Saturday, December 09, 2006

Netcash - ePaymentnews

Netcash Launches Digital Currency In UK


Dec 04 2006 : UK start-up Netcash has launched a digital currency system, which it says can be used for both PC and mobile phone-based payments.

The system, also known as Netcash, is being marketed to retailers as a low-cost alternative to accepting credit card payments over the Internet. As a special promotion, Netcash is waiving its standard one-time, sign-up fee of £ 450 (USD885) which includes integration of Netcash as a payment option on the retailer's Website.

To buy Netcash currency, consumers can deposit physical cash at one of the company's partner high street banks or make an electronic transfer from their Internet bank account to Netcash. They can then email Netcash currency to other people, or make a funds transfer from the Netcash Website, the firm says. Netcash claims that the system offers real-time funds transfers for a fee of 1 percent of total transaction value. As no credit cards are used to make online purchases, there is no risk of chargebacks from stolen cards, it says. The system can also handle micropayments, for example media content downloads, according to Netcash In a statement, Netcash says its system has already been implemented by, a UK firm which provides e-commerce services to online merchants.

Netcash also says the Netcash system is accepted by a number of online retailers in the UK. But, in addition to targeting retailers, Netcash wants to encourage consumers to use its payments system on eBay as an alternative to PayPal.
Congleton, Cheshire-based Netcash says it is accredited as an e-money issuer by the Financial Services Authority, the UK banking regulator. The firm is run by managing director Paul Tolley and international marketing coordinator Mark Hodkin.

Related Links
Netcash website
Financial Services Authority
PayPal to Support 10 Extra Currencies

No comments: