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The Newest Wave in Online Shopping
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Cash Technologies, Inc. Will Allow Millions of Consumers to Use ATM Cards to Shop on the World Wide
Web
LOS ANGELES, April 19 /PRNewswire/ -- Cash Technologies, Inc. (Nasdaq: CHNG) announced today a
new way for millions of Americans -- who don't have a major credit card -- to shop securely online over the
World Wide Web. Until now, Web based merchants required all customers to pay electronically by credit
card, but with the introduction of Cash Technologies new EMMA(TM) e-commerce transaction processing
system -- along with iris identification products supplied by Moorestown, N.J. based Sensar, Inc. --
customers will be able to use their everyday ATM bank cards to pay for on-line merchandise
"For the first time, Internet commerce merchants will be able to accept ATM card payments, instantly
debiting the checking or savings account of the customer," said Cash Technologies Chairman and CEO
Bruce Korman. "The system can also provide greater security for credit card and other types of
transactions. Whether ATM or credit cards are used, consumers will be able to buy all they want online
with piece of mind, knowing their iris identification transactions are 100% secure."
Cash Tech's recently formed technical development agreement with Sensar, Inc., the world's leading
supplier of personal electronic identification systems based on the unique patterns of the human iris, is
bringing this new technology to the marketplace.
"ATM-based transactions on the Internet were previously unacceptable due to the fear that PIN numbers
could be deciphered by hackers," said Korman. "Additionally, rampant credit card fraud has become an
accepted cost of doing business on the web. We believe that Cash Tech's EMMA(TM) (e-commerce
message management architecture) system in combination with Sensar's high security iris identification
products will provide the next leap forward in online payment technology. This offers significant advantages
for online banking and trading operations, as well as merchants who will be able to expand their customer
base to those without credit cards and consumers who are afraid to send credit card information over the
Net."
The present ATM network, with an annual transaction volume of nearly 10 billion transactions per year in
the U.S., is used primarily for ATM cash advances and local debit transactions, and has not seen any
Internet commerce to date. Credit card transactions dominate online purchases, however credit card fraud
has exceeded 10% of some merchant's total sales volume, and disclaimed stock trades have become a
significant problem for online securities trading firms. Improved payment security is considered a
necessity to support the enormous growth expected in the Web commerce marketplace.
Sensar, Inc. was founded as the first commercial spin-off of the Sarnoff Corporation in Princeton, NJ, an
internationally acclaimed research and development facility. IriScan of Marlton, NJ, USA holds the
exclusive world-wide patents on the iris recognition concept originated by Drs. Leonard Flom and Aran
Safir and the software and process technology invented by Dr. John Daugman, Cambridge University,
England. Sensar uses, under license, the iris recognition process developed and owned exclusively by
IriScan. IRISCAN is a trademark of IriScan, Inc. of Marlton, NJ and is used by Sensar, Inc. under license
from IriScan, Inc. For more information, please visit sensar.com.
Cash Technologies. Inc. develops and markets innovative e-commerce kiosks and systems, including
advanced self-service coin counters and the multifunction ATM-XTM automated teller machine. The
Company also provides computerized cash processing services to banks, armored carriers, rapid transit
agencies and other cash-intensive businesses and can be found at cashtechnologies.com.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties,
and actual results may be materially different. Factors that could cause actual results to differ are
disclosed in the company's reports to the Securities and Exchange Commission, including its Form
1O-QSB and Form 1O-KSB on file with the SEC.
SOURCE Cash Technologies, Inc.
/CONTACT: Stephanie Webster, 213-745-2000, for Cash Technologies, Inc./
/Web site: sensar.com |
