PRESS RELEASE
May 29, 2012, 9:13 a.m. EDT
All online RuPay transactions to be authenticated using PaySecure online PIN pad
ATLANTA & MUMBAI, India, May 29, 2012 (BUSINESS WIRE) -- Acculynk, provider of PaySecure(R) PIN authentication for online debit transactions, and National Payments Corporation India (NPCI) today announced that Acculynk will be the premiere provider of authentication for all online RuPay debit card transactions, bringing RuPay debit card consumers in India the ability to use their PIN-only debit cards for e-commerce.
The RuPay card, launched by NPCI in March, is a PIN-only based debit card used at ATMs and POS. With the adoption of PaySecure the RuPay can be used to make online purchases. NPCI, promoted by 10 Banks under the aegis of Indian Banks' Association (IBA), introduced RuPay enabled ATM cards in June, 2011. RuPay debit card was launched on 26th March 2012 with 4 Banks.
"As a result of this partnership, RuPay cardholders will be able to make RuPay debit card purchases online using the mandated two factor authentication. We expect to bring millions of RuPay consumers to e-commerce," said Mr. A P Hota, Managing Director and Chief Executive Officer, NPCI. "NPCI has identified the Pin Debit solution of Acculynk to provide security and ease of use to ensure higher success rate.
"The addition of RuPay to the PaySecure network is a major step forward in Acculynk delivering on our promise to be the global method of internet PIN debit authentication," said Ashish Bahl, Acculynk CEO. "Secure internet PIN debit is the future of global e-commerce as the majority of card payments markets outside the U.S. are PIN-debit based."
With Acculynk's PaySecure(R), online shoppers enter their PIN on a virtual PIN-pad at the merchant checkout, and only need their existing debit card and a PIN number to complete the transaction. There are no hardware devices, additional passwords, or redirection to another website for payment.
"We are thrilled with our selection as the PIN authentication method for NPCI's RuPay as it testifies to the strength of Acculynk's PaySecure internet PIN debit solution for other developing economies similar to India," said Nandan Sheth, President & COO, Acculynk. "India is one of the fastest growing countries for payments in the world and is the first of many more debit-centric markets to come in Southeast Asia, the Pacific Rim and Latin America."
About Acculynk
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk's PaySecure(R) utilizes a graphical PIN-pad for the secure entry of a consumer's PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. PaySecure is currently enabled on over 3,000 merchant websites. Acculynk has partnerships with 11 EFT networks to process PaySecure transactions and with six leading payment processors, and is certified with PULSE, First Data and Master Card, among other key industry leaders. Visit http://www.acculynk.com .
About NPCI
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India and is set up by the banks in India with the support and guidance from Indian Banks' Association. The organization has been mandated to build and operate central infrastructure for payment systems like ATM Switching, Mobile Payments, Cheque Truncation System, POS Switching, 24 * 7 remittance system and Financial Inclusion transactions. The organization has also a mandate to build a domestic card payment scheme. Visit http://www.npci.org.in
SOURCE: Acculynk
