UseMyBank, who provide alternative online payment methods were recently featured on the Canadian version of the 'Dragons Den' venture capital investment TV series. The two founders, Joseph Iuso and Brian Crozier were seeking for $1 million dollars (CAD) in return for a 5% stake in their company, valuing the fledgling business at $20M (€14.7M). After their pitch the dragons collectively counter-offered an investment of $1 million dollars in return for a 40% stake in the company, an offer which values the company at $2.5M (€1.8M). After some intense discussion Iuso and Crozier rejected the offer, something that had not happened in the history of Dragons Den.

Since their appearance on Dragons Den, UseMyBank have re-branded their company as UseMyServices, they have launched a new website and expanded their operations to Mexico and Australia. The core service - discussed in their pitch on Dragons Den, is an alternative form of online payment. It allows a customer to pay for the goods or services directly from their online banking. UseMyBank not only verifies that the funds are available in the customers account but it also moves the funds in real-time. Unlike traditional forms of online payment there is no settlement period and thus no waiting for the funds to clear.

At present UseMyBank is available to 1.6 billion online banking customers with 45 banks in 9 countries. Unfortunately there are currently no Irish banks supported, four of the major UK banks are however. UseMyServices are currently expanding in Europe and are expected to begin supporting Irish banks in the near future, which we will be reporting on in due course.

Dave

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Realex Payments have launched a revamped technical resource center for 2010. The newly updated resource centre providers users with a comprehensive list of developer guides, sample code in a range of programming languages, a discussion forum and access to Realex Payments Blogs. The sign-up process for the resource center is simple and you get immediate access.

WorldNet Recently announced the launch of Europe's first iPhone Virtual Terminal card payment application. The application allows businesses to accept secure card payment transactions through their iPhone using either 3G or WiFi. The WorldNet Virtual Terminal is available for download now in the App Store for €4.99.

Virtual and social currency is continuing to grow in popularity. Last week saw Sometrics launch a social gaming community and virtual currency marketplace gamecoins.com. The site uses Facebook Connect to reduce the barrier for signing up and as a result they have 20k users signed up. Sometrics started out providing application developers with metrics on their Facebook applications but they soon moved into the area of virtual currency.

Visa have launched Rightcliq By Visa, an online shopping tool marketed as the smarter, simpler way to shop online. Rightcliq uses a combination of the rightcliq website and a browser plugin to allow users manage their online shopping activities. Users can collect, organize and compare products, get advice from friends, browse deals, track purchases and check-out faster on merchant websites. You can signup for Rightcliq here.

Dave

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Related Blog Posts:

• Word on the Web - 05/03/2010
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