MagTek Introduces the Qwick Codes Mobile Wallet to Make Mobile and Online Payments Safer and More Convenient
January 16, 2012 (PRLEAP.COM) Technology NewsSEAL BEACH, CA (January 16, 2012) – MagTek, a global leader in electronic payments security technology, today announces the availability of the Qwick Codes Mobile Wallet. Qwick Codes are dynamic, one-time use tokens that can replace payment card information to make ATM, POS and Online transactions safer and more convenient for merchants, financial institutions and consumers.
The Qwick Codes Mobile Wallet is a subscription-based application that resides "in the cloud" at Magensa, a PCI Certified and wholly-owned subsidiary of MagTek. The Qwick Codes application and its MagneSafe™ secure card reader authenticator (SCRA), enables consumers to securely manage and access their payment credentials to prevent sensitive card data from being compromised during a transaction and to extend the benefits from the latest countermeasures to identify and prevent counterfeit card fraud with MagnePrint®.
"The mobile payments eco-system is growing at a faster pace than ever before with regard to new technologies and security", says Andy Deignan, MagTek's vice president for global marketing and strategy. "Consumers continue to rely heavily on their mobile and computing devices for shopping and payment convenience. We believe there is a way to leverage a big portion of the back end payment infrastructure that already exists while enhancing the user experience up front with better security, offering greater convenience and trust for a variety of ATM, POS and Online payment and identification transactions."
When using the Qwick Codes Mobile Wallet, the user opens the app, swipes the preferred payment card through a complimentary MagneSafe reader they receive with a paid subscription, and they enter the transaction details such as maximum dollar amount and an expiration date. From there, the Qwick Code is created and can be used to substitute the actual card swipe data. Just a few steps are all that is required for a secure transaction with a user interface familiar to the consumer.
Instead of handing over plastic cards to store clerks or inserting them into unattended terminals like ATMs or gas pumps that may have been rigged with skimmers to steal card data, consumers can scan or type a Qwick Code from their smartphone or computer. The Qwick Code token is used instead to initiate a transaction whereby the merchant or ATM's processor can gather the actual card data on the back end of the transaction where it can be better secured and shielded from potential compromise.
Merchants, Processors, Financial Institutions and ATM owners can easily integrate Qwick Codes into their existing systems. Qwick Codes does NOT require any special hardware in the consumer's phone (NFC technology is NOT required), and it does NOT require special phone carrier plans. It supports Visa, MasterCard, Discover, AmEx, gift cards, and any other magnetic stripe payment, credit or ATM card - making it the most capable and open mobile wallet available.
For more information about the Qwick Codes Mobile Wallet, please visit us at NRF's Big Show, Booth # 111, January 16-17, at the Javits Center, New York, NY.
Since 1972, MagTek has been a leading manufacturer of electronic devices and systems for the reliable issuance, reading, transmission and security of cards, checks, PINs and other identification documents. Leading with innovation and engineering excellence, MagTek is known for quality and dependability. Its products include secure card readers, check scanners, PIN pads and distributed credential issuing systems. These products are used worldwide by financial institutions, retailers, hotels, law enforcement agencies and other organizations to provide secure and efficient electronic payment and identification transactions.
Today, MagTek continues to innovate with the development of a new generation of security centric products secured by the MagneSafe™ Security Architecture. By leveraging strong encryption, secure tokenization, real time authentication and dynamic payment card data, MagneSafe products enable users to assess and validate the trustworthiness of credentials used for online identification, payment processing, and other high-value electronic transactions.
MagTek is based in Seal Beach, California and has sales offices throughout the United States, Europe, and Asia, with independent distributors in over 40 countries. For more information, please visit www.magtek.com.