Peppercoin, MasterCard Join Forces
An AP newswire article by Brian Bergstein, via ABC News, reports that:
A new partnership with MasterCard Inc. marks the evolution of Peppercoin Inc., a company that once sought to spread a "micropayment" system for low-priced content on the Internet.
Peppercoin was founded by Massachusetts Institute of Technology professors Silvio Micali and Ronald Rivest in hopes of creating a way for tiny pieces of online content to be bought and sold without incurring the credit card-processing fees that eat up much of transactions under $1. But few customers opted to set up prepaid accounts with Peppercoin that could be deducted as they bought things online.
So now Peppercoin is working with credit card companies as it tries to facilitate cashless payments online and in the physical world. Peppercoin has a method for aggregating small transactions into larger chunks, cutting out per-transaction fees on individual card purchases. The company also can help merchants track customer loyalty.
posted by Fergie @ 12/07/2005 04:07:00 PM
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