From: Subject: ePSO Newsletter Date: Sun, 17 Sep 2006 22:45:32 +0200 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_0022_01C6DAAA.FB80DE20"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1807 This is a multi-part message in MIME format. ------=_NextPart_000_0022_01C6DAAA.FB80DE20 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://web.archive.org/web/20010702180817/http://epso.jrc.es/newsletter/vol06/5.html ePSO Newsletter

[Back to Table = of=20 Contents]

[6&5] Solving the Standardisation Problem of=20 Internet-payments: The Case of Bibit, TWYP and = SmartAxis=20

Simon Lelieveldt = (simonl@wxs.nl),=20 Amsterdam, the Netherlands

/standards/regulation/competition/integrators

Many policy-makers and = politicians believe=20 that the multitude of local payment methods constitutes a barrier = to=20 cross-border electronic trade over the Internet. As a result they = call for=20 standardisation of payment methods. The lack of standardisation = could=20 however also be viewed as a business opportunity. This article = describes=20 how this business opportunity is being exploited for both = chipcard-based=20 and other payment instruments on the web.

Since the beginning of the 1990s, = non-bank=20 players have stimulated the Dutch financial industry to determine = their=20 strategic position and to decide how to develop new card- and = Internet=20 payment products. As for Internet-payments the Dutch banks were = prepared=20 to sign a deal with Digicash, until its CEO publicly stated that = the=20 chipcard-systems of banks were unsafe. Since then, the Dutch banks = set out=20 to develop an account-based product of their own with the name = I-pay.=20 During the official introduction of this banking product in 1997,=20 representatives of Bibit, a start-up that had just begun providing = Internet payments and Internet billing services, filled a small = part of=20 the exhibition space. Most bankers present felt compassion for = Bibit,=20 being a small start-up with little experience and trying to put = themselves=20 on the map as far as possible with the limited funds available.=20

Four years later, the I-pay = product has been=20 upgraded to become SET-interoperable and has been extended to = allow=20 payments with debit-cards. The I-pay product is however seldom = used, while=20 Bibit has attracted series of investors and has established itself = as a=20 recognized provider of payment solutions on the Internet, offering = a=20 complete, easy to integrate, payment back-office for organisations = on the=20 web. Bibit processes a diversity of Internet (SSL, SET, I-pay) or=20 non-internet payment mechanisms (credit-transfers or one time = direct=20 debits from a number of countries) with the slogan: Global = Commerce, local=20 payments. In practice a merchant can sign up with Bibit in such a = way that=20 consumers shop at the merchants=92 web-site, but are redirected to = the=20 Bibit-payment engine at the moment of payment for goods or = services. An=20 indication of the leading role of Bibit is that KPN Telecommerce = (a direct=20 competitor in providing Internet payment solutions) recently = decided to=20 migrate its clients (that used the KPN-solution Nettransact) to = Bibit=92s=20 payment solution.

Bibit offers web-merchants two = different=20 payment packages. The Standard Payment Services could be seen as a = =91national payment service=92 as it facilitates payments in one = currency only=20 and by means of the payment methods of that country only. In this = package=20 merchants are obliged to use the Bibit-logo on their website. = Also, the=20 individual SSL credit-card payments may not exceed an amount of = EUR 450.=20 The payments are routed via Bibit to the merchant, who pays a = subscription=20 fee of EUR 70 per month as well as a transaction fee between EUR = 1.0 and=20 EUR 0.42. On top of those Bibit-fees, merchants need to pay the = bank (EUR=20 0.30 for a Dutch credit-transfer) or credit-card costs (varying = from 3 or=20 4 % of the value for credit-card payments). In the Plus Payment = Service,=20 which has a more international flavour, merchants are allowed to = use a=20 choice of currencies and payment instruments, use their own = connection=20 number with financial institutions or credit-card organisations = and can=20 get the funds credited to their accounts directly. There is no = obligation=20 to display the Bibit-logo and credit-card payments by SSL may = exceed the=20 amount of EUR 450. These additional features can be obtained by = paying the=20 higher monthly subscription fee of EUR 130. In both packages = merchants may=20 buy a monthly block of 2000 transactions for EUR 883. In this case = every=20 transaction costs EUR 0.42. The additional cost of a refund is EUR = 2.97=20 and the additional cost of a charge back is EUR 5.95.

