44 Years is a Long Time to Wait for Convenience - MD of eWise Payo Puts His Case for Obep Solutions Forward

London - 22 March 2011

At the 19th annual International Payments Summit, John France, UK managing director of eWise payo, presented on the theme of: ’44 Years is a long time to wait for convenience’.

In January 2011, the company launched eWise payo, the first and only bank inclusive UK Online Banking ePayments (OBeP) solution – the safest and fastest online payment technology.

eWise payo enables the consumer to initiate secure and private payments for goods and services or bills online, without having to provide personal financial information to any third parties[1]. To use eWise payo, customers are directed straight to their bank’s website where they will log in using their existing account credentials. Once in their online banking application, consumers select from any account with available funds and confirm the payment. eWise technology enables the secure payment, leveraging the UK’s Faster Payments network, thereby generating a near immediate payment for the merchant.

During his presentation, France highlighted that before the introduction of the ATM in 1967, consumers had to conduct their banking on the banks’ terms. He then went on to review how the methods of payment for card-not-present scenarios have removed the convenience for the consumer. He comments: “The schemes that have been introduced have created a whole set of ever more elaborate solutions to the symptoms. Whatever happened to convenience?

“Credit and debit cards were designed for the face-to-face environment, and the additional security measures only slow the payment process. Equally consumers’ personal data often ends up in the wrong hands – statistics from the UK Card Association highlighted that over just 12 months £118.2m was lost to fraudsters for card-not-present fraud in the UK alone[2]. Banks and consumers are drifting apart, a worrying trend.

“eWise payo is the answer to the industry’s demand for improved security; the bank demand for innovation; the consumer demand for control and the merchant demand for lower costs.”

In February, the company launched eWise payo mobile, at the time France said: “Our mobile application creates an exciting customer experience, and will – I believe - be the biggest positive technological advancement to hit the UK retail banking arena since the introduction of the first ATM in 1967 – 44 years ago...”

eWise is currently in advanced discussions with a number of the high street banks, merchant acquirers, PSPs and merchants. As a result of which, the company has brought forward its initial launch – planned for 2012, and hopes to make an announcement in Q2/Q3 2011.

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