Social networks to lead one-click payments

A one-click online payment system using Facebook and Twitter that could boost Internet sales for newspapers, music vendors and other low-priced goods and services is being tested by a major European media company, according to its developer.

April 3, 2012
Paycento small

A one-click online payment system using Facebook and Twitter that could boost Internet sales for newspapers, music vendors and other low-priced goods and services is being tested by a major European media company, according to its developer.

The Internet poses an increasingly urgent problem for newspaper publishers who want to make money from the articles they put on their websites, but who are worried they will deter visitors by asking them to take out a full subscription.

The new system, developed by a start-up company in Belgium, means Internet surfers can pay to read a single article or download a piece of music without having to fill out forms or enter their credit card details on the website.

The company, called Paycento, uses the fact that surfers are often logged in any way with their profiles on social networking sites like Facebook, Linkedin and Twitter.

It means that visitors to a website can pay small amounts with a single click, much in the same way that they would click a ‘Share’ or ‘Tweet’ button to post an article on their social network profile.

“Those social identity networks also are really identity providers … so we piggyback on that,” Pieter Dubois, the company’s 41-year-old founder, said.

Dubois, a former IBM executive, set the company up in the middle of last year because he saw a need for easy-to-use online payments.

“The payment is really seamless … so it’s like a one click payment on the internet,” said Dubois, explaining that it is one click if the authorization procedure is not used.

The system works by a user having an online Paycento account, which they then link to their Facebook, Twitter and Linkedin accounts.

“We want to make it economical for the merchant, for the publisher to offer something at any price point, that means both at 10 cents, at 5 cents as at 1 euro,” said Dubois.

For its small payments service, online firm PayPal in Britain charges 5 pence plus 5 percent.

Paycento is talking to venture capitalists to try to raise around 5 million euros ($6.66 million), which Dubois hopes will last the company for two to three years, when he hopes it will start covering its losses.

While the Paycento technology is not yet being used by online publishers, the company said a major European media company is testing a beta version, but declined to say which one because of a confidentiality agreement.

“We are going to make the full system, where you can really start doing commercial transactions, we would hope at the end of June … July at the latest,” said Dubois.

Tags: Active, facebook, LinkedIn, One-click payment, paycento, Pieter Dubois, Twitter

Free Email Newsletter:
Subscribe

Shutterstock is the image partner of MyBroadband – technology images can be found here

Join the conversation

Connect with MyBB

twitterfacebookandroidappleblackberrynewsletterfeed

Poll

Do you think South Africa should invest heavily in solar power instead of coal fuelled power stations?

View Results

Loading ... Loading ...

More News

Fully charge your smartphone in 30 seconds

Dead battery

An Israeli company says it has developed technology that can charge a mobile phone in a few seconds and an electric car in minutes

South Africa’s 1 million website club grows

Internet websites

The number of websites in South Africa which attract over one million local unique browsers is growing fast

Fake qualifications growing problem in Africa

South Africa Fail

Fraudulent qualifications are a problem on the African continent, the SA Qualifications Authority said on Monday

Post Office back on track

SA Post Office

Operations at the SA Post Office are improving as the number of employees returning to work increases, the entity said on Monday

Free MyBroadband Newsletter:
Subscribe
X
bool(true)