MagTek, an electronic payments security technology developer, has announced the availability of the Qwick Codes Mobile Wallet. Qwick Codes are one-time use tokens designed to replace payment card information and make ATM, POS and online transactions safer for merchants, financial institutions and consumers.
The Qwick Codes Mobile Wallet is a subscription-based “cloud” application owned by MagTek. To use the mobile wallet for transactions, a subscriber opens the app, swipes the preferred payment card through a MagneSafe reader, and enters transaction details. From there a Qwick Code is created to substitute for the actual card swipe data.
Merchants, processors, financial institutions and ATM owners can integrate Qwick Codes into their existing systems. The app does not require the addition of phone hardware or a special phone carrier plan. It supports any magnetic stripe credit or ATM card.
"Consumers continue to rely heavily on their mobile and computing devices for shopping and payment convenience,” said Andy Deignan, MagTek vice president for global marketing and strategy. “We believe there is a way to leverage a big portion of the back end payment infrastructure that already exists while enhancing the user experience up front with better security.”
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