ATM and debit network PULSE has announced it's enabling Acculynk's Payzur debit-based peer-to-peer payment solution across its network. The upshot of the partnership is that PULSE participants and their cardholders will now have access to an additional real-time P2P solution.
"Consumers generally prefer to use debit over cash for retail payments, and they are now looking for that same easy solution when it comes to paying friends, family and others," said Judith McGuire, executive vice president of product management at PULSE. "We want to give our participants greater access to the P2P market opportunity which, in the U.S., is estimated to be between $80 billion and $120 billion annually."
Using Acculynk's Payzur solution, consumers can send funds quickly through a mobile- or Web-initiated transaction that's authenticated with their debit card PIN through Acculynk's PaySecure online graphical PIN pad. The transaction is then settled through PULSE's existing networks, meaning cardholders will see their transactions posted into recipients' accounts more quickly than other methods.
"Recipients will have access to the funds almost immediately, making Payzur an attractive personal-commerce solution," said John Kerley, senior vice president and general manager of Acculynk's Payzur division. "With earlier P2P solutions, payments sometimes took days, rather than the minutes or seconds of Payzur payments."
Read more about money transfer/P2P payments.