From the press release:
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. Consumer’s 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.
PXT Money™ is not one coupon deal a day. It’s every deal every day from every merchant in town, located either online at PXT hosted social network shopping malls, or in the physical streets. Consumers can browse, use discounts, or send discounts via email to friends and family, and pay for items all from the app.
“We have been offering local currency to be spent locally in municipalities for years in the form of smart, chip-based secure smart cards and loyalty programs, and it is simply time to evolve that payment system to be mobile,” said John Regan, CEO and founder of PXT Payments. “With consumers and merchants now sharing the same access to the banking network, the reinvention of money is imminent. The cash in your pocket now means digital stored value, with limitless options for discounts, transfers, and exclusive offers.”