InstaPay Systems, Inc. announced that Internet Payment Solutions Inc. has contracted with InstaPay’s Kryptosima subsidiary to utilize its payENKRYPT service. payENKRYPT is the first service to go into production offering Internet merchants the ability to accept ATM card payments.
Internet Payment Solutions will implement payENKRYPT(TM) on its PayByCash.com web site, thereby enabling PayByCash customers to use their ATM card to pay for online purchases. Customers will swipe their ATM card and then enter their PIN (Personal Identification Number) on a device about the size of a computer mouse that conveniently connects to their computer. The payment data is then encrypted and transmitted from the consumer’ PC directly to Kryptosima’s payment gateway, thereby protecting the consumer’s payment data from risk of theft. The payment gateway then obtains real-time authorization of the transaction via its connections to ATM networks. payENKRYPT provides these features using methods protected by its recently announced patent.
“We are very pleased to have PayByCash as our first customer in the Internet subscription services market, and expect the service to go into production within a few weeks,” stated Harry Hargens, President and CEO of InstaPay and Kryptosima. “PayByCash provides alternate payment processing services to many leading companies in the growing online video games market. A recent USA Today article estimated that this market will reach 2 million households this year, and 14 million households by 2007. Of course, this is just one of many vertical markets we will be pursuing in the $70 Billion eCommerce market.”
Kevin Higgins, Vice President of Business Development for Internet Payment Solutions, adds, “Many consumers don’t have or don’t want to use a credit card to pay for online content, so an important part of our business strategy is to provide as many alternative payment methods as possible. Because of its speed, ease, and security, the ability provided by payENKRYPT(TM) to use an ATM card should prove very popular with a large segment of our customer base, and help us to attract new customers for the merchants we service.”
About InstaPay Systems, Inc.:
InstaPay’s focus is on the implementation of services such as Internet payments via an ATM/Debit card from home or office, for funding client’s securities brokerage accounts. With InstaPay’s system in place, stock brokerage client’s funds will be immediately available for trade execution, or any other capital-related brokerage transactions as we implement the payENKRYPT(TM) system to the online securities industry. Once the online securities market is established the company intends to expand its horizons to the entire eCommerce market.
For additional information about InstaPay and Kryptosima, visit [www.instapaysystems.com] and [www.kryptosima.com].
For additional information about Internet Payment Solutions, visit .