Thanks to the work of young Quebec firm Othentik Technologies, web users will soon be able to pay for online purchases with their debit cards.
Has Othentik unearthed the Grail of online payment? The company says its HyperPaymentMC system means you soon won't need your credit card to settle online purchases. Instead, Othentik's proposed solution involves using a portal that will let you pay your bill online directly via your bank account.
Simply put, when web users want to pay for something bought from a merchant (who has signed an agreement with their bank and Othentik), a little window pops up, sending consumers to their own financial institution's website. Cybershoppers then simply enter their ID and password to complete the transaction. The merchant receives a confirmation number from the bank indicating the transaction has taken place. And that's all vendors get. They never see either a customer's card number or password.
The HyperPaymentMC technology is patented in some 20 countries and should be available soon. Othentik is impatiently awaiting publication of a report by the Canadian Payments Association (CPA), expected March 31, which should establish a national regulatory framework for electronic payments.
http://www.othentik.com/