VeriFone and CEO America develop digital currency service
07 November 2005 | 2402 views | 0
Source: CEO America
CEO America (Other OTC:CEOA.PK) today announced a marketing and development partnership with VeriFone Holdings, Inc. (NYSE:PAY) to provide a new service that allows merchants to take the next logical step to enhance debit cards, gift cards and proprietary loyalty systems.
Called "CREDITZ Digital Currency", this service gives merchants the ability to distribute a ubiquitous Digital Currency Card that puts "cash-like" value on the card.
VeriFone is integrating CEO America's CREDITZ Digital Currency system into VeriFone payment products and services, along with providing marketing and distribution support in Canada and the USA.
CREDITZ allows merchants to pay consumers for behaviors or purchasing with spendable CREDITZ Digital Currency. It bundles micro-payment processing, loyalty, rewards, customer relationship management (CRM), business intelligence and marketing communications into a pay-as-you-go model that is immediately available to merchants of any size.
CREDITZ can be spent at participating merchants both online, in stores and soon through wireless devices. Merchants obtain CREDITZ Digital Currency in a merchant account to pay customers when they make a purchase. The promotional opportunities are only limited by the merchant's creativity. CREDITZ are payment independent therefore allowing inclusion of all customers and all purchases. Customers are paid CREDITZ that can be spent wherever buyers want. Consumers get paid CREDITZ quickly, across all participating merchants and spend them on products and services of their choice. Consumers also get paid additional CREDITZ whenever they spend CREDITZ. The CREDITZ system will enable consumers to aggregate and exchange other reward programs for CREDITZ to be used for everyday shopping, dining, paying bills, funding retirement or making donations to charities.
The retail industry faces difficult challenges to understand their customers and buying habits, effectively communicate offers, reward loyalty, provide incentives both for purchases and behaviors, while treating the customer with respect and ensuring their privacy. CEO America has created a solution to this large challenge and VeriFone has made it accessible to all merchants from the smallest to the very largest.
"VeriFone is the leading payment solutions provider and the logical partner for CREDITZ to market Digital Currency throughout North America by supplying the products, services and distribution that only such a world class organization can," said David Vaters, Chairman and President. "We value this relationship with VeriFone and look forward to providing retailers, manufacturers and service providers a revolutionary, cost effective and on-demand business tool unavailable until now."
"CREDITZ is providing consumers with a cash-like reward for their electronic payments, while empowering merchants with marketing tools previously available only to payment issuers and the largest retailers," said Patty Colby, Senior Director, VeriFone Corporate Strategy Development and Value Add Services. "VeriFone is always eager to leverage its technology, expertise and marketing reach to enhance the consumer and merchant experience with value added applications such as CREDITZ Digital Currency."