction does not truly exist.   A caveat:  Should you "type" your card numbers into a box (as shown below) keystroke loggers can steal your PAN.  (primary account number).  That may be the underlying reason as to why they "lock the keyboard" to force using the Mouse for PIN Entry.  There's some unfortunate news...if they can key stroke log, don't you think they will be able to come up with a program that "mouse click logs?"   Oh...they did...it's called Limbo 2, which is a: "new malware program can steal mouse clicks" and I guarantee you that the last thing you want is for the bad guys to get a hold of your PIN.

Debit is the preferred payment method of U.S. consumers, both in terms of transaction volume and number of purchases and has remained resilient during a down economy compared to the decline in consumer usage of credit cards. With the advantages of online PIN debit, Merchant e-Solutions offers merchants the benefit of lower interchange fees, reduced fraud and fewer chargebacks, while providing their customers the convenience of paying with debit cards and using their bank issued PINs.





"As the popularity of shopping on the Internet increases and the consumer preference for debit expands, merchants are looking for solutions to leverage more cost effective e-Commerce payment alternatives," said Sharif Bayyari, Merchant e-Solutions CEO.



MeS is utilizing Acculynk's PaySecure® software-only service for online PIN debit transactions. PaySecure is now available through a single interface into the Merchant e-Solutions payment platform, or to any merchant as a standalone payment method.

The PaySecure service uses a graphical PIN pad for the secure entry of a consumer's PIN and the PIN pad is presented as a payment option at the merchant checkout when the consumer uses a qualifying debit card. The PIN pad electronically scrambles information for maximum security and powerful encryption and authentication processes are administered before transmission of the PIN through the payment networks.

Merchant e-Solutions is dedicated to supporting online retailers as they compete for a portion of the now more than $600 billion ecommerce market. Merchants using the MeS platform are able to offer Internet customers a broad range of domestic and international payment choices, including credit, online PIN debit and other alternative payments.



MeS's Internet-based services include PCI compliant payment processing solutions tailored specifically for online merchants, including the MeS Payment Gateway and Virtual Terminal, plus an extensive web-based reporting platform that provides access to over five years of processing history.



About Merchant e-Solutions Merchant e-Solutions, founded in 1999, provides Internet-based payment processing solutions for merchants and banks. Merchant e-Solutions currently processes more than $14 billion dollars in payments for more than 65,000 merchants, supporting 150 global currencies and all major credit, debit and alternative payment solutions. The company specializes in services for e-commerce and card-not-present merchants and provides a comprehensive suite of payment solutions that are PCI compliant and designed to reduce merchant risk exposure. Merchant e-Solutions is headquartered in Redwood City, CA, with operations in Spokane, WA, and satellite offices in Minneapolis, MN, and Columbus, GA. For more information, go to http://www.merchante-solutions.com.

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• HomeATM Headline News through January 12th (pindebit.blogspot.com)


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• Online Banking's Innate Security Flaws (information-security-resources.com)


• The VISA Credit Card Scam: From Now On, Use Your PIN! (pindebit.blogspot.com)


• The "Perverse" Nature of the Bank Card Industry (pindebit.blogspot.com)


• The Different Fraud Protections for Signatures and PINs (pindebit.blogspot.com)


• HomeATM Headline News through January 8, 2010 (pindebit.blogspot.com)


• Visa to Drop Signatures on Credit Cards by 2013 (pindebit.blogspot.com)

Pending Card Act Reforms Spelled Out by ClearPoiint

ClearPoint Credit Counseling Solutions: Chargers Gain with Pending Credit CARD Act Reforms

RICHMOND, Va.--(BUSINESS WIRE)--ClearPoint Credit Counseling Solutions is providing accessible information about the long-awaited consumer protections outlined under the “Credit Card Accountability Responsibility and Disclosure Act of 2009,” the Credit CARD Act, that will take effect February 22.

