Debit/ATM network PULSE and cloud-based mobile wallet Paydiant recently announced a partnership that will allow PULSE partners to launch contactless payment and cash access functionality.
Paydiant’s mobile wallet platform works with both iOS and Android devices, as well as existing point-of-sale terminals used by merchants without requiring new hardware. The solution is expected to accelerate the adoption of mobile wallets, improve payment efficiency and enhance the customer’s transaction experience.
“Paydiant’s platform enables us to offer both our financial institution participants and merchant partners their own branded mobile wallet,” Judith McGuire, the executive vice president of product management for PULSE, said. “Paydiant’s unique approach is an important part of PULSE’s overall mobile services strategy.”
The Paydiant mobile wallet is enabled through a secure cloud-based system that does not store sensitive personal information on the mobile device or pass account. Each transaction uses two-factor authentication and tokenization, further enhancing security.
“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. “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.”