From: gerrygay@worldnet.att.net (Gerard Gay)
To: evavolizza@aol.com
> > ===============
>
> eConnect is pursuing/developing several different business opportunities,
and
> the technology for each is a little different. In our marketing so far,
we
> have tended to lump these all under the umbrella of "PERFECT"
transactions;
> but, in fact, transactions work differently in different environments.
Lets
> take them one at a time.
>
> 1) Shopping Kiosks: This is the business that was originally referred to
as
> Shop-While-You-Wait, and is now called EZYShop. What makes this business
> work is the low-cost terminal that eConnect designed and manufactures
> (originally known as the Paymaster, now called the EZYShopper or
EZYDepot).
> The EZYDepot today accepts payments from a standard credit card. A future
> enhancement (probably next year) will make it capable of accepting ATM
cards.
> In this case, the transactions flow through the existing credit card and
ATM
> card systems, we are not targeting un-banked consumers, so eConnect, does
not
> need to get involved in "account replenishment".
>
> By the way, all the name changes occured when we realized that we will
> eventually set up a web site to market all the same items/catalogs offered
at
> the physical kiosks - and any name with the word "wait" in it, is a bad
name
> for a web site....
>
> 2) Bill Paying @ Kiosks: This is where eConnect gets involved in
> establishing and replenishing accounts. The business plan is still being
> finalized, but what seems to make sense, is that the unbanked person will
be
> issued a re-usable smart card (a card that looks like a credit card, but
has
> a micro-processor annd memory on it. Look at web sites like
www.oberthur.com
> for background info on this kind of technology). This has been referred
to
> as the EZYCard.
>
> EZYCards will probably be issued at currency exchanges. The dollar value
on
> the EZYCard can be "replenished" at special terminals ("recharge
stations")
> installed in places like currency exchanges. Recharge stations operated
by
> consumers might accept $5 and $10 and $20 bills fed into a slot like you
see
> on change machines, and add that amount to the smart card. Recharge
stations
> operated by the currency exchange could add value to a card equal to the
> amount of a check being cash by the currency exchange, less the fee (if
any)
> for cashing a check for an EZYCard customer.
>
> The un-banked consumer pays bills by inserting their EZYCard into an
EZYDepot
> with a smart card reader, and specifying payees, amounts, etc. The bill
> payment amount is then subtracted from the total on the smart card. Value
on
> the card will be tracked at the card, or at the eConnect host, or both
> (probably both, for redundancy).
>
> The ability to make "Direct Deposits" into EZYCard accounts by employers
etc.
> is possible, and would probably be added later, as demand grew.
>
> We have recruited a very senior guy from the banking industry, who is
working
> on the bill paying plan now. There are still a lot of details to sort
out,
> so we don't look for this to go line until some time next year.
>
> EZYDepot units with smart card readers can also be used to let un-banked
> consumers use their EZYCard to shop from the catalogs, if we determine
that
> there is demand for that.
>
> 3) Internet Payments: Initially, the system for payments over the
Internet
> will also use existing credit cards and ATM cards. A low-cost card reader
> and PIN pad will be attached to the consumers PC. These might be built
into
> all PCs in the future, but tht is many years away. For now, eConnect and
> it's marketing partners will be deploying PIN pads to consumers that want
> more secure credit card transactions, and/or that want to be able to use
> their ATM card over the Internet. Using the ATM card over the Internet is
> what has been referred to as "same as cash".
>
> Just like with shopping kiosks, these credit card and ATM card
transactions
> ultimately get routed by eConnect to existing systems, so eConnect does
not
> have to ge involved in account replenishment. If there is demand among
the
> unbanked to use the Internet, then the Internet system will be enahanced
to
> support EZYCards. Even though the PIN pads will initially be used only
with
> existing "mag stripe" cards, the PIN pads that will be deployed do have
smart
> card readers; so the road for the future is being paved when PIN pads as
> deployed.
>
> This Internet payment business is almost certain to be spun off as a
seperate
> corporation soon, since this business has a lot of potential business
> partners in the USA (banks, ATM Networks, etc) that don't want to deal
> directly with a firm that owns Internet Casinos.
>
> eConnect has always planned to spin off business units as they reach
critical
> mass. This will help each unit to remain nimble, entrepreneurial, and
> focused on their market. eConnect will retains significant equity in the
> spin offs; so as each spin-off becomes profitable and declares dividends,
> eConnect receives those dividends, which are a profit to eConnect and thus
> drive the share price for eConnect shareholders. This is the same
approach
> taken for decades by "little guys" like IBM and General Motors. Chevy and
> Pontiac do NOT consult each other on business plans...
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From: "Gerard Gay" <gerrygay@worldnet.att.net>
To: <evavolizza@aol.com>
Subject: Fw: Fw: question re NON - Banked
Date: Wed, 1 Sep 1999 14:32:40 -0400
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