Creditors must print a number on monthly credit card statements directing users how to access legitimate credit counseling from at least three Federally-approved agencies, like ClearPoint Credit Counseling Solutions. ClearPoint is positioned to handle increased counseling volume and to provide financial education about the Act, said credit counselor Bruce McClary.



Credit counselors at ClearPoint stress that consumers need to understand the basics to help them avoid racking up debt. “You can only benefit if you know your rights,” says McClary, “but reading the 33-page Act is too overwhelming for most.” He highlights a few key provisions taking effect next month:



Limits on Fees/Interest

• Credit card users must be given an option of having a fixed credit limit that cannot be exceeded (previously, consumers were surprised by overlimit fees after unknowingly exceeding their limit).


• Prohibits banks from charging interest on late and overlimit fees.


• Issuers can’t raise interest rates on existing balances unless the user is late by 60+ days.


• Creditors can no longer raise rates on borrowers who are current on their cards, but late with payments on other cards.


• For card holders in good standing, issuers cannot raise interest in the first year after issuance, and “teaser rates” must last at least 6 months.


• Prevents creditors from charging an additional fee for users to make a credit card payment by telephone or Internet.


• Ends “double-cycle” billing—basing finance charges on the current and previous balance (which may already be paid off).

Disclosures

• Banks must post the written agreement with the card account holder on the Internet.

Promotions

• “Teaser rates” must last at least 6 months.


• Ads for free credit reports must disclose that they are available under Federal law at AnnualCreditReport.com.

Youth

• Open-ended cards cannot be issued to youth under 21 without the signature of a cosigner.


• Banks cannot send pre-screened credit offers to those under 21.

Payments

• For holders with multiple balances—on one card (from balance transfers or store promotions), payments over the minimum must be applied to the balance with the highest interest rate (minimum payments still go to the lowest interest rate balance).

“Although these reforms favorable to consumers are going into effect, reading the fine print on credit card offers, agreements and updates is crucial,” warns McClary. “The wise use of credit is convenient, provides buyer protections and will help build a positive credit history,” he adds.



About ClearPoint

ClearPoint Credit Counseling Solutions (CCCS) is a member of the National Foundation for Credit Counseling (NFCC) and a system-wide accredited business with the Council of Better Business Bureaus. To speak with a consumer credit counselor for a free financial review and recommendations, consumers may call (877) 877-1995 or visit www.ClearPointCCS.org.

Boku Gets Boku Bucks, Raises $25 Million

January 19, 2010 07:00 AM Eastern Time 

BOKU Receives $25M to Continue Building Market Leadership in Mobile Payments

DAG Ventures Leads Round with Benchmark Capital, Index Ventures, and Khosla Ventures to Continue the Expansion of BOKU’s Mobile Payments Services

SAN FRANCISCO--(BUSINESS WIRE)--BOKU, Inc., a leader in mobile payments, announced today that it has raised $25 million in series C capital led by DAG Ventures, Inc. with continued participation from Benchmark Capital, Index Ventures and Khosla Ventures. This round of capital builds on the strong success and momentum BOKU has experienced in the last year and stands as a strong vote of confidence for the company’s future.



“This has been an extremely successful year for BOKU, and this new round of funding signals an even stronger future,” said Mark Britto, CEO of BOKU, Inc. “Just last month we announced 12 new partnerships with some of the top online game developers in the world, all of whom recognized the value BOKU adds to their businesses and customers, and all have seen increased revenue since partnering with BOKU. Every day we are growing and adding new partners, and with the continued support of our investors, we will continue to establish BOKU as the standard in mobile payments.”



“BOKU is an outstanding investment opportunity, especially considering the widespread use of more than 4 billion mobile phones worldwide, and their potential as a payment method for online transactions,” said Nick Pianim, Managing Director, DAG Ventures. “We looked at companies in this space and invested in BOKU because they are establishing themselves as the leader in the space with a remarkable team, broad merchant and carrier coverage, and a seamless system for processing transactions via mobile.”



