Tuxedo launches world’s first “live load” payments platform
John Sharman, Tuxedo
UK payments provider Tuxedo has launched a “live load” payments technology platform, which removes the need to prepay. The vendor says it is the world’s first.
The platform is based upon a single, partner-issued Visa or MasterCard, which is linked to customers’ existing payment sources via Tuxedo’s own platform. The platform is PCIDSS (Payment Card Industry Data Security Standard) compliant.
While cardholders can continue to preload their card, Tuxedo says its new technology now enables customers to load cards in real time.
Customers simply link their existing debit and credit cards to their payment card online, or via a mobile app, and Tuxedo draws the funds from the linked card in real time during the transaction process, removing the need to prepay completely.
Adding, deleting and managing cards can then be done via a Tuxedo- or client-designed smartphone app, available on iOS and Android.
John Sharman, CEO of Tuxedo, says its technology also “underlines that the UK continues to punch above its weight in the financial technology space”.
He adds: “With so many new market entrants into the UK from overseas, we are proud to be among the first to take this game changing technology abroad.”
Tuxedo says there are potential applications of the technology. At its broadest level, it enables customers to link all of their debit and credit cards to just one card, creating a “wallet in a card”.
Users will only need to carry a single card and will be able to decide which funding card to use and select it at any time via the mobile app.
