Oasis iCard Brings New Confidence To Internet Payments For Consumers And Businesses In Europe

Market Wire, 20050229

Oasis Technology, a leading provider of mobile commerce, Internet and real-world ePayment software, today announced the European launch of iCard, a new product suite offering a complete, customizable Internet card issuing solution that enables consumers and businesses to better manage, control and maintain their payment instruments over the Internet. iCard drives a virtual credit card solution that offers dynamic notification messaging to any Internet or mobile device, as well as user-driven authorization for large eCommerce and business-to-business transactions.

In conjunction with European partners INFORSUD, a leading software development company specializing in banking applications, and ACTiX Consulting, providers of international management consulting in the fields of payment systems, bank cards and retail banking, Oasis will exhibit iCard for the European marketplace at Cartes 2000, the smart card industry's global forum held in Paris, France from October 24th to 26th.

Today, concerns over privacy, security and transaction integrity limit the number of users that make online purchases. Meridien Research estimates that online credit card fraud will total $9 billion by 2001. In response, consumers around the world are demanding more reliable and secure methods of online payment that don't compromise either payment information or the personal data that accompanies it.

The iCard suite is a multi-application product for managing personal payments across any Internet or mobile device, providing a flexible system for managing credit and debit payments more securely. iCard's unique functionality allows cardholders to define and customize their payment options according to their own preferences for card expiry dates, credit limits and funding sources, including cash, bank accounts or existing plastic credit cards. Users can also closely monitor their transactional histories - from any mobile device, anywhere in the world - to review the activities of designated iCard holders. For complete interoperability, iCards are compatible with server side wallets and other payment storage devices including multi-application smart cards and Subscriber Identity Modules (SIMs) on GSM-compatible mobile handsets.

"With iCard, consumers and businesses can alleviate their concerns about using traditional plastic on the Internet," said Ashraf Dimitri, president and CEO of Oasis. "Oasis iCard is helping to usher in a new generation of personalized Internet payments. Regardless of the nature of the consumer or business activity, Oasis iCard is designed to suit individual payment preferences and comfort levels, across any consumer or business Internet application. It also provides banks and online retailers with the ability to target emerging markets with tremendous purchasing power - such as teens and non-plastic holders - and provides a recurring revenue stream for card-based products or services."

Arecent BCG report predicts the European B2C market will grow from 3.5 billion euros in 1999, to 45 billion euros by 2002. In addition Durlacher also expects B2B revenue in the EU will grow from USD 33 billion in 1999, to USD 76 billion in 2003, and USD 1,272 billion in 2004, with Germany, France and the UK taking 70 per cent of the volume. With iCard, customers can pay online with little hassle and more control, allowing financial institutions to provide a new level of flexibility that has not previously existed in traditional plastic credit card accounts. And unlike pre-paid payment options like reloadable cash and proprietary e-tailing cards, iCards require no physical replenishment of funds and are not restricted by use on certain consumer or B2B Internet sites.

For the business-to-business market, iCard provides a complete solution for tiered corporate purchasing, eProcurement, online auctions, and other emerging online markets for the exchange of goods or services for eBusiness. iCard also drives a wide range of payment applications for B2B hubs - operators of vertical B2B portals that deploy industry applications according to industry segments - all of which require a convenient and flexible virtual payment solution customized according to specific vertical requirements.

"The payment transaction is at the heart of every business model, whether in the real world or the virtual world," said Mr. Dimitri. "With iCard, there is virtually no usage restriction across industry segments. Any consumer or B2B site that already accepts major branded credit cards - the dominant method for making online purchases - is compatible with Oasis iCards, even if they're funded directly by cash or a bank account."

About Oasis Technology Ltd.

Oasis Technology Ltd. delivers leading mCommerce, Internet and real-world ePayment software products to Internet and traditional banks, e-tailers, retailers, and processors in more than 70 countries worldwide. Today, Internet payment systems powered by Oasis software process more than four billion transactions annually. Oasis Internet payment software products are designed for end-to-end payment processing throughout the entire payment lifecycle, bridging the virtual and real worlds of electronic payments. The company's international client base includes ABN Amro, American Express, The Bank of Montreal, Citibank, Credicard/Redecard Brazil, Diners, Europay, Golden Card (China), MasterCard and Visa International. With corporate headquarters located in Toronto, Canada, the company also operates offices in Kuala Lumpur, Malaysia, Miami, Florida, San Jose, California, and Watford, England, and supports an extensive network of international partners and sales representatives. Oasis is ISO 9001 registered. Visit Oasis online at www.oasis-technology.com.