This year’s Judges Choice for Best E-Commerce Platform/Gateway goes to Acculynk’s PaySecure International. The Acculynk gateway enables e-commerce using PIN debit, especially internationally in emerging, debit-centric markets like India, where 250 million debit cards have been issued, and China, which boasts more than 3 billion issued debit cards.
In many countries around the world where credit is either not popular or not accessible, e-commerce growth is running well beneath its potential. Even in markets where it is growing, it could be doing so much more dramatically if most consumers were able to use PIN-only debit cards for online transactions.
Acculynk believes card issuers have not responded to the challenges involved in authenticating e-commerce transactions. And, attempts by other service providers to solve e-commerce authentication are convoluted with enrollment and redirection procedures that cause high rates of shopping-cart abandonment and low adoption. Acculynk says PaySecure International is causing disruption by entering a market largely untapped by issuers and other players and demonstrating that these consumers can be empowered.
Acculynk says the PaySecure International gateway is differentiated by its two-sided business model that targets issuers and merchants.
“For international debit schemes, networks and issuers, we show them a path to thousands of net new transactions by enabling their cards with country specific authentication that meets all local requirements,” the company says. “We then aid the issuers with local e-commerce merchant acquiring by offering our PayLeap hosted pay page, resulting in ‘on us’ closed-loop transactions highly profitable to the bank. This in turn enables in-country transactions and immediately opens up international sales with all U.S. merchants that have enabled the card.”
On the merchant side, Acculynk offers U.S. retailers an opportunity to become part of the Internet PIN Acceptance Consortium, increasing their international e-commerce customer base by giving them access to non-U.S. debit-enabled consumers using PaySecure International in other countries.
“For example, when consumers in China and Puerto Rico are able to use their local debit card online, they become net new customers for U.S. merchants,” the company explains. “The addition of billions of newly enabled card holders creates a powerful incentive for new merchants to accept the cards, increasing consumer choice, and creating both sales and transaction lift on a global basis.” Acculynk implemented PaySecure International for the first time in Puerto Rico in 2012 and has implementations in progress in several countries in Latin America and Asia Pacific. The company is a first-time winner in the CNP Awards.