BOKU, which launched in June 2009, has seen tremendous growth in the last year. Over this brief time period the company has developed mobile payment processing relationships with over 1,000 game and application developers, including almost all of the top applications for virtual goods and currencies purchased on Facebook. BOKU’s mobile payment service, Paymo, is enabled across 190 carriers worldwide in 58 countries, and reaches a potential 1.8 billion customers.



Useful Links:



BOKU Website: http://www.BOKU.com

Paymo Website: http://www.paymo.com

Watch a demo of BOKU in action: http://bit.ly/2CEUoE

BOKU blog: http://blog.BOKU.com/

Media Kit: http://www.BOKU.com/press/media/



About BOKU:



BOKU is creating the standard for online payments using your mobile phone, making it easy to pay for digital goods and social experiences across the web. With a strong focus on reliability and security, BOKU's goal is to bring bank-grade payments technology and mobile users together on the web, creating a trusted, viable and accessible market for consumers, publishers and carriers alike. Based in San Francisco with offices in Europe, Asia and Latin America, BOKU reaches over 1.8 billion consumers worldwide, and is funded by leading entrepreneurs and venture capitalists Benchmark Capital, DAG Ventures, Index Ventures and Khosla Ventures. For more information, please visit BOKU.com.



BOKU, Paymo and Pay by Mobile are registered trademarks or trademarks of BOKU, Inc., and/or its subsidiaries. All other brand names, product names, or trademarks belong to their respective holders. BOKU reserves the right to alter product offerings and specifications at any time without notice.

Elavon Acquires Citizens National Bank Merchant Processing Portfolio

Deal Includes 10-year Alliance Referral Agreement

ATLANTA & SEVIERVILLE, Tenn.--(BUSINESS WIRE)--Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has purchased the merchant processing portfolio of Citizens National Bank, a community bank headquartered in Sevierville, Tenn. and operating locally in Sevier, Knox and Jefferson counties.



Under the terms of the agreement, Elavon will extend its full line of flexible payment solutions to the bank’s more than 300 existing merchant accounts, while also supporting a 10-year alliance agreement for new merchant services referred through the bank’s 18 community branches.



“Citizens National Bank has made their commitment to exceptional service the cornerstone of their customer satisfaction standards,” said Stuart C. Harvey, Jr., CEO of Elavon. “Elavon’s investments in technology, innovation and customer service will continue to deliver on the bank’s almost 40-year tradition of service excellence for its merchant customers.”



“Our customers depend on us to provide reliable, innovative service and a full line of solutions," said David C. Verble, President and CEO of Citizens National Bank. "Elavon is solely focused on merchant services, and our new relationship enables us to provide our customers with the level of service and security they need and expect.”



Citizens National Bank merchant customers will benefit from Elavon's expanded merchant service offerings including debit and credit card processing, a comprehensive PCI Compliance Program, a choice of point-of-sale devices and software, advanced e-commerce products, electronic check services, and enhanced reporting.



About Elavon: Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Visit Elavon online at www.elavon.com.

First Data Assists Earthquake Relief Efforts in Haiti

Company to Give $100,000 and Matches Employees’ Donations



ATLANTA--(BUSINESS WIRE)--First Data Corporation, a global leader in electronic commerce and payment processing, today announced that it will commit $100,000 for disaster relief in Haiti. Half of the donation will aid in immediate relief and ongoing recovery efforts and half will be contributed toward future rebuilding efforts. The company also is encouraging its more than 25,000 global employees to help by donating to any eligible U.S.-based relief agency responding to the disaster and will match employee donations.



First Data has established a way for employees to donate directly to UNICEF, where the company will automatically match any eligible employee donation with a two-for-one match through January 31, 2010. According to UNICEF, children account for half of the United Nations-estimated three million people affected by this catastrophe. First Data will continue its practice of matching its employees’ donations to all other eligible charities dollar-for dollar, with no time limits.



