Payment First will provide end users with wallet services that will enable easy-to-use SET-based payments. This will be achieved by carrying out the necessary SET services on behalf of credit card companies, financial institutions, and other similar companies, and by using ServerWallet (TM), which centrally manages end-user's digital wallets at servers. ServerWallet is GlobeSet, Inc.'s centralized user-wallet management system, which eliminates the need for users to install wallets into their PCs. It meets the security requirements of Visa International and MasterCard International regarding account numbers and credit-card numbers. With Payment First's wallet service, end users can make SET-based payments via PCs, i-mode mobile phones, and computer-game machines - without having to install wallet software. This means that only a Web browser is necessary. Also, end users can choose from among multiple credit card companies, financial institutions, and other similar companies when making their SET-based payments. At the same time, those companies can reduce by one-half the service costs normally incurred for SET-based payments.
"Everyone knows that SET is a highly secure system. However, to use it, settlement companies must expend much time and money to distribute the necessary wallet software to end users. Also, end users must install wallets into their PCs," says Mr. Yutaka Maeda, Corporate Senior Vice President & Director President, System Solutions Company of Oki. "To meet the needs for establishing a low-cost and user-friendly payment service, Oki, NTT Data, NTT Communications, NTT DoCoMo, and Microsoft jointly will establish the new company, which will provide end users with wallet service on behalf of settlement companies."
In addition to the wallet service, Payment First will also offer its ServerPOS (TM) outsourcing service to operators of online malls. ServerPOS (TM) is GlobeSet, Inc.'s system, which centrally controls online shops' POSs (points of sales) at servers, and it enables the operators of online malls to provide multiple online shops with the SET-based payment system. This eliminates the need for operators of online malls to have their own POS system and reduces their costs relating to SET-based payments.
Payment First's SET-based payment system, which will be utilized by credit companies, financial institutions, and other similar companies, will be based on the global standard protocol SET Version 1.0. This will allow the aforementioned companies to use the existing payment gateways. Also, companies that are going to start a SET-based payment system will be able to establish the system's channel at low-cost without establishing a new payment gateway, by using NTT Data's CAFIS Internet Shopping Service. The new company will provide the wallet service to end users on behalf of settlement companies beginning in October. At present, Fuji Bank, JCB, DC Dard and Credit Saison, are already planning to use this wallet service. Also, Dai Nippon Printing and other companies are considering outsourcing their respective ServerPOS services to Payment First.
The new company expects that its wallet service will have more than 1 million users by 2003. Mr. Noboru Hirata, the Senior Executive Manager, Financial Systems Sales and Marketing Division of NTT Data says, "The new company also will develop various services relating to online payments and continue to provide value-added services to settlement companies, operators of virtual malls, owners of virtual shops, and end users."
Outline of Payment First
Name: Payment First Corporation Headquarters: Minato-ku, Tokyo To be founded: June 2000 President: To be assigned from Oki Electric Capital: 490 million yen Ownership: Oki Electric 40% NTT Data 30% NTT Communications 10% NTT DoCoMo 10% Microsoft 3% Fuji Bank 2% Dai Nippon Printing 1% JCB 1% DC Card 1% Others 2%
Business: Online settlement service Goal: 1 million end users by 2003
