Industry analysts estimate that about two thirds of all Internet purchases are abandoned midstream, mostly due to the time required for shoppers to input all requested information once they are ready to buy. This fall, with a secure electronic wallet developed by Qpass and eHNC, Royal Bank customers will be able to shop on the Internet quickly and easily. The PowerWallet, which will accompany consumers on their shopping trips in the virtual world, will store important information required to complete Internet credit card purchases.
PowerWallet, developed by Qpass and eHNC and unveiled this week at Internet World in Chicago, gives online purchases the speed and convenience of an express checkout lane. Royal Bank is first in Canada and among the first banks in North America to provide secure e-wallets to Internet shoppers.
“The introduction of digital wallets will boost the growth of e-commerce in Canada,” says Al McGale, Vice President, eCommerce@Cards for Royal Bank. “PowerWallet is the kind of innovation Royal Bank is committed to bringing to our online customers.”
“If two-thirds of customers in line at your neighborhood grocery store threw up their hands in frustration before reaching the cash register, you can bet someone would be doing something about it,” said Chase Franklin, Founder and CEO of Qpass. “Our goal with PowerWallet is to eliminate the lengthy order processes, the hassle of keeping track of different passwords and the general insecurity of purchasing online.”
PowerWallet assists Internet shoppers in many ways:
– With PowerWallet, shoppers need to fill out their credit card and billing information just once. It’s stored securely in the Qpass network data centre, then activated with the simple click of a computer mouse, completing transactions on the Web.
– PowerWallet “learns” new forms and adapts to the frequent changes merchants make to forms, through eHNC’s free-form text analysis and adaptive learning technology. The more an individual uses the PowerWallet, the more personalized and helpful the whole Qpass network becomes.
– PowerWallet gives users the tools to keep receipts of your online purchases, while storing Web shopping preferences, including site-specific passwords.
“This is the year of the digital wallet,” said Michael Thiemann, CEO and president of eHNC, the Internet solutions division of HNC. “eHNC understands the needs of the e-commerce triad, merchants, consumers and banks. Today, online merchants require shoppers to fill out individual forms for their site. It’s like asking a shopper to fill out an application every time they want to make a purchase at a new store. PowerWallet lets online shoppers provide information once and shop anywhere on the Web.”
Royal Bank expects to offer a pilot program of PowerWallets to clients this fall. After users register, the information is directly loaded into their PowerWallet account via a secure, proprietary communications channel. The one-click PowerWallet button will automatically be added to the toolbar of their Internet browser.
Royal Bank (RY) is Canada’s premier global financial services group and a leading provider of personal and commercial banking, wealth management and corporate and investment banking. Royal Bank and its key subsidiaries Royal Trust, RBC Dominion Securities, RBC Insurance, and Royal Bank Action Direct have 60,000 employees who serve 10 million clients through more than 1,500 branches and offices in over 30 countries.Details