CyberCash has announced a payment service for small cash transactions over the Internet, one that several major banks will pilot or offer by the end of the year, officials say.
Called CyberCoin, the service enables users to make payments over the Internet, either drawing funds from a bank account or a credit card, officials say. Typical transactions would be in the range of 25 cents US to $10, officials say.
Users can download a program that allows for encrypted financial transactions between the customer, merchant and bank, called the Internet Wallet, at CyberCash's Web site, the company says. Users decide how much money to move into it, up to US$80, officials say.
First Union, First USA Paymentech, First Data Corporation and affiliated banks, and Michigan National Bank plan to pilot CyberCoin by the end of the year, officials say.
CyberCash is on the World Wide Web at http://www.cybercash.com.