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Coolidge Corner Merchants Association to Offer Rewards-Driven PXT Money(TM) App as Member Benefit, Also Protects Against Credit Card Fraud


June 16, 2011 - ANDOVER, MA

The Coolidge Corner Merchants Association has announced that it will offer PXT Payments' PXT Money™ secure mobile payment app as a new membership benefit, built into the annual $75 membership fee.

PXT Payments is an electronic payment solutions provider, and the pending PXT Money™ transaction settlement system for merchants means protection against credit card fraud and identity theft for Brookline citizens and merchants, in particular for restaurants, where most credit card theft in the United States occurs. Brookline merchants already use the PXT smart debit card program, which is the predecessor to PXT Money™.

Potentially, up to 400 Brookline merchants could benefit from the merchant association's membership offer.

"PXT Money™ also brings any town of merchants, and everything they sell, to consumers on their smart phones, making the possibilities limitless to engage customers like never before," said Harvey Bravman, co-chair of the Coolidge Corner Merchants Association, Brookline, MA. "Perhaps more important, with the right online loyalty programs in place, Brookline merchants can get customers and sales they otherwise would have never gotten."

The PXT Money™ app and payment system is something Brookline merchants really need, according to Bravman. "The PIN-based mobile payment system is absolutely secure, which protects merchants and particularly restaurateurs, who are quite vulnerable. It's not the Internet where most credit card theft happens. It's in restaurants, when customers hand over their credit card for payments."

To use PXT Money™ a consumer must have both the physical phone and know what the PIN is. If a consumer reports a phone missing, PXT can lock the account instantly.

PXT Money™ is mobile, digital, transferable stored value at consumers' fingertips that acts the same as a credit or debit card coupled with merchant discount and loyalty cards. It is not merely money but value in terms of merchant loyalty programs and discounts in any local environment. For consumers, PXT Money™ appears like any other app on a smart phone. For merchants, there is no more need for cash registers, POS terminals, or special scanner hardware with Near Field Communications (NFC). The laptop is the new cash register.

Wherever there is Internet access, consumers can pay for any item, restaurant bill, or professional services of any kind by clicking on the PXT Money™ icon. Consumers give their cell phone number to the merchant and approve the resulting transaction with their PIN on their own cell phone. Merchants receive the payment authentication from the PXT Money™ system, and then receive payment through PXT Payments' fully secure transaction settlement system via the Federal ACH network.

When consumers need more cash on their phones, they can load more using the PXT Money™ web site either directly from their bank accounts or using their credit/debit cards.

To learn more about PXT Money™, please visit pxtpayments.com

About PXT Payments

We are an electronic payments company that delivers local, secure currency for consumers and merchants on smartcards and smart phones. PXT has a proven track record of delivering flexible payment and loyalty solutions that work, for shoppers, local businesses, downtown associations and city governments. Our mission, focus, and solutions are designed to increase downtown economic growth by providing consumers with secure, fast and convenient ways to pay for parking and for goods and services at local stores.

PXT's payment system specializes in managing payment transaction data. Financial settlements among all participating entities in a PXT payment program are executed through the Federal ACH payment system. PXT has been processing parking and smart debit transactions daily since 2006. We are evolving our core payment solutions to offer smart phone technologies which provide consumers and merchants with even more convenience and a broader reach than existing card systems. Visit www.pxtpayments.com.

Contact:
Rivka Tadjer
914-466-5976
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