According to the PAI, the Qwick Codes Mobile Wallet application runs on a PC, Apple iOS device or Android smartphone with a secure card reader authenticator peripheral attached.
In order to generate the unique transactions Qwick Code, consumers need to swipe any traditional magnetic stripe payment card which they already carry through the authenticator and a one-time, disposable account number and PIN will be generated.
Consumers can use their Qwick Code and PIN at supported ATMs to withdraw cash, eliminating the need to physically carry a payment card.
Qwick Codes will access cardholder data during transaction processing and process normally through the debit and credit networks.
MagTek vice president of global marketing and strategy Andy Deignan said in line with offering the high level of security MagTek is known for, static card data converted into a one-time use Qwick Code can be used to retrieve cash at any supported ATM, effectively eliminating the risk associated with compromised ATMs rigged with card skimmers.
