The debit/ATM network Pulse has enlisted Paydiant, a provider of a cloud-based mobile wallet and offer redemption platforms, to provide a mobile commerce solution for Pulse participants. The Paydiant solution will enable Pulse financial institution and merchant partners to quickly deploy contactless payment and cash access functionality to serve mobile-minded customers, according to a news release.

Paydiant's mobile wallet platform is software-based and works with both new and existing smartphones, including iPhone and Android devices, as well as with existing point-of-sale terminals used by participating merchants, without requiring new hardware, the release said.

Paydiant said its solution delivers two capabilities that should help accelerate the use and adoption of mobile wallets, improve payment efficiencies and enhance the transaction experience for consumers in any retail POS or ATM environment where Paydiant-enabled wallets are accepted:

• A software-only merchant acceptance interface that can be quickly deployed on any POS or payment terminal. Once enabled, this open acceptance method can support any compatible Paydiant-powered mobile wallet — whether deployed by a financial institution, retailer or third-party service provider.
• And, as now offered to Pulse participants, a white label mobile wallet application that is branded and configured by the wallet issuer, rather than a third party. Financial institutions and merchants will be able to determine the variety of payment instruments supported in their wallet, enable customers to redeem offers at a retail POS and use their mobile wallet to make payments at a retailer, or withdraw cash from a participating ATM.

"Paydiant's platform enables us to offer both our financial institution participants and merchant partners their own branded mobile wallet," Judith McGuire, Pulse executive vice president of product management, said in the release. "Paydiant's unique approach is an important part of Pulse's overall mobile services strategy."

The Paydiant mobile wallet application is enabled through a scalable, secure, cloud-based system that does not store sensitive account information on the mobile device or pass account data through the retail environment, the company said. Every transaction uses two-factor authentication and tokenization, making it a secure mobile payment method.

"As a leading provider of authenticated debit transaction services, Pulse is positioned to connect all the key constituents in mobile payments," Paydiant co-founder Kevin Laracey said in the release. "They have an outstanding reputation as a trusted and reliable partner to both financial institutions and retailers for delivering secure payment services. This, in combination with Pulse's open approach to mobile payments, will certainly help advance mobile wallet adoption."

Learn more about mobile/digital wallets.