Parcxmart™ cards are secure end-to-end encrypted prepaid smart cards; it is impossible to experience identity theft when using a card. Parcxmart cards are not linked to a cardholder's name or address, either by PXT, by the city or by a participating Parcxmart merchant – they are completely anonymous and anyone can get one.
PXT's payment system is built around highly secure 3DES hardware/software encryption. PXT does not use magnetic stripe technology; whether transactions are online or offline magnetic stripe technology does not meet PXT's stringent security requirements. One of our primary goals is to protect our cardholders, our merchants, and our cities and towns by providing highly secure chip technology that also offers payment convenience, ease-of-use and peace-of-mind.
Parcxmart cards function as debit cards at the merchant point-of-sale (POS) or at parking meters, lots, and garages. All transactions are digitally signed for authentication and non-repudiation, MAC'd for integrity and encrypted for security. Transactions are fully auditable with unique per-transaction capture of date and time, transaction amount, card ID, transacting meter or POS terminal ID and other unique transaction characteristics.
When card transaction data is acquired from meters and POS terminals it is authenticated, processed and a financial settlement initiated. PXT uses the Federal ACH banking system to ensure due payments are made to, or received by, each of the entities in the payment system whether that be the system itself, the city for parking revenues or merchants who sold goods to customers choosing to pay with their Parcxmart cards.
PXT essentially manages the flow of secure data, the merchant network, risk management, and overall payment system security while employing the Federal ACH system to move the dollar value among all parties involved in the transaction – parking operators, merchants, and the cardholders.(continued)