CyberCash Net Commerce A Reality In Canada
Ray Van Eng (06/14/96)
In an effort to speed the deployment of electronic commerce in Canada,
CyberCash, one of the leading electronic payment solution company is working
with the National Bank of Canada to launch a secure Internet commerce scheme
for merchants and consumers in the Canadian marketplace.
The CyberCash Merchant CashRegister(TM) allows an online merchant to carry out secure credit card transactions with consumers equipped with the CyberCash Wallet(TM) which can be downloaded for free from CyberCash's web site (http://www.cybercash.com) or the merchant's web site.
The CashRegister and Wallet will interact with each other to negotiate a secure payment path between the consumer, the merchant and the payment processor bank. Under this arrangement, the consumer's credit card number and other financial data is never revealed to the merchant nor CyberCash. All the merchant gets is either a approval or denial signal from the payment processor.
The CyberCash Wallet emulates the look and feel of a real wallet on the computer screen. The consumer can use the Wallet to indicate whether they like to pay for the purchases made over the Internet with their VISA, Mastercard or American Express card.
CyberCash promises to be one of the first vendor to support the Secure Electronic Transaction (SET) protocol put forth by VISA and MasterCard and has the support of the American Express. The Internet credit card transaction standard is said to be ready to be implemented by the third quarter of this year just in time for the Christmas shopping rush.
The National Bank of Canada is one of the pioneers in applying new technologies to retail banking in Canada. A few years ago, they started offering remote banking abilities via the telephone (TelNat) and the personal computer (Personal CompuTeller). The institution has 650 retail branches and more than 600 ATMs installed across Canada.
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