“PaySecure helps us differentiate our services from other networks, and right now, issuers are shopping around for new ways to transact online,” said Terry Dooley. “Once issuers are certified, SHAZAM can enable PaySecure on their behalf and manage the bank identification number (BIN) enrollment on behalf of the financial institution on the debit cards they want to participate. There are no technology changes or new back-end connections.”
Questions still remain as to how many consumers have adopted the solution and which merchant categories are seeing the most spend. But Shazam’s strategy of not requiring any back-end changes (combined with the opportunity to potentially migrate more expensive payment forms –like checks –to more efficient forms –like PIN debit), certainly boosts its viability among issuers whose program economics are in flux.
