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Acculynk gains traction with PULSE PIN debit rollout
HOUSTON (7/26/10)--Consumers are becoming increasingly comfortable paying for purchases online, and this has implications for credit unions that use networks such as Discover Financial Service’s PULSE network, which announced plans to roll out Acculynk’s PaySecure solution commercially. PULSE had used PaySecure, a software-only service for personal identification number (PIN) online debit payments, as a pilot for roughly one year. PULSE’s plans follow Fiserv’s Accel/Exchange, which rolled out PaySecure commercially last year. About 1,000 merchants accept PaySecure, including Spirit Airlines and AirTran (Cardline July 21). Credit Union 24 also is among several networks using PaySecure as a pilot. Acculynk and Credit Union 24 partnered last year to offer the solution to credit unions (News Now June 3). PaySecure allows consumers to complete online transactions with a PIN. Consumers enter their PIN to complete the transaction, using a graphical, scrambling PIN pad that can be customized with the card issuer’s logo and debit card design. The cardholder clicks the mouse on a number and the PIN pad re-scrambles as each subsequent digit is selected. The PIN is not captured on the computer, nor is it transmitted over the Internet. PULSE’s pilot of PaySecure indicated that 54% of debit cardholders paying for online purchases preferred to enter a PIN when given the choice of PIN or signature options to complete their transactions. Chargebacks declined 77% compared for PIN transactions. No fraudulent transactions were reported. In a survey conducted last year, Acculynk said 65% of participants indicated they would feel safer purchasing on the Internet using PaySecure. About 48% said they would buy online if they used PaySecure. The survey involved 500 signature-debit card users, Cardline said. Consumers are concerned with security in online payments, James Van Dyke, president/founder of Javelin Strategy and Research, told Cardline. The top driver to more online-payments volume is “more security that involves the consumer,” he told the publication. Larger payment networks previously have relied on embedded security features that do not involve the consumer in the checkout process. Consumers tend to gravitate toward systems that involve them, Van Dyke added. Acculynk, based in Atlanta, provides software solutions for online transactions.


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