Acculynk Brings PIN Debit to Mobile Phones

Eye on Mobile: Acculynk Brings PIN Debit to Mobile Phones (from Digital Transactions on 1-22-2011) Atlanta-based Acculynk Inc. said it will introduce in March a mobile version of its service that lets consumer make online payments with PIN-secured debit cards. The new service, initially available for Apple Inc.’s iPhone, will feature a version of the company’s virtual, scrambling PIN pad, which will display on smart phone screens to allow consumers to enter debit card PINs. Availability for phones using Google Inc.’s Android, BlackBerry, and Windows 7 operating systems will follow soon after the introduction.  Ashish Bahl, Acculynk’s chief executive, says the company began work on the mobile version of its PaySecure service in August and soon began talks with unnamed money-transfer networks that expressed an interest in a mobile PIN-debit capability. Bahl says the company has arrangements with several of these companies, though he is not yet ready to announce them. “The reason for doing the money-transfer option first is that it’s such a large and burgeoning market,” he notes.   Retail payments could follow, he says. In particular, the Durbin Amendment, by drastically cutting interchange costs on debit cards, has made the cost of processing small-value transactions more attractive, he says. “Durbin just expands our market dramatically,” he says.  Launched in 2009 as a means by which consumers could pay online merchants with PIN-secured debit cards, the PaySecure service has been adopted by nine electronic funds transfer networks. The company says it has been enabled on more than 1,000 merchant Web sites.... read more»

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How PaySecure Works

When a consumer uses their debit card at a participating merchant, PaySecure’s patented, graphical PIN-pad appears at the checkout for the option of PIN entry if the debit card can be used with a PIN and is in Acculynk’s network of issuers. Consumers enter their PIN using their mouse or hit Cancel on the PIN-pad to process as signature debit – preserving the choice they already get at the retail POS.

PaySecure Benefits

• For consumers, PaySecure provides greater security for online purchases with a convenient payment method that requires no enrollment, new passwords or redirection from the merchant checkout.
• For merchants, PaySecure reduces fraud and charge-backs, lowers transaction costs and can be implemented quickly.
• For issuers, PaySecure is a competitive weapon to non-bank sponsored alternatives that helps keep more business “in bank” while providing attractive margins, incremental volume, lower fraud and brand extension to the merchant checkout.

Acculynk Partnerships

Acculynk partners with merchant acquirers and EFT networks, allowing merchants and issuers to quickly adopt PaySecure.

• Merchant Acquirers: Acculynk leverages a merchant’s existing acquirer connections to process PaySecure transactions so that there is no change to a merchant’s settlement, reporting or back-end processes. As a result, merchant integration of PaySecure only requires adding code to the checkout, which can be completed in less than two weeks. Acculynk does not charge merchants any fees for PaySecure.

Current acquirers include Elavon and Merchant e-Solutions.

• EFT Networks: Acculynk partners with EFT networks to process PaySecure transactions. Once an EFT network is connected with Acculynk, the PaySecure service is available to all eligible issuers that utilize that network.

PaySecure is available now to issuers that use ACCEL/Exchange, NYCE andPULSE as their EFT network. Alaska Option, Credit Union 24, the Jeanie Network, NetWorks, MasterCard and SHAZAM and will be adding PaySecure to their suite of product offerings in 2010 / 2011.

Contact us for additional information.