Startup Gains Grant to Create Virtual Cash

[Sydney, Australia, May 12, 2000] — Australian startup Technocash has been awarded
AUS$94,000 (US$56,400) through the Federal Government‘s AusIndustry
program under its Commercialising Emerging Technologies (COMET) scheme.

The company will use the grant to develop its patent-pending technology
for virtual money, designed to replace cash for consumers not willing to
use credit cards on the Internet, or for users who do not own a card.

As well as providing an alternative for consumers, Technocash has been
created to offer merchants a new market that is willing to purchase online,
said company director and co-inventor of the technology, Paul Monstead

Technocash will be distributed through retailers and through the
company’s site, and can be purchased in any denomination or currency. Users
can also create a password for their Technocash, to secure it further, and
can check the balance of the Technocash they have through the company’s
site.

When Technocash is purchased, a serial number is issued with it, and
quote this number when buying online. When a merchant receives a Technocash
payment, the order is referred to the Technocash site for confirmation and
deduction, and the company authorizes the funds to be transferred to the
merchant.

With government support for the technology, Technocash is now seeking
seed capital from investors. The company is also settling contracts for
distributing its technology, with an aim of reaching “10,000 distribution
networks nationwide, and an equal number of online merchant outlets that
accept Technocash as their preferred means of payment,” said Monsted.

News Around the Web