Cash card enables direct debit payments online

CashThrough.com, a Hong Kong based electronic payment infrastructure company, has signed a co-operative agreement with Shanghai Huateng Software Systems (Huateng) to develop an instant payment mechanism for China. The CashThrough.com platform aims to enable domestic and cross-border business to consumer (B2C), and person to person (P2P) transactions on a direct debit basis via the internet.

This follows a recent memorandum of understanding between CashThrough.com and Singapore Telecom (SingTel). The technology company will be co-branding electronic cash cards with SingTel for use in SingTel's foray into the B2C market. The telco is setting up a virtual shopping mall and CashThrough.com will provide the online payment mechanism, where consumers can use the prepaid cards. If successful, the pilot will expand to cover payment of phone bills and other government utilities via the internet and WAP (wireless application protocol). According to Simon Chan, chairman and CEO of CashThrough.com, SingTel, is applying to the Monetary Authority of Singapore for a deposit taking license for the purpose of issuing the debit cards and expects to launch in March 2001.