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MBNA, CyberCash Launch Digital Wallet Program

MBNA, a leading independent credit card lender, and CyberCash this week launched the MBNAbuy service.

The electronic wallet service is designed to store customer payment, shipping, and purchase information on a secure electronic server to allow safe completion of online transactions.

MBNAbuy allows customers to make one-click purchases at any Web page that displays the CyberCash InstaBuy logo. It uses industry standard Secure Sockets Layer (SSL) technology and 128-bit encryption along with two-part consumer authentication to ensure customer information security. The stored information allows shopping without having to repeatedly fill out credit card and shipping information for each online store.

Financial arrangements between the companies were not disclosed.

"As our customers become increasingly active on the Internet, we want that experience to be as safe, secure, and easy as possible," said John Cochran, executive vice chairman of MBNA. "Electronic wallets allow us to achieve these objectives."