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Up to now, credit card payments for online shopping have been about the only option open to consumers. Despite the wealth of products available, many people have hesitated to use credit cards online due to the risk of fraud. And although the inconvenience for the consumer and merchant is significant, the cost of fraud is exorbitant for the bank, which usually ends up absorbing the cost of the fraudulent transaction.
ViaPay (Symbol VIAP: OTC), a global ecommerce solutions provider, has introduced a very compelling payment alternative that reduces the risk of fraud, and introduces a host of other benefits in the process. ViaPay offers a secure shopping mall that lets consumers purchase online directly through their bank, using debit. Sound like direct debit for the Internet? By connecting consumers directly with their own banks, it could very well be.
For years, consumers have trusted their banks to provide secure payment solutions. ViaPay continues in this direction by providing the consumer with the security and protection of their own bank combined with the convenience of the Internet. The company has carefully engineered a robust payment system that integrates seamlessly into the existing banking infrastructure and security system. Shoppers simply browse for products in an online banking mall, then select their payment method when they're ready to pay and choose a courier for delivery. Payment from the consumer's account is not completed until the courier has sent confirmation that the goods have been delivered and signed for, offering a strong comfort level for consumers.
For consumers, the benefits are clear-protection from fraud, and the ability to purchase online using all payment options available to them through their own bank, including direct debit. For merchants, the immediate access to a global market, reliable delivery, a reduced risk of fraud, and increased sales from improved consumer confidence are all very compelling reasons to embrace the ViaPay vision. In addition, direct-to-account transactions from consumer to merchant offer considerable incentives in terms of reduced transaction fees.
Banking On It
For banks, however, the benefits are perhaps even more compelling. By joining the ViaPay network, banks will be able to charge a standard flat rate for transactions to merchants, similar to current credit card systems and debit payment systems. While providing this functionality to major banks and merchants, ViaPay will earn a transaction fee for every single transaction completed through its system.
According to Forrester Research, online purchases are expected to reach US$1.4 trillion by 2004. As retail ecommerce continues to grow, consumers will migrate towards the payment solution that offers the highest level of security and convenience.
A Viable Opportunity
Banking industry professionals recognize the limitations in attempting to develop their own in-house solutions to global online payment systems. With a worldwide implementation of proper security measures for Internet transactions, consumers and merchants will save billions of dollars from fraud over the next decade. The ViaPay system also allows both banks and merchants to maintain focus on their core strategies while moving forward in the new economy and generating substantial revenues.
ViaPay's management team is made up some of the world's most experienced electronic payments specialists, with over 200 years of experience implementing global payment processing and transaction security solutions. ViaPay's founders recognized the benefits of implementing a global solution to direct automated online transactions, and built a team with the necessary experience and key industry knowledge to execute the vision.
Currently, ViaPay is preparing to launch its pilot program with two major banks in Europe. The company also plans to aggressively expand into North America, targeting the world's largest market of online shoppers. Investors have an opportunity to be a part of an online economic revolution that will fortify global commerce and enhance the online shopping experience, while offering substantial financial gains. |
