As online commerce heats up in the United States and CNP fraud rates outside the country remain unaffected by EMV deployments, Acculynk makes their move towards broad international expansion. Replicating the process the company used domestically of creating a pseudo-governing body consisting of major market stakeholders, they are now ready to make a move on an international scale.
Acculynk is operating in a market gap that may soon have a wider range of competitors. Mobile payment products will begin to enter the market in earnest next year and consumer adoption trends of their online PIN debit payment form to date remain unknown. What’s not in doubt is the need for debit issuers to enable use of their products for online purchases, as consumer purchasing becomes more fluid between physical and virtual outlets.
The Consortium’s mission is to enable internet PIN debit as a secure payment method for e-commerce merchants, financial institutions and online consumers across international borders. The purpose of the Consortium is to collaborate with networks and financial institutions in target markets to prioritize the integration of PaySecure, as well as to develop solutions necessary to ensure full compatibility across the array of processes adopted by individual markets.
Membership in the Consortium is currently open to internet retailers and airlines that have partnered with Acculynk for PaySecure, but the Consortium is considering extending membership to all leading e-commerce merchants. The Consortium currently meets once a quarter as a formal body.