Acculynk Enabling Online PIN-Debit in India
Nov. 12, 2013
Acculynk, a provider of PIN-based authentication technology for online merchants, said its PaySecure gateway “has successfully been embraced” by e-commerce companies in India as a result of a partnership with the National Payments Corporation of India (NPCI). NPCI, a consortium of Indian banks that runs the country’s retail payments, chose Acculynk in May of 2012 to authorize all online transactions for its RuPay debit card. The opportunity to authenticate debit purchases online is vital in India, where PIN debit-card holders outnumber credit-card holders 250 million to 25 million.
Since it began offering its solution, which enables consumers to securely enter a PIN without leaving the merchant’s shopping cart, Acculynk reports 127 merchants selling online in India (including eBay, Coca Cola and Bose), 14 major acquirers (including the State Bank of India, Bank Punjab National and the Central Bank of India) and three gateways have adopted the solution.
“We are delighted at the rapid success seen in the Indian market; this validates that Acculynk’s platform can scale into any large and complex market” says Ashish Bahl, Chairman and CEO at Acculynk. “By securing the USA, India and China we have established a rock solid foundation to build our global business.”