Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
UnionPay International is a subsidiary focusing on international business of UnionPay, a global bankcard network with over 3.5 billion UnionPay cards issued worldwide.
ATLANTA, March 27, 2013 –Acculynk, provider of PaySecure®, the industry standard user-authentication method for e-commerce, and UnionPay International today announced that Acculynk will become a provider of UnionPay’s e-commerce authentication (UPOP) service to US based merchants . UnionPay International is a subsidiary focusing on international business of UnionPay, a global bankcard network with over 3.5 billion UnionPay cards issued worldwide.
U.S. merchants who implement the UPOP service through PaySecure, Acculynk’s global authentication gateway solution, stand to gain access to billions of new customers beyond U.S. borders. In addition to UnionPay card holders, a single PaySecure implementation on the merchant’s e-commerce site also provides the capability to generate sales lift from new PIN-debit customers in North America, Asia-Pacific, Latin America and the Caribbean.
On the issuing side, Acculynk provides a flexible, customizable online- and mobile- authentication technology that meets local needs and regulatory requirements in international markets. Country-specific authentication changes can be incorporated without disrupting the merchant or acquirer.
UnionPay cardholders represent a significant source of revenue potential for U.S. Merchants. Chinese tourism is prevalent, creating demand for UnionPay acceptance by airlines, cruise lines and entertainment providers. Chinese consumers with disposable income demand authenticity when purchasing goods and consumables of well-known brands and the ability to make these purchases directly from U.S. merchants gives them this peace of mind.
“Consistent with Acculynk’s vision to become the first global debit switch, UnionPay’s stature in global payments combined with our selection as the sole debit authentication method for India’s RuPay cards solidifies our position as the first true global debit gateway,” said Ashish Bahl, CEO Acculynk. “Merchants that have adopted PaySecure are well aware of the lift in sales the billions of new customers with UnionPay cards bring.”
Launched in 2009, PaySecure is the only two-factor authentication method for online debit transactions that has achieved scale. The PaySecure approach was selected by National Payments Corporation of India (NPCI) due to PaySecure’s track record of high consumer adoption and low abandonment.
“Acculynk and UnionPay International clearly understand the merchant community’s demand for a secure, yet streamlined, e-commerce channel,” said Mark Horwedel, CEO, Merchant Advisory Group. “It is refreshing to see an industry giant, like UnionPay International seeking a solution that serves the needs of all constituents, including merchants and consumers.”
"Acculynk and UnionPay International are a strong combination,” said Margaret Weichert, Market Platform Dynamics. “With the addition of UPOP, Acculynk is becoming a significant innovative presence in the global debit market.”
PaySecure, in use by major U.S. e-commerce merchants and airlines, provides online merchants with a secure, low-cost, guaranteed funds payment in which the merchant also benefits from a 100% shift of fraud chargeback liability. In addition to international customers, PaySecure currently enables 150 million U.S. debit card holders to use PIN debit for online and mobile purchases.
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk’s PaySecure® utilizes a graphical PIN-pad for the secure entry of a consumer’s PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. PaySecure is currently enabled on over 6,000 merchant websites. Acculynk has partnerships with 11 EFT networks to process PaySecure transactions and with six leading payment processors, and is certified with PULSE, First Data and Master Card, among other key industry leaders. Additionally, Acculynk solutions include PayLeap, a gateway and acquiring and card processing services, and Payzur, a debit-based P2P solution. Visit http://www.acculynk.com.