SHAZAM Launches Mobile Payment App
Platform allows merchants to accept PIN debit, signature debit, and credit transactions mobile devices.
The SHAZAM network announced that it has launched the Adaptive Payments Pentagon mobile point-of-sale (POS) payments application.
Pentagon is a mobile payments platform that allows merchants to accept PIN debit, signature debit, and credit transactions using iPhone® and Android® mobile phone and tablet devices. SHAZAM will roll out Pentagon to its nearly 1,500 community financial institutions and their merchant customer base.
The technology behind the Pentagon mobile payments application is unique to the marketplace as it uses Adaptive Payments’ 5DSecure™ five factor-dual channel authentication technology to authenticate PIN debit transactions quickly and securely.
The Pentagon solution breaks new ground by being the first and only solution to use the consumer’s phone for PIN capture and using Adaptive Payments’ patent pending, outside-of-band authentication technology.
The PIN is captured in a second channel and is never stored virtually with the cardholder’s card data or personal information. In addition to accepting PIN debit, Pentagon uses 3DES to encrypt the magnetic stripe right at the read head.
The transaction produces a Regulation E-compliant receipt that is delivered to consumers via SMS text message. Pentagon also captures and stores an image of the signed receipt.
“Payments are rapidly evolving from traditional card-present and card-not-present situations to more mobile and online environments,” says Mike Hollinger, SHAZAM president/CEO. “Consumers expect to be able to shop any time and at any place. There is also an expectation to be able to shop safely and securely without fear of fraud or identity theft.
“Not only does Pentagon make payments more accessible to more consumers and merchants,” he continues, “it does so without compromising on end-to-end security, providing peace of mind to all stakeholders.”