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Plug-n-Pay Keychain-held USB Stored Value Device
- Plugs into computer's USB port
- Enables secure and anonymous 1-Click and metered (pay-per-time) e-payments
- Contains ClearBIT's Random Bit Currency
- CASH (Bits) dispensed like battery
- Perfect for micropayments, timed online gaming, pay-per-view sites and services, etc.
- Fully customizable, private label "cool factor" branding beyond the wallet!
How does it work?
Using ClearBIT's patent-pending Randomat™ technology, randomly generated bits, which are assigned any currency value, are inserted in a standard USB storage device. User's purchase CashSticks at local retail outlets or banks. CashSticks are plugged into a computer's USB port. The first time a CashStick is inserted, the ClearBIT Plug-in is automatically installed. When the user visits a site that supports CashStick payments and selects an item to purchase, a small pop-up window offers to "Pay with Cash". One click and the payment request is processed with the ClearBIT Control Center. Once verified and approved, a standard credit payment is sent to the participating merchant, the amount of bits correlating to the purchase price are physically depleted from the CashStick, and the user receives payment confirmation. The CashStick now has its original denomination minus the purchase price on their CashStick. Users can check the current amount of funds on a CashStick at any time from the ClearBIT Plug-in interface. If a CashStick does not have enough funds for a purchase the user will be prompted to insert another CashStick or pay the difference with a credit card.
Who is it for?
- Risk-Averse Consumers - approximately 90% of people online refuse to buy anything on the web for fear of having their credit card or personal information stolen. According to Ernst & Young, 78% of shopping carts are abandoned at checkout.
- Privacy Conscious Consumers - the issue of privacy has never before been so hotly debated, and no where more so than on the Internet. E-Merchants are losing millions of potential dollars as a result of consumer's reluctance to provide personal information online.
- Teenagers - while approximately 20% of Internet users are between the ages 13 and 17, this booming segment currently accounts for only 3% of e-commerce. "This is primarily a function of access, or lack thereof, to credit cards" according to eMarketer eRetail Report. With online gaming, music, video and other paid services targeting youth booming, the potential for alternative e-payment methods for teenagers is astounding.
- European & Asian Markets - credit card use for online purchases is approximately 40% in these prime Internet savvy areas of the world. The need for secure alternative e-payment methods is critical.
Metered (Pay-per-time) e-Payments
Services such as multi-player online gaming sites that would ideally charge per hour, minute or even per second of play now have a perfectly suited incremental e-payment solution to offer their customers. CashSticks, once plugged into the users computer, can be drained incrementally over time (like a battery), while users play a networked game, view content, or make net phone calls for example.
Ideal Solution for Micropayments!
Web content, products and services costing less than $5 simply don't justify costly credit card processing fees. Whether sites need to charge customers $1.95 for a document or file download, incrementally deduct $0.25 for a timed online service or $0.001 per page view, CashSticks, ideally suited for micropayments, work flawlessly.
See also: CashDiscs