PaySecure, the first software-only service for PIN debit payments on the Internet, will be available on mobile phones in Q1
ATLANTA--(BUSINESS WIRE)--Acculynk announced today that it is bringing the security and convenience of its PaySecure® Internet PIN debit product to mobile smartphones early this year.
The growing prevalence of mobile transactions coupled with merchant demand prompted Acculynk to extend the capabilities of PaySecure beyond the Internet channel.PaySecure Mobile will allow consumers to authenticate their transactions by entering their bank-issued PIN on Acculynk’s graphical, scrambling PIN-pad, which has been specially designed for mobile smartphone platforms.
“We were approached by major merchants last year wanting to know how PaySecure would fit with their developing mobile channels, so we started work on a mobile application,” said Ashish Bahl, CEO of Acculynk. “After several months of development, we’ll be ready to launch PaySecure mobile in Q1 2011, allowing our merchants and partners to benefit from the higher security of PaySecure in not just one but two major purchasing channels. Additionally, PaySecure Mobile is well positioned to add an additional layer of authentication to NFC payments on smartphones, since the phone is something you have but the PIN offers something you know.”
PaySecure Mobile is built on Acculynk’s patented encryption and authentication platform, which is also the backbone of Acculynk’s PaySecure Internet PIN debit product. Introduced in March 2009, PaySecure Internet PIN debit is today supported by 9 U.S. EFT networks and implemented on over 1,000 U.S. merchant websites.
But Acculynk is looking beyond Ecommerce payments in 2011, with new applications for PaySecure including money transfer, Peer to Peer (P2P) authentication, online banking authentication, and PIN debit entry on a kiosk.
“In 2010, we established PaySecure as the standard for PIN debit payments on the Internet, with a growing base of merchants, issuers and EFT networks,” said Bahl. “In 2011, our goal is to expand the channels where PIN debit can be accepted, like a mobile phone and even kiosks – giving consumers a consistent payment experience and merchants lower fraud and lower costs – while introducing new applications for the product within those channels, such as P2P payments and online banking authentication.”
PaySecure Mobile will be available on the iPhone, Android, Blackberry and Windows-7 platforms.
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework provide greater security for issuers, EFT networks, merchants and payment processors. Acculynk has introduced the first software-only service for Internet PIN debit payments, PaySecure®, which utilizes a graphical PIN-pad for the secure entry of a consumer’s PIN. PaySecure is currently enabled on over 1,000 merchant websites. Acculynk has partnerships with 9 EFT networks to process PaySecure transactions and with six leading payment processors to distribute the product. Visit http://www.acculynk.com.
www.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi