WOODCLIFF LAKE, N.J. -- NYCE Corporation announced the successful completion of the first Internet payment transactions made with the new SafeDebit card.
SafeDebit, which has a patent pending, offers a way to make PIN-secured debit purchases on the Internet from any standard PC with a CD-ROM drive. It's the only real-time, PIN-based debit Internet payment method that doesn't require special hardware.
NYCE's proof-of-concept test was completed with the support of several software vendors and operators around the globe, including Australia-based QSI Payment Technologies, which supplies merchant Web site software, as well as U.S.-based eFunds and France-based GlobeID, which both contribute IIP components to SafeDebit. Other contributors include Media Services, which provides CD-ROM production services, and Metavante, supplying card personalization services.
Four financial institutions participated in the proof-of-concept test: Citibank, HSBC Bank USA Inc., Michigan National and North Fork Bank. All four are considering plans to issue SafeDebit cards to their customers.
According to NYCE, SafeDebit works just like an ATM card for the Internet, allowing consumers to make PIN-secured, cash-equivalent purchases withdrawn directly from their checking accounts.
Dennis F. Lynch, president and CEO of NYCE Corp., pointed out that unlike the variety of payment options available to consumers in the physical world, Web-enabled payment methods are restricted primarily to credit card payments and paper checks.
"Not all Internet shoppers have or choose to use a credit card," said Lynch, "so we know there is room for debit on the Internet. When evaluating the security, convenience and familiarity of other Internet payment methods, no other option available today can match SafeDebit."
With SafeDebit, the cardholder's personal and account data is not printed on the card, but is embedded in encrypted format. The decrypted account data is provided only to the financial institution authorizing the transaction, which helps reduce the potential for fraud and eases consumers' concerns about Internet security.
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