Dynamic Transactions joins person-to-person payments fray
21 June 2000 | 1479 views | 0
Silicon Valley's Dynamic Transactions is the latest company to join the increasingly crowded person-to-person payments market. Its PayPlace payment technology has been built as an integrated OEM solution for companies that want to provide online e-mail-based payment services to their customers under their own brand identity. Consumers can try out the service direct by logging onto www.payplace.com.
Dynamic Transactions plans to OEM its technology to a variety of partners including financial institutions, portals and vertical application sites.
"In less than two months of testing we experienced exponential growth with close to 50,000 unique registered users," says David Beckwith, president of Dynamic Transactions. "In addition, PayPlace was offered as a payment mechanism in tens of thousands of eBay auction sites alone. The current rapid adoption of the consumer offering highlights the growing demand for this type of payment service."
Like rival services from the likes of X.com, the PayPlace payment technology enables US consumers to send money to or collect money from anyone with an e-mail address. The sender needs only a valid credit card - Visa, MasterCard or American Express - to set up an account with no service charges.
Dynamic Transactions has venture capital funding from Hummer Winblad Venture Partners, Trans Cosmos USA, Angel Investors, and individual investors.