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Accullink buys Pay by Touch Internet PIN debit patents
April 7, 2008
ATLANTA — Accullink LLC, an investor group, says it has acquired Pay by Touch's suite of patents for PIN-based payment transactions over the Internet.
Pay By Touch announced plans at the end of 2004 to buy ATM Direct, and in summer 2006, the company signed a deal with Fiserv to faciliate PIN-secured debit online.
But the story wasn't as positive as expected, and in March,Pay By Touch auctioned off the subsidiary.
Under Accullink, ATM Direct will be based in Atlanta, with technology development in Dallas and Bangalore, India.
"Online merchants are seeking a low-cost payment method that consumers will quickly and easily adopt," said Nandan Sheth, ATM Direct's president. "Internet PIN debit offers the most compelling alternative-payment method on the market. In addition to lowering merchant fees, this is the only payment method that has the potential of dramatically reducing online fraud."
Current online payment options are limited to standard signature debit card and credit cards, plus a handful of alternative payment services such as PayPal and Bill Me Later.
"ATM Direct is a very strong contender in the alternative payment marketplace because our solution seamlessly integrates with existing payment channels," said Tom Wilkerson, vice president of business development.
Part of ATM Direct's business model involves forging close partnerships with merchant acquirers.
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