PXT Payments was founded in early 2004 under the name Parcxmart Technologies and commenced product development beginning early that same year. Shortly thereafter, we developed partnerships with VeriFone and SmartCentric Technologies that gave us the ability, along with our own internal development team, to provide a highly secure, end-to-end smart card based payment system.
PXT manages its own merchant network that acts on the company's behalf to sell, reload and accept PXT cards in the company's growing number of markets and we use the Federal ACH system to financially settle transactions among all the participants in a PXT payment program – government entities, merchants, businesses and consumers. The company maintains a direct relationship with its merchant network.
In June 2005 the first live Parcxmart™ pilot program was launched in New Haven, CT subsequently going live city wide in October 2006. The Parcxmart product is currently operating in New Haven, CT, West Hartford, CT, Truckee, CA, Fort Lauderdale, FL, and Brookline, MA.
In May 2010 the company name was changed to PXT Payments. Today, the company offers two products – Parcxmart™ and PXT Money™.