PIN debit

The use of PIN debit to authorize payment transactions online offers an appealing solution to both consumers and merchants.

The consumer is not required to register for anything, carry around multiple tokens, open an online account or an online wallet as they already have an EFTPOS or ATM PIN debit card from their bank that they know and trust. And they use their PIN debit card everyday to get cash and make EFTPOS payments, so they already know how to use it in multiple environments.

There are many benefits for merchants to offer the PIN debit experience to their online customers. For example, the cost of a PIN debit transaction will be much less to the merchant, as much as half the cost of an online credit card transac­tion. And because the transaction is non-repudiated, there are no charge backs or offline support costs, the payback to the mer­chant is immediate.

Additionally integration of PIN debit technology with merchant systems is simple as most of the processes are similar or identical to those already in place for both merchants and banks.

It is widely acknowledged within the payments industry that the most secure approach to providing a PIN debit solution online is via a hardware deployment, typically connecting a magnetic stripe/chip card reader and PIN pad via the user’s PC USB port. Industry players know that these devices solve most of the technical challenges, since they are in effect an EFTPOS terminal. Payments networks are assured that the card is present at the time of transaction and the PIN has not been tampered with.

The problem has been that no one has yet come up with a suitable hardware system and deployment proposition – that is until Point of Pay created and patented its PoP technology and PoP Net.

Welcome to Point of Pay - securing the future of online payments