Payment Alliance International (PAI), a leader in electronic payment processing solutions, and MagTek, a global leader in secure mobile payments technology, jointly announce the deployment of MagTek's Qwick Codes across PAI's nationwide network of over 50,000 ATM machines.
With high expectations for smartphones to replace physical wallets, Qwick Codes provides a revolutionary new way to pay for goods and services at stores and online or to access cash from ATMs, without compromising sensitive payment information or consumer identity. PAI's integration of Qwick Codes into its nationwide ATM network signifies a major leap forward in the quest for a secure Mobile Wallet solution that consumers can use everywhere without actually carrying a payment card.
Qwick Codes Mobile Wallet is an easy-to-use application that runs on a PC, Apple iOS device or Android smartphone with a Secure Card Reader Authenticator peripheral attached. All consumers need to do to generate a unique Qwick Code is swipe any traditional magnetic stripe payment card they already carry in their wallets through the Authenticator and a one-time, disposable account number and PIN are generated. Consumers use their Qwick Code and PIN at supported ATMs to withdraw cash, eliminating the need to physically carry a payment card while reducing exposure from skimming and related fraud. Qwick Codes access cardholder data during transaction processing and process normally through the debit and credit networks.
"Qwick Codes illustrates our goal of expanding and improving the consumers' ability to use their smartphones to conduct everyday financial transactions," said Andy Deignan, MagTek vice president of global marketing and strategy. Deignan adds, "In line with offering the high level of security MagTek is known for, static card data converted into a one-time use Qwick Code can be used to retrieve cash at any supported ATM, effectively eliminating the risk associated with compromised ATMs rigged with card skimmers."
"As a committed partner in the world of payment solutions, we are constantly looking for ways to benefit our customers," explains John J. Leehy, III, president and chief executive officer of PAI. "That's why we are excited to support MagTek's Qwick Codes, an innovative advancement in ATM transactions that will offer consumers a simple, convenient and more secure ATM experience without using physical payment cards."
PAI will feature its PAIMobile suite of solutions, along with its new ATM Qwick Codes product, at the Electronic Transactions Association (ETA) Annual Meeting & Expo, May 10-12, 2011, in San Diego, Calif. Qwick Codes enabled ATMs will be available for demonstration at the PAI booth (#628) and MagTek exhibit (#614), as well as featured in the ETA Technology Showcase (#537). Demonstrations will highlight the security available for protecting sensitive cardholder information, along with a simple, straightforward consumer experience.