“Our deepest sympathy goes out to the people of Haiti and those around the world affected by this terrible disaster,” said Michael Capellas, chairman and CEO of First Data. “We hope our contribution combined with the support of our employees will aid and comfort Haiti and its people during this tumultuous and difficult time and as they begin the re-building process.”



About First Data

First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com.

Heartland and NRA Form Strategic Partnership

New Partnership Delivers First-Ever Unified Payments Processing Platform to the Restaurant Industry



The National Restaurant Association®, state restaurant associations and Heartland Payment Systems® align to deliver best-in-class business services to restaurateurs across America



PRINCETON, N.J.--(BUSINESS WIRE)--The National Restaurant Association®, state restaurant associations and Heartland Payment Systems®, one of the nation’s largest payments processors, are forming a strategic partnership that will deliver the first-ever unified payments processing platform to the restaurant industry. This alliance will provide restaurateurs nationwide with effective tools, solutions and resources that will help them reduce their expenses, improve operations and increase profitability ― all from one source with integrated technology product platforms.

“The goal of this strategic alliance is to upgrade and control the costs of the crucial business services needed by every restaurateur”



The partnership’s “Full Course Business SolutionsSM” offering is initially launching with an exclusively endorsed suite of payments products ― including card processing, payroll, check management and tip reporting and compliance services. This suite of solutions is supported by Heartland’s national sales and servicing organization of 1,800 professionals located in communities across America and its 1,600 service, information technology and administrative employees.



“We are pleased to announce our partnership with industry leader Heartland Payment Systems and offer this valuable suite of products to our members,“ said David Gilbert, chief operating officer, National Restaurant Association and executive director, National Restaurant Association Solutions. “Saving time and money is critical to every operator, and Heartland’s products will help boost our members’ profitability. In addition to best-in-class products, Heartland’s nationwide staff will provide unparalleled service and support.”



“The goal of this strategic alliance is to upgrade and control the costs of the crucial business services needed by every restaurateur,” detailed Bob Carr, Heartland’s chairman and chief executive officer. “Heartland’s national sales and servicing organization of restaurant specialists ― combined with our proprietary processing platforms for payments and payroll ― enables us to provide ever-evolving solutions for our business partners. This strategic partnership, together with our long history of organic growth, provides clear evidence of the value of Heartland’s ‘fair dealing’ business model and of its Merchant Bill of Rights.”



Heartland founded the Merchant Bill of Rights in 2006 as a public advocacy initiative to protect the rights of business owners and help them control the costs and complexities of payments processing. Doing business according to the tenants of the Merchant Bill of Rights has proven to benefit the 250,000 business locations nationwide currently serviced by Heartland. Heartland processes one of every seven restaurant transactions in America.



Heartland offers a variety of other integrated products and services that help restaurateurs drive additional revenue including gift-marketing programs, online payments and more. Its end-to-end encryption solution ― E3™ ― is designed to protect cardholder data throughout the lifecycle of a payments transaction from the moment of card swipe to the card brands ― helping business owners improve data security and reduce the cost of PCI compliance. Heartland’s existing product line and integrated technology platforms will enable the Full Course business offering to broaden in scope as the needs of restaurant owners continue to develop in this changing era of regulation and security.



“Heartland is entrenched in the restaurant industry, and much like the National Restaurant Association and state restaurant associations, its business is focused on advocating for restaurant owners and helping them succeed,” concluded Gilbert. “The synergy between our organizations ― and the resultant products and services we develop together ― bring a powerful value proposition to the industry, enabling restaurateurs to improve and grow their businesses.”



About The National Restaurant Association



Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which is comprised of 945,000 restaurant and foodservice outlets and a work force of 13 million employees. Together with the National Restaurant Association Educational Foundation, the Association works to lead America’s restaurant industry into a new era of prosperity, prominence, and participation, enhancing the quality of life for all we serve. For more information, visit our website at Restaurant.org.



