About six months after its successful debut of a mobile payment app at College Fest 2012 in Fenway Park, PXT Payments Inc. has another deal in place with Fenway Sports Management for its app, called "looped in."
Boston-based PXT Payments announced a deal March 18 in which the marketing company Fenway Sports Management will promote use of PXT's mobile-payment app at Boston College sporting events in exchange for PXT sponsorship of Boston College athletics.
Fans of BC's sports teams will be able to download and use the PIN-protected looped in app at Conte Forum and Alumni Stadium to receive deals, make payments, pool money for group buying, or transfer money, photos or text messages among one another.
PXT Payments describes looped in as a full digital wallet service that operates like having "an ATM on your iPhone or Android."
The buyer initiates a payment by sending a text message to a vendor. PXT charges no transaction fee for the buyer, but the seller pays a 2.5% merchant fee.
The merchant app works on any smart phone, iPod touch, or computer, integrates with POS systems, and settles through the Automated Clearing House, Pax states on its website.
"Looped in mobile technology offers an innovative payment solution for both consumers and merchants," Matt Murrey, VP of Boston College marketing partnerships at Fenway Sports Management, states in a press release. "They have essentially captured all the conveniences of cash on a mobile platform without any of the drawbacks."
John Regan, CEO of PXT Payments, says looped in will appeal to consumers and merchants beyond those targeted through the Fenway deal.
"The college and young professional markets are naturals for our mobile payment and rewards system," Regan says in the release. "We are working toward introducing looped in not only to Boston College students and fans but also to sports facilities and other merchant partners that can benefit from direct communication with consumers."
Since 2004, PXT Payments has operated as a smart card debit payment system for parking meters, parking garages and small merchants. The company introduced the looped in smartphone application last year.
College Fest 2012 promoted looped in for visitors to get into the event, and for several exhibitors using the app's text-to-pay features.