News Article

IT & Internet

netCash targets e-tailers with launch of digital currency

By CreditMan Tuesday, November 28, 2006

November 28th 2006, Congleton, Cheshire netCash (, the digital currency, is being launched to the retail community.

It’s the first digital currency to span both mobile devices and the PC and offers a compelling alternative for retailers looking for a solution to the costs and risks of accepting credit card payments over the internet.

“I’m really not sure why a business would want to process credit cards given what we’re offering,” comments Mark Hodkin, international marketing coordinator of netCash. “Real time funds transfer, no risks of chargebacks from stolen credit cards and processing costs of 1% - each one would be a reason in itself to accept netCash and we offer all three.”

netCash has already been adopted by a specialist in developing e-commerce solutions for businesses. Managing director Malcolm Roach said, “Cash flow is the main reason why companies struggle and netCash gets cash in faster and at far better rates. But what’s also exciting newer markets such as media content downloading is that Micropayments can now be realised much more effectively as a revenue stream.”

An example of this could come with the introduction of plastic newspapers scheduled for release in 2008 currently in development with dotnano. Managing director Mark Warburton of dotnano comments, “It’s the simplicity and speed of netCash that makes it a serious payment facility in the market. Using netCash on an electronic newspaper you’ll be able to buy not only each day’s edition, but goods or services in adverts such as a good book to commute home with.”

More immediately the company is targeting the E-bay community. Editor of E-Bay advisor magazine David Bradforth adds, “Finding a payment system that works is hard, start-up businesses do find card processing options expensive and Paypal is costly too. This is a great way to pay and a whole lot safer and easier, shortcutting all thatposting cheques and waiting for them to clear.”

During this retailer recruitment campaign netCash is waiving the standard one time sign-up cost of £450 which includes integration of netCash as a payment option on the retailer’s website.
To demonstrate netCash’s ease of use a range of goods from the Argos catalogue.can be bought from the site on both mobile and internet platforms.

“Security is an important concern, both of the transaction for the retailer and also for the consumer. “The whole issue of identity theft is a huge concern from our research. What we’ve done is effectively to create cash 2.0 for the new web 2.0,” concludes Hodkin.

About netCash

netCash first developed and applied for a patent for its digital currency in 1999. On being granted its Global patent the company subsequently gained FSA accreditation as an e-money issuer.

Based in Congleton, Cheshire the company has extensive private backing and is operationally run by managing director Paul Tolley and international marketing coordinator Mark Hodkin. The company has also set up a Global licensing operation based in Lake Tahoe, California.