RealTime IT News

iPIN Deploys New Electronic Payment Solution

iPIN has deployed its new payment solution with French ISP Club-Internet as one of its first ISP partners.

The new technology, which allows the customers to be billed via their ISP and not by the merchant site, will now be available to Club-Internet's 300,000 subscribers.

To open an iPIN account, users access a specific site located through the ISP, and are required to list bank information, e-mail address, and other details. The information does not need to be repeatedly entered, but is stored on a secure server, according to Marc Kawam, one of the founders of iPIN and vice-chairman of iPIN Europe.

iPIN takes a commission on each sale, as does the ISP. The commission is proportional to the price of the item which is sold.

"If [an item] costs $2, iPIN will take a 15 percent commission on it whereas for an item which costs $15, the commission will be very low, and quite similar to the use of a credit card," says Kawam.

He adds that "neither the merchant partner nor the ISP can check the banking information of an iPIN account. The ISP does not even know what is being bought."

The user can check what was bought on the iPIN area, but not on the bill that is received at the end of the month. On this bill, the user is only given the total amount of the month's combined purchases.

Another interesting aspect of the iPIN solution is that the price is always displayed in the local currency. For example, a French iPIN user who purchases an item from the United States will know the price both in francs and in euros.

In France, iPIN has already enlisted 15 companies as partners of iPIN, including Le Monde, 00h00, Softissimo, Symantec, Netbeat, Sidaction, and Buymp3.com. The concept was tested by 15,000 Netizens in France, Belgium, the UK, Israel and the US.