Internet cash payments are to become widely available with the launch of a new electronic cash system this week
Prepaid Services Company has developed Cash Ticket, a system enabling consumers to purchase vouchers worth between £10 and £150 at local retailers.
The company’s chief executive David Hunter said the system would enable millions of people without credit or debit cards or those unwilling to use cards on the web, to make online purchases.
“Many people refuse to use online payment products that disclose financial information online and this doesn’t. It’s prepaid and is the same experience as a mobile phone top-up. There is no pre-registration or logins and passwords to remember.”
In the UK consumers will be able to purchase Cash Ticket vouchers from shops displaying the Paypoint sign. The vouchers will cost £2.
Prepaid Services Company will spend the coming months recruiting airlines, hotel chains, train companies and operators to accept Cash Ticket online and has already recruited its first low-cost airline, Sky Europe. Hunter also said a major UK budget airline has also been signed up.
“It is the first affordable way for operators to accept cash online. It also has benefits around fraud because we guarantee the payment all the way through the system.”
There is also the opportunity for companies to offer an own-branded version of the Cash Ticket vouchers to be used as an online gift or promotional card.
Market research carried out for Prepaid Services Company last week showed 28% of consumers are less likely to use their credit card this year. The study also revealed more than a third would use cash online if it was easy with 70% using it to buy a flight and 75% for other travel related products.
The British Retail Consortium has also revealed research showing that a third of payments on the high street are in cash.
Cash Ticket is also launching in four other countries across Europe.