ICT Industry and the new iPIN Consumer Terminal
We know consumers love their debit cards and the financial control it provides. As proof, debit cards have started to outnumber credit cards in different and diverse areas of the globe regardless of prevailing market conditions.
Germany continues to stand out as a cash-based society with only 3.7 million credit cards against the 102 million debit cards issued; compared with China's staggering 2.2 billion issued debit cards making their 230 million credit cards look insignificant by comparison.
Even in countries where credit cards still dominate, the debit card market has experienced outstanding growth and continues growing more than 10 % per year. Consumer expenditures, both online and off, are becoming increasingly dependent on debit cards reflecting a more careful and considered spending pattern. The Internet Consumer Terminal Industry supports this trend recognizing the importance people place on their data security and privacy.
In support of the new ICT industry, iPIN Debit is launching its first ever initiative that puts the consumer in control of the payment mechanics. Attached to a smart phone or lap top or desk top, the iPIN can connect with a SWiP Network sponsored merchant's shopping cart and complete a secure PIN-Debit transaction from the convenience of the user's home or office.
The ICT industry, led by iPIN Debit Inc, will enable online merchants to be paid with the same-as-cash POS transactions, and will not be required to store any debit card data at their website. This will in turn increase the security of the debit card substantially as no debit card data is left online with any web merchant.
Online gambling and online gaming are the two markets to initially benefit from this technology. Leading the way in 2013, SWiP Network will open depository accounts for SWiP debit card holders and also open depository accounts for the online gaming clients. Depository accounts are insured up to €100,000 with the PINsure warranty.
The iPIN is the first ICT device to enable same-as-cash debit card with PIN-Debit transactions on the Internet and in 2014, it is expected that other companies will also be entering the ICT industry with their own unique devices. It is proposed that any debit card can be used in conjunction with any ICT device to effect same-as-cash payments with online merchants.
NOTE: iPIN has named the new industry of Internet Consumer Terminals as ICT and this is the icon that we believe will be displayed at millions of websites in 2014, as an alternative way for consumers to make same as cash secure Internet transactions using an ICT device, whether made by iPIN Debit or by another ICT company.