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MagTek, a provider of mobile payment security solutions, and Payment Alliance International, a provider of ATM processing, maintenance services, equipment sales and support, have teamed to offer MagTek QwickCodes for cardless transactions at 74,000 ATMs in the PAI network.
The solution allows consumers to withdraw cash from ATMs and pay for goods and services in-store and online without a card, eliminating the risk of compromising sensitive payment information or consumer identity in a transaction, the companies said.
"QwickCodes ... replaces the card present data with a dynamic token that can only be used one time," said MagTek President and CEO Mimi Hart. "QwickCodes are easily created, shared and used at the ATM and offer consumers more choices to help them experience an easy and reliable payment experience while keeping their actual card data away from hackers."
The QwickCodes Mobile Wallet runs on a PC or Apple iOS device, along with a MagneSafe card reader. To generate a QwickCode for a payment card, the consumer simply swipes the card through the MagneSafe reader.
This produces a single-use, disposable account number and PIN, which can be used at supported ATMs to withdraw cash, .
QwickCodes accesses cardholder data during transaction processing and is processed normally through the debit and credit networks.
"All of us are searching for new and better ways to improve the customer experience, while enhancing the protection of critical data," said PAI President and CEO John J. Leehy III. "The MagTek team has brought us an exciting new offering that we think the market will love."