Because of the great number of sales expected to originate online during the 1999 holiday season, Internet service professionals predicted the year would mark the business world's acceptance of electronic commerce. In doubt was whether virtual stores could offer the product selection of physical businesses.
SafeTpay rolled out a service so e-commerce merchants could accept secure ATM card transactions via the Internet. Consumers initiated transactions using small, data-entry pads attached to personal computers. PIN numbers and financial data were encrypted in the process, and e-commerce merchants could enjoy card-present rates for transactions - if only consumers would sign up.
In his new book, Checks at the End of the