About Heartland Payment Systems



Heartland Payment Systems, Inc. (NYSE: HPY), the 5th largest payments processor in the United States, delivers credit/debit/prepaid card processing, payroll, check management and payments solutions to more than 250,000 business locations nationwide ― including restaurants. Heartland is the founding supporter of The Merchant Bill of Rights, a public advocacy initiative that educates merchants about fair credit and debit card processing practices. For more information, please visit HeartlandPaymentSystems.com, MerchantBillOfRights.org, CostOfABurger.com and E3secure.com.

Visa Extends Support of Paralympic Games Through 2012

SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE:V) announced today the renewal of its partnership with the International Paralympic Committee (IPC) through 2012, which includes the 2010 Vancouver Paralympic Winter Games and the 2012 London Paralympic Games.





“At Visa, we are dedicated to the continued support and success of the Paralympic Games, the participating athletes and the entire Paralympic Movement”



Visa, the first global sponsor of the IPC and sponsor of four Paralympic Games since 2002, remains the official payment service and only card accepted at all Paralympic Games venues to purchase Paralympic tickets, official Games merchandise, or food and beverages in venues.



As part of the renewal agreement, Visa will retain exclusive marketing and promotional rights within the Payment Services category and activation opportunities for financial institution clients and merchants throughout the world. New benefits include title sponsorship of the Paralympic Hall of Fame and branding opportunities on various IPC media assets including ParalympicSport.TV.



This renewal follows the recent extension of Visa’s Olympic Games sponsorship for another eight years – through 2020 – enabling Visa’s financial institution clients and merchant partners to continue to build strong relationships with their customers through unique Visa marketing programs.



“At Visa, we are dedicated to the continued support and success of the Paralympic Games, the participating athletes and the entire Paralympic Movement,” said Antonio Lucio, Chief Marketing Officer of Visa Inc. “With more than 500 million people worldwide living with a disability, we understand the importance of providing continued support to this community. Through events such as the Paralympic Games, we at Visa are proud to support the values of empowerment and inclusion.”



"We are extremely pleased that Visa has extended its partnership with the IPC, helping to raise awareness of the Paralympic Games and the achievements of Paralympic athletes worldwide," said Sir Philip Craven, President of the IPC. “Visa’s involvement through technology, expertise, products and personnel is fundamental to the staging of the Paralympic Games and we look forward to a successful relationship in the years ahead.”



By engaging in dialogue, raising awareness of existing Visa products and services (e.g., online banking and bill payment, Visa Paralympic website), developing new technologies specifically for the needs of persons with a disability (e.g., voice-activated and Braille ATMs), extending issuance, and creating an affinity with Visa’s global network of financial institution clients, Visa provides this global community with greater access and choice.



Athlete Support & Paralympic Hall of Fame



Visa has created a unique global athlete program, Team Visa, to provide long-term support to Paralympic and Olympic hopefuls as they prepare for one of the greatest challenges of their lives: competing at the Paralympic and Olympic Games. Since 1986, Visa has helped athletes achieve their dreams by providing many of them with financial support, financial literacy training and valuable marketing exposure in pursuit of their goals. In the run-up to the 2010 Winter Games, Visa will support selected Paralympic and Olympic athletes, all with the potential to be selected for their National Teams. Paralympic hopefuls that are members of Team Visa Vancouver include: Alexi Salamone, Ice Sledge Hockey (US); Colette Bourgonje, Cross-Country Skiing (Canada) and Brian McKeever, Cross-Country Skiing (Canada).



Extending its commitment to the athletes, Visa’s Paralympic Games sponsorship includes the continuation of the Visa Paralympic Hall of Fame, which was established in 2006 to celebrate the achievements and spirit of Paralympic athletes and their coaches for the betterment of people with a disability as a whole. It is the first and only program of its kind and honors Paralympic athletes and coaches who have demonstrated successful athletic performance, a history of fair play, and participation in community service.



