netCash.is – UK’s New Digital Currency
From the United Kingdom, the EFT firm ‘netCash‘ is going straight for PayPal’s client base.
Make no mistake about it, they are marketing their brand new online currency as an alternative to PayPal and plastic. Editor of E-Bay advisor magazine David Bradforth tells us, “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 that posting cheques and waiting for them to clear.”
This is the UK’s first digital currency to properly work online and also with web enabled cell phones. The fees for netCash services are low (1%), micro-payments are an option down to as low as one pence and topping off the positive column here netCash offers NO RISK OF CHARGEBACKS.
All loading of netCash accounts is either a direct EFT from the user’s registered bank account or a walk in cash deposit. No credit card fraud and no chargebacks.
Mark Hodkin, international marketing coordinator of netCash, says “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,” and further states that the service offers “real time funds transfer, no risks of chargebacks from stolen credit cards and processing costs of one per cent”. His company says it is specifically targeting the e-bay community as an alternative to PayPal. He goes on to say, “I’m really not sure why a business would want to process credit cards given what we’re offering.”
How does it work?
When you join netCash you choose a 6 digit deposit code this is automatically included every time you buy netCash. After a netCash purchase, the next time you log in, you are shown your new funds purchase and can then deposit it into your secure netCash safe. Your ’safe’ is completely secure and linked only with your personal bank account. Your ’safe’ is the main depository area for your funds. From your ’safe’, users can only deposit or withdraw netCash directly to that one bank account. Spare netCash from your safe can be redeemed to your bank account anytime.
Once you have funded your netCash safe, you may then move funds to an online wallet or a mobile wallet for spending. These are two distinct and separate wallets. One works with your PC only online and one with your mobile phone. (www.netcash.is/mobile)
Funding to either wallet, you would be moving what is termed ‘netCash notes’. Each netCash note can has a maximum value of £100.00, however, you can have multiple notes in your online or mobile wallet.
Each note has a unique 16 digit serial number which identifies it, much like a bank note. You can spend a netCash note on any web which accepts them. The movement of funds is from your wallet using this sixteen digit number, the pin and date of birth of your wallet.
Sounds complicated? Its not, it is really simple to use and very secure. The online wallet version allows you to spend a stack of netCash notes in a single transaction if you need to buy me an expensive Christmas gift or find yourself in a similar situation….you are not limited to £100 per transaction spend.
netCash transactions are instant, they pose no risk of credit card fraud and you can move the funds back and forth between wallets anytime you like. You can also change the security details of your wallet anytime. Even after each transaction, you can change access details thus giving you absolute peace of mind.
netCash Is Very Versatile & Offers Many Options
Transferring funds to a friend or merchant is very simple. Each netCash customer or retailer has a 16 digit netCash ID. If you have their online wallet, mobile or retailer 16 digit ID you can transfer funds to them instantly. The 16 digit number identifies you, just like an address. You can transfer money directly to anyone if you have their ID.
You can even print a netCash note on your personal printer directly from your wallet. The printed ‘note’ then becomes just like a gift voucher. The receiver of the voucher simply enters the details from the paper ‘note’ and the funds instantly appear in his or her account.
Finally, you can even email a netCash note from your wallet. Just like the printed note it then becomes the receivers to deposit to his or her wallet. Their emailed ‘gift voucher’ can be spent from online or from the receiver’s mobile wallet. Lots of options with netCash.
During their retail start up in an attempt to sign up as many new merchants as possible, they are waiving the one time fee of £450 which includes the software integration into the retailer’s web site.
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.
On a personal note, I am still waiting to see if eBay will ban netCash as a payment option, that’s an even money bet.
