LOS ANGELES -- Cash Technologies, Inc.is introducing EMMA, an e-commerce transaction processing system -- along with iris identification products supplied by Moorestown, N.J. based Sensar, Inc. -- that will enable customers to use their ATM bank cards to pay for merchandise purchased online.
"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."
The present ATM network, with annual transaction volume of nearly 10 billion transactions 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, yet credit card fraud has exceeded 10 percent 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.
"We believe that Cash Tech's EMMA system, in combination with Sensar's high security iris identification products, will provide the next leap forward in online payment technology," Korman said. "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."
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