The Visa Paralympic Hall of Fame election and induction ceremonies are held in conjunction with the Summer and Winter Paralympic Games. To date, a total of six Paralympians and two coaches have been inducted into the Hall of Fame in ceremonies in Torino, Italy and Beijing, China. For the Vancouver 2010 Paralympic Winter Games, three inductees – two Paralympians and one coach – will be inducted into the Visa Paralympic Hall of Fame. The sponsorship of the Visa Paralympic Hall of Fame is anchored in its vision of greater worldwide acceptance of people with a disability. Visa helps to facilitate progress toward such acceptance by providing products and services that promote access for the community of people with a disability and by promoting awareness of athletes with a disability. For more information, please visit: http://www.paralympic.org/hof/main.html.



Paralympic Games Sponsorship History



Prior to becoming the first global sponsor of the IPC in 2002, Visa supported of a number of Paralympic sports federations around the world and is a two-time sponsor of the Paralympic Congress. The Nagano 1998 Paralympic Winter Games were the first Paralympic Winter Games that Visa directly supported by providing an international ATM network for visitors and athletes, online customer services for Visa cardholders, and extending merchant acceptance locations within select Paralympic venues.



About Visa



Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com

Spirit Airlines to Offer Internet Debit Card Payment Option

Leading Ultra Low Cost Carrier Lets Consumers Use Their Debit Card for Low Fares with PaySecure

ATLANTA--(BUSINESS WIRE)--Acculynk announced today that Spirit Airlines, an Ultra Low Cost Carrier (ULCC) serving more than 40 destinations in the United States, Latin America and the Caribbean, will add PaySecure to its online checkout in 2010. PaySecure is the first software-only service for PIN debit payments on the Internet, providing online shoppers a convenient payment experience that is both (sic)ure and familiar. 



Spirit Airlines is dedicated to providing value, offering consumers low fares and the opportunity to select services and options that are appropriate for their travel needs.



“PaySecure aligns well with our overall value proposition, which is greater choice – whether in fares, ancillary services or payment options – that truly benefit our customers,” said David Bradford, VP Treasurer of Spirit Airlines. “With the trends pointing to debit card growth, now and in the future, it makes a lot of sense for Spirit to offer PaySecure which provides our customers more (sic)urity for their debit transaction.”



PaySecure is integrated directly into the airline checkout and appears as a payment option when the consumer’s debit card qualifies to be used with the service. Transactions are processed using existing payment connections, and merchants gain immediate benefit from lower transaction fees, and reduced fraud and charge-backs.



“Spirit Airlines is a great addition to our list of committed merchants as it is an innovative carrier that has a loyal customer base actively using their debit cards online today,” said Ashish Bahl, CEO of Acculynk. “Airlines produce a majority of their revenue via the Internet, and it is very encouraging that such a web-savvy industry has embraced PaySecure.”



Consumer usage indicates that 1 out of every 2 consumers presented the option to use PaySecure are doing so, in lieu of processing their purchase as signature debit. PaySecure requires only a consumer’s existing debit card and bank-issued PIN, and online shoppers pay right at the merchant checkout, with no redirection to a third-party site. “With multiple EFT networks, millions of available debit cards, unparalleled shopper adoption and large online merchants like Spirit Airlines embracing the solution, PaySecure has truly become the standard for Internet PIN debit,” said Bahl.



About Spirit Airlines



Spirit Airlines, Inc. (www.spiritair.com) is the largest Ultra Low Cost Carrier (ULCC) in the United States, Latin America and the Caribbean. Its all-Airbus fleet, the youngest in the Americas, flies more than 150 daily flights to 40 destinations. The company is based in Miramar, Florida.



About Acculynk



Acculynk (sic)ures online transactions with a suite of software-only services that are backed by a powerful encryption and authentication framework protected by a family of issued and pending patents. Acculynk’s services provide greater (sic)urity, reliability, convenience and return on investment for consumers, merchants, networks, issuers and acquirers. For more information, visit http://www.acculynk.com.