To: Fli-by (1134 )
From: ocmayor Thursday, Feb 4 1999 1:42PM ET
Reply # of 2357
NEWS OUT !!!!!!
eConnect and Telemax Enhance Wireless E-Commerce
LAS VEGAS--(BUSINESS WIRE)--Feb. 4, 1999--eConnect (OTC BB: BETT), formerly Betting Inc., and Telemax, an advanced development-stage telecommunications company, have formed a strategic alliance to develop a "wireless e-commerce PocketPay" capability.
PocketPay will facilitate legal wireless cash gaming wagers and business transactions, including the sending of mobile cash transactions to internet and non-internet sites.
The companies plan the first demonstration of wireless e-commerce PocketPay to a wireless phone manufacturer in the next quarter of 1999. PocketPay allows consumers to load their credit, ATM, smartcard or charge cards into the memory of a handheld unit for use by the customer to conduct mobile electronic commerce transactions.
The transactions will be safe and secure through encryption designed by ET&T (www.hpos.com), a partner of eConnect. "Personal Encrypted Remote Financial Electronic Card Transactions" (PERFECT) will be used exclusively by Telemax to process transactions. ET&T will also process all gaming transactions to eConnect, who will contact the gaming company identified by the customer that a PERFECT wager has occurred.
Telemax will receive a line carrier fee per transaction and will also share in all transaction fees that are generated from the PocketPay usage.
eConnect estimates that the current global market for wireless gaming commerce is in excess of $100 billion. eConnect will focus its marketing efforts on the highly lucrative Asian wagering market. With the PocketPay unit, a gambler can, on impulse, place cash wagers to both internet and non-internet gaming companies by using an ATM card with PIN or smart card. eConnect will process these transactions through its eGate division to the specific gaming operators selected.
Telemax as a wireless telephone provider will focus its efforts on the small business market. With the built-in PocketPay feature that holds the customer credit, ATM, Smart, and charge cards in memory, its customer will simply input the PERFECT merchant ID, the amount, and the card to be used.
The PERFECT transaction is then sent by Telemax signal to the ET&T bank host which will process the transaction, alert the merchant of payment, and then send the bank authorization and merchant acknowledgement back to the PocketPay customer. The customer is then offered the choice of receiving an electronic receipt by fax or email or to simply hold the payment record in the PocketPay memory for later downloading by the consumer.
eConnect is a high-technology Internet entertainment company that operates in the electronic digital gaming and entertainment industry.
CONTACT:
Carnegie Cooke (for eConnect)
Anita Goldberg, Investor Relations, 800/262-2331 |
