The newly-launched PXT Money service is a mobile, digital and transferable stored-value app at that is set to enable smartphone users to access merchant loyalty programs, discounts and other offers.
How it works
Consumers can pay for items, restaurant bill or professional services by selecting the PXT Money icon. They have to give their mobile phone number to the merchant and approve the resulting transaction with their PIN on their own mobile device. Merchants receive the payment authentication from the PXT Money system and then accept payment through PXT Payments transaction settlement system via the Federal ACH network.
When consumers need more cash on their phones, they can load money using the PXT Money website either directly from their bank accounts or using their credit/debit cards.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now