The business strategy of Bibit = over the past=20 years has been to establish a solid user base and technology and = team up=20 with good local partners. Computercentrum C. Van de Velden (CCV), = supplier=20 of over 50,000 physical payment terminals in The Netherlands, has = been=20 signed up to sell and support Bibit's Internet Payment Service in = The=20 Netherlands. Also an agreement was made with E.trade, a provider = of=20 standard merchant software for the small and medium sized = companies.=20 E.trade has repackaged Bibit=92s Standard Payment Package into a = separate=20 product called Pay-it-Now, which is only available for merchants = whose=20 credentials have been checked with the Chamber of Commerce. This = product=20 feature aims to increase the trust on the side of the consumer. = The=20 monthly subscription price for Pay-it-Now is EUR 42 instead of the = EUR 70=20 of Bibit. All other transaction fees are the same as in the Bibit = Standard=20 Package.

Having established its home base, = Bibit has=20 started to operate in other countries such as Germany, France, = Belgium and=20 has signed a joint marketing agreement with Alysis Technologies, a = US=20 provider of end-to-end, component-based electronic bill = presentment and=20 payment (EBPP) software, in order to penetrate the US Market. On = the=20 technology-side Bibit has enabled WAP-payments and = Internet-billing=20 mechanisms, while it has also attracted some experienced staff to = be able=20 to fulfil its ambitions.

ING Group is the only Dutch = financial=20 institution that has reacted to the success of Bibit by setting up = its own=20 organisation called TWYP (The Way You Pay). TWYP provides a = similar=20 service as Bibit does, although it is limited to usage of the = domestic=20 currency. The charges for TWYP are a fixed fee of EUR 70 and a = transaction=20 fee of EUR 0.30 - EUR 0.75 per transaction (depending on volume). = On top=20 of those charges the regular fees are levied for usage of = credit-card of=20 bank payment instruments. Whether or not TWYP is a success is hard = to=20 establish. In general retailers tend to believe that both Bibit = and TWYP=20 are quite expensive, especially when fees are compared to the = Dutch=20 domestic retail payment fees. Yet, many retailers choose to use = Bibit on=20 the basis of a make-or-buy analysis and the argument that it would = be more=20 cumbersome and costly to operate their own payment engines. =

A company that is similar to Bibit = is=20 SmartAxis, which offers web-payment solutions, with a specific = focus on=20 integrating all kinds of smart-card payments. It currently = facilitates=20 payments with the Mondex and Proton purses, and signed a similar = deal with=20 Clip in March 2000. In January 2001 it signed an agreement with = Network=20 for Electronic Transfers Singapore Pte Ltd (NETS), the operator of = the=20 Singapore CashCard programme, to promote international CashCard = payments=20 over the Internet. The difference to Bibit is that SmartAxis aims = at=20 positioning itself as an integrating payment brand on top of all = existing=20 brands. The success of SmartAxis is currently not as clear, = probably=20 because of the lack of usage of electronic purses, but perhaps = also=20 because users need to download and run software. The = Internet-world, on=20 the other hand, is now orienting itself towards other revenue = models, in=20 which the e-purse payment mechanism may get a prominent role. So = the=20 ambition of SmartAxis to become the Visa-equivalent of the virtual = e-purse=20 may some day even become a reality.

   

[reply]

To start discussion on this = article in the=20 ePSO-Forum just click the reply-button.

[info]

=B7 = Overview of development of = chipcard-initiatives in the=20 Netherlands: Bank for International Settlements: Survey of = electronic=20 money developments, pp. 62-65. http://www.bis.org/publ/cpss38.pdf

=B7The inside=20 story on the deal between Digicash and Dutch banks (in = Dutch)
http://www.shmoo.com/mail/cypherpunks/feb99/msg00047.html=

=B7Bibit:=20 http://www.bibit.com
List = of merchants=20 using Bibit: http://www.bibit.com/clients/moreclients.asp

=B7 = SmartAxis: http://www.smartaxis.com

=B7 = Press announcement launch of Pay-it-Now (in = Dutch)
http://home.etrade.nl/nieuws/persbericht_pin.htm

=B7 = Discussion of standardisation competition = and=20 regulatory intervention on the basis of Dutch case = studies:
Lelieveldt,=20 Simon L, Standardising Retail Payment Instruments. In: Jacobs, K.=20 Information Technology Standards and Standardisation: A Global=20 Perspective. Hershey, 2000, pp 186-197.
http://home.planet.nl/~simonl/leliev.pdf

[Back to Table = of=20 Contents]


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