NEWS!!! ENCRYPTION by "BANK EYES ONLY"
eConnect to Initiate 'bank eyes only' Web Merchant Signups on March 15; Merchants Will Then be Listed As eCashPad Merchants
Business Editors/High-Tech Writers
LOS ANGELES--(BUSINESS WIRE)--March 13, 2000--eConnect (OTCBB:ECNC) will begin on March 15 to register web merchants to receive "bank eyes only"(TM) payments by the eConnect proprietary eCashPad.
In April, the eConnect eCashPad, which can effect the "bank eyes only" purchases or payments, will begin to be distributed to consumers through Internet merchants and by direct distribution methods.
Once registered, the Internet merchant will then download the web merchant browser plug-in as developed by RGTecq. On check out, the consumer will then simply choose the "bank eyes only"(TM) option and then simply swipe their credit card or ATM card with PIN entry to effect a "bank eyes only" transaction whereby only the bank sees the consumer bank card information.
The eCashPad simply attaches to a desk top personal computer. The eConnect System keeps all consumer bankcard data from the web merchant. Only the bank sees the transaction.
eConnect will be giving away 1,000 free eCashPads with distribution to begin in April. Additionally, eConnect, in the second quarter, will supply up to 100,000 free eCashPads to Internet merchants who have registered for "bank eyes only" payments.
The eConnect Portal aspect will build in size as "bank eyes only" web merchants are placed in simple category listings similar to a yellow pages.
As eConnect establishes eConnect bank host processing centers this year in Hong Kong, Australia, Ireland, Brazil, Singapore, Dominican Republic along with the eFunds host system in the United States, the eConnect Portals will be linked with one another with web merchant listings from each country, all capable of receiving "bank eyes only" daily global Internet payments by eCashPad and later wireless Internet PocketPay transactions.
Safe Harbor: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those sections. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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CONTACT: Prima Capital (for eConnect)
Elias Argyropoulos, 800/600-8599
www.econnectholdings.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING E-COMMERCE PRODUCT
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BW0015 MAR 12,2000
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