A new internet payment system has been launched in the
UK to offer users saferonline shopping.
The eWise network is designed to keep customer bank details
secure and
reduce online fraud.
Unlike other internet payment systems, the eWise network enables
transactions without any financial or personal details being made
available to either the retailer or eWise.
Instead, it relies on the transfer of funds directly between
bank accounts.
Mark Matthews, managing director at eWise Systems, said, "The
system is not trying to reinvent online payments. It is a
much-needed addition to the sector, offering security for consumers
and flexibility for retailers."
Customers using the eWise network to make an online payment draw
directly from existing bank funds, and they are not restricted to
paying from one account or card, where, for example, accounts are
linked.
Anyone with an account at a supported UK bank can pay using the
eWise network if the online retailer offers it as a payment
option.
To use it, customers download the eWise network software and
choose their bank from a drop-down menu.
They will then be directed straight to their bank's website,
where they will log in as usual and confirm the payment.
None of the customer's log-in details and financial information
are released to eWise or to the online retailer.
The eWise technology facilitates the payment and provides a
receipt to the customer and online retailer to confirm the
transaction details.
On the retail side, the eWise network allows online retailers to
keep customers that may have otherwise dropped out at the checkout
stage, because they weren't happy to provide their financial
details.
Retailers are also not affected by the charge-back costs
incurred through credit card transactions. And, unlike other
payment systems, there are no monthly charges - retailers are only
charged per transaction.
The system has just completed its testing phase with a selection
of UK-based online retailers, and is now looking to bring on board
merchants for a full commercial roll-out.