PaySecure pilot demonstrates a high rate of PIN debit usage

image 1 out of every 2 consumers that are presented the PaySecure PIN-pad are choosing to pay with PIN debit instead of credit.

A new white paper, released by Acculynk, details preliminary pilot results of its Internet PIN debit payment method, PaySecure. The paper, entitled "PaySecure: Tracking to Become a Leading Online Payment Method" discusses consumer usage of the product to date, including the fact that 56-60% of consumers that are presented the PaySecure PIN-pad proceed with PIN entry and successfully submit their PIN.

At the merchant checkout, PaySecure is presented as a payment option when a consumer’s debit card can be used with a PIN and the card is in Acculynk’s network of participating issuers. The consumer can choose to enter their PIN on the PaySecure PIN-pad or press Cancel to process their transaction as credit.

Ashish Bahl, CEO of Acculynk, said: "Merchants and issuers can keep their customers satisfied and increase loyalty by offering PaySecure, while also benefitting from immediate consumer adoption, quick implementation and lower costs and fraud."

PaySecure was commercially introduced in March 2009 in a pilot program that includes several online merchants, issuers and EFT networks. Acculynk has steadily added new partnerships over the past two months, announcing the addition of AirTran and Ace Hardware Outlet to its merchant roster, and Credit Union 24 and SHAZAM to its list of participating EFT networks. The company will announce another merchant in the next 7 days, and two more EFT networks in the next 30-90 days.

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