Note in a bottle
line' creates quite realistic anxiety - your credit card and personal
information might be misused.
In existing Internet payment mechanisms,
consumers are required to supply financial information when making payments on
the Internet. They have little control over how their information is used by
merchants. Further, recent attacks on Internet commerce sites demonstrate your
vulnerability to leaving credit card number traces who-knows-where on the
security: the biggest problem is that transaction information is persistent --
it sticks around on a computer as stored data. There's no practical way around
My project ensures anonymity of the buyer vs. vendor or
service provider. It can multyfold the volume of e-comers.
Imagine - on the
screen of a merchant/provider there are icons of the banks and/or
credit cards. You click on it and link both yourself and the provider with the
financial institution where both of you have to have the accounts (as it is
at present). The money transferred without anyone but your bank/CrCard knowing
your personal data. Basically - it's an Interak over the internet.
already are services which SEEM like the above ("e-wallet",
"paypal" etc.), but it creates a double jeopardy, because you have to give
to THEM your data and then they'll give it to the merchant.
I've tried to
communicate this idea to the banks and credit cards executives.
So far ALL
the bankers, accountants and business people - from ordinary executives to
senior vice presidents immediately recognize the benefits of this system and tell
me that they don't understand why it's not implemented, but when I've approached
the Cr. Card companies and The Banks - nobody GETS it. They refer to
those "e-wallets" etc. as already existing mechanisms and refuse to see the
difference. I've given up.... It's been a few years since I've offered it. Some
people say - it's because they can keep your money in the interim - before they
pay it out, but they still can do it with this system.
M Y S T E R
Well - this is a
note in a bottle......
Here is another way to express the same
Customer (C) is offered on the screen by the
merchant/service provider (m/sp) icons of the credit cards and other banking
institutions where m/sp has an account.
Those icons are links to the
financial institutions which immediately recognize the m/sp. C prints on the
screen of the institution their CrCard/account number, pin and/or other
identifying data and the amount to be transferred to the account of the
m/sp, which is done automatically by the computer.
M/sp never gets any
banking info of the C. The financial institution conducts all the interaction
internally. Therefore C is completely protected. Much like in the "INTERAK" or
in the supermarket debit/credit card operation.
Financial institution gets
manifold business from otherwise reluctant C's. And the operation is simplified
for everyone involved - one step vs. three steps.
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