HyperPayment technology: Debit cards to buy XXX online
 

http://www.othentik.com/images/menurb2.gif

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/

We've been using this thing in Belgium for years man, old news! We can add funds to our pre-pay phone cards, buy hosting and much more without a credit card or a checking account... once we have confirmed the order the system takes us to our banks website, we put in our personal code, submit the payment and that's it.

I wonder why the article says the technology is patented in 20 countries?

Also, if Belgium uses this technology for some years, why can't we offer this alternative on our paysites... or at least in USA.

:helpme

Don't know why it hasn't been used for paysites yet...
To give you some examples:
http://www.combell.com (webhost that uses this system)
http://payandgo.proximus.be/nl/My_Cr...d_My_Card.html (online pre pay telephone card reload, and you can see the icons of the belgium bank accounts supported)

The system is not new. It's pretty easy, the clients has internetbanking on his bank account so the system takes you to a page of your bank where you can submit your account nr, your internet banking pass and the payment is done. Might be a good idea to use this on paysites.

Hey Qumbus are you from Belgium?? Hit me up on icq 82353399 (I'm not online for the moment but will be in a few hours...)

A nice idea but unless enough banks get on board it will be useless. One of the reasons credit card payments achieved prominance online is you only have to strike deals with a handful of companies (Visa, MasterCard, Discover, Amex) and you have the entire North American market covered. The Othentik system appears to need the cooperation of individual banks and there are dozens of major banks and hundreds or thousands of small ones. I don't fully understand the atm network, but I would think it would have made more sense to tie it in to that network via Cirrus et al.

If Othentik can achieve critical mass with this, it will be a great alternative to credit cards and online checks.