Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: ratan lal who wrote (398)	12/16/1999 12:58:00 PM
From: Mohan Marette	Respond to of 1471

Cybercash plans entry into payment processing business Ratan: I don't know what the effect will be, obviously Sify is going on with the purchase and I am hoping they have good legal counsel both in India and USA to advice them on these matters. ============= Cybercash India, the wholly owned subsidiary of e-commerce major Cybercash, plans to start a payment processing verification division in the country. Speaking to press, an official spokesperson said, "We do have plans to start a payment processing verification division in India. We haven't yet formalized the date for starting this commercial unit and we are talking to various institutions for possible alliances." According to Cybercash India, the new division will leverage on the growing Internet payment mechanism, and the corporation will provide the backend payment engines to fuel transactions on the Internet. "The market looks extremely attractive and we want to be prepared when it really takes off. The situation, currently is a bit fluid as to whether India is a credit or debit card country, and we are studying the development closely," he said. The new unit is expected to make transactions on the Internet from India much easier. Citibank had recently launched an e-commerce service, which allows users to pay for the purchases on the Internet directly from their bank account through a debit facility. This will further augment the existing facilities of ATM, debit card, phone banking and Internet Banking by offering another 24-hour access channel for the bank's customers. The entire transaction is fully secure as the customer accesses the bank account through the home banking PIN, which is a confidential personal identification number known only to the customer. The transaction uses the fully functional Internet banking module of Citibank Suvidha. According to Citibank, while shopping online at any of the three sites Fabmart, Rediff-On-The-Net, and Satyam Online - Citibank Suvidha customer will have the option of paying for the merchandise through a direct debit to the bank account. Citibank launched Suvidha in Bangalore in 1998, to promote electronic banking in India.