SOURCE: PXT Payments

PXT Payments

PXT Payments

May 24, 2011 10:22 ET

PXT Payments Launches PXT Money™ App for Smart Phones, Merchants Prepaid Stored Value Replaces Cash, Credit and Debit Cards

Full Mobile Payment System, No Hardware Cost for Merchants or Consumers, Transferrable Loyalty Programs & Discounts, PIN Security Instead of NFC

ANDOVER, MA--(Marketwire - May 24, 2011) - PXT Payments, an electronic payment solutions provider, has announced the launch of PXT Money™, a stored value app for consumer smart phones and a transaction settlement system for merchants. PXT Money™ is mobile, digital, transferable stored value at consumers' fingertips that replaces the need for credit cards, debit cards, and merchant loyalty cards in any local environment.

PXT Money™ brings any town of merchants, and everything they sell, to consumers on their smart phones. By offering a complete mobile payment system, PXT Money™ serves both consumers and merchants, eliminating the need for merchants to have expensive payment system hardware. For consumers, the smart phone app has limitless options for merchant loyalty programs, discounts, and exclusive offers. For merchants, a smart phone, iPad, or laptop is the new cash register.

Wherever there is Internet access, consumers can pay for any item, restaurant bill, or professional services of any kind by clicking on the PXT Money™ icon. Consumer's give their cell phone number to the merchant and approve the resulting transaction with their PIN on their own cell phone. Merchants receive the payment authentication from the PXT Money™ system, and then receive payment through PXT Payments' fully secure transaction settlement system via the Federal ACH network.

When consumers need more cash on their phones, they can load more using the PXT Money™ web site either directly from their bank accounts or using their credit/debit cards.

"We would definitely be interested in having PXT's smart phone app payment system," said Dana Brigham, co-owner of Brookline Booksmith bookstore in Brookline, MA. "We already have a laptop up front at the cash register. We're also getting into the ebook business, and could offer a lot of online services with PXT Money™."

Brookline Booksmith will celebrate its 50th anniversary in October, and the owners recognize the need to keep up with consumer needs, as well as face the challenges the Amazon business model puts on its business.

PXT Money™ is not one coupon deal a day. It's every deal every day from every merchant in town, located either online at PXT hosted social network shopping malls, or in the physical streets. Consumers can browse, use discounts, or send discounts via email to friends and family, and pay for items all from the app.

"We have been offering local currency to be spent locally in municipalities for years in the form of smart, chip-based secure smart cards and loyalty programs, and it is simply time to evolve that payment system to be mobile," said John Regan, CEO and founder of PXT Payments. "With consumers and merchants now sharing the same access to the banking network, the reinvention of money is imminent. The cash in your pocket now means digital stored value, with limitless options for discounts, transfers, and exclusive offers."

By coupling merchants into the transaction, the sky is the limit for marketing products both online and in brick and mortar stores, according to Regan. With PXT Money™, merchants push out offers but don't pay for it.

PXT recognizes that security is key to any mobile payment system. Regan was responsible for launching the Visa Signature Card program for Merrill Lynch, and since then has been an advocate for secure payments.

"We never used magnetic stripes in our smart card iteration, and in the same vein we are not settling for Near Field Communications (NFC)," Regan said. PXT Money™ relies instead on the safer, more flexible PIN-based, two-factor authentication.

"NFC in principle is a wonderful thing, but merchants all have to purchase new hardware, and the standard set of protocols doesn't secure the entire transaction," said Keith Saunders, CTO for PXT Payments. "You need application protocols as well and they're all over the place."

Regan is a privacy advocate and identity theft expert, and as such insisted that consumers do not disclose data when using PXT Money™. "Consumers create a PXT account, and then register their smart phone against the account. During registration they create their payment PIN and their phone is tied to their new account," explained Saunders. "Consumers control access to their account using their phone, and hackers can't gain access just by shoulder surfing."

To use PXT Money™ a consumer must have both the physical phone and know what the PIN is. If a consumer reports a phone missing, PXT can lock the account instantly.

To learn more about PXT Money™, please visit pxtpayments.com.

About PXT Payments

We are an electronic payments company that delivers local, secure currency for consumers and merchants on smartcards and smart phones. PXT has a proven track record of delivering flexible payment and loyalty solutions that work, for shoppers, local businesses, downtown associations and city governments. Our mission, focus, and solutions are designed to increase downtown economic growth by providing consumers with secure, fast and convenient ways to pay for parking and for goods and services at local stores.

PXT's payment system specializes in managing payment transaction data. Financial settlements among all participating entities in a PXT payment program are executed through the Federal ACH payment system. PXT has been processing parking and smart debit transactions daily since 2006. We are evolving our core payment solutions to offer smart phone technologies which provide consumers and merchants with even more convenience and a broader reach than existing card systems. Visit www.pxtpayments.com.

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