Acculynk, Alaska USA FCU and Alaska Option today announce that Alaska USA will now enable internet PIN debit through Acculynk's PaySecure® network.
Alaska USA cardholders will now be able to use their debit card with their credit union issued PIN at participating online merchants. Additionally, Alaska Option will make PaySecure available to other eligible issuers in their nationwide network.
"We recognize the benefits PaySecure brings to our member financial institutions," said Kent Logan, Senior Vice President and General Manager of Alaska Option. "We are always looking for emerging technologies that give our customers a competitive edge with consumers."
Alaska Option along with ten other EFT networks in the United States, Puerto Rico and the Caribbean has adopted PaySecure. Over 3,200 merchants are currently enabled within the PaySecure Internet PIN Debit network.
"Consumers have clearly demonstrated their preference for using debit cards online," said John Kerley, Senior Vice President Operations Alaska USA. "Providing our cardholders a more secure way to use their debit card for e-commerce is a big plus for our members. Furthermore it provides issuers like Alaska USA a means to enhance the security of online payments and reduce fraudulent transactions."
With Acculynk's PaySecure, online shoppers enter their PIN on a graphical PIN pad at the merchant checkout, and only need their existing Alaska USA debit card and PIN to complete the transaction. There are no hardware devices, passwords, enrollment, or redirection to another website for authentication.
PaySecure is designed to provide an extra layer of security for debit card transactions, helping lead to reduced fraud and charge-backs for financial institutions, while offering attractive margins and opportunities for incremental volume. Alaska Option financial institutions will join over 7,000 debit card issuers in offering internet PIN debit to consumers.
Along with enabling Internet PIN debit, Alaska USA will be one of the first issuers to sign on as a pilot for Acculynk's PIN debit-based P2P offering, the only P2P solution that allows consumers to use their smartphone and PIN debit card to both make and receive personal payments via their credit union or bank.
"We are thrilled to have Alaska USA join more than 7,000 financial institutions offering internet PIN debit," said Ashish Bahl, CEO of Acculynk. "And we are even more delighted to have this forward-looking company on board with our innovative P2P offering."