EWise launches online payment system

Source: eWise

Today sees the launch of eWise payo in the UK, the first and only bank inclusive Online Banking ePayments (OBeP) solution. Launched by the financial service firm eWise, eWise payo presents the safest and fastest online payment solution.

eWise payo enables the consumer to initiate secure and private payments for goods and services or bills online, without having to provide personal financial information to any third parties (1). To use eWise payo, customers are directed straight to their bank's website where they will log in using their existing account credentials. Once in their online banking application, consumers select from any account with available funds and confirm the payment. eWise technology enables the secure payment, leveraging the UK's Faster Payments network, thereby generating a near immediate payment for the merchant.

John France, managing director at eWise payo, commented: "Security remains the key concern for people when purchasing goods and services online. Statistics from the UK Card Association showed that over just 12 months £118.2m was lost to fraudsters for card-not-present fraud in the UK alone (2). And, despite all of the good work that the International Card Schemes have done with respect to PCI, merchant websites are still being hacked and consumer card details are still being compromised.

"eWise payo is the answer to the industry's demand for improved security; the bank demand for innovation; the consumer demand for control and the merchant demand for lower costs."

For the financial industry, eWise payo presents the opportunity for banks to build upon and capture market share. And, for retailers it enables the opportunity for lower transaction costs, and increased sales via reduced shopping cart abandonment.

Consumers throughout Europe and in the US have been paying this way for years. eWise brings experience of implementing OBeP networks, through the successful Secure Vault Payments network in the United States, and as a founding member of the International Council of Payment Network Operators (ICPNO).

Commenting on the launch of eWise payo in the UK, Andrew McClelland, director of operations at IMRG (3), said: "Over hallf the population of the UK are now shopping online and the e-retail industry continues to grow impressively every year, but fears about cyber crime and fraud can prevent some people from taking advantage of the value and availability that online offers. Removing the need to provide account details to each retailer purchased from will greatly improve consumer convenience and trust, particularly in smaller online businesses."

[1] The online retailer or eWise
2 UK Card Association 2010
3 Interactive Media in Retail Group - membership community for the UK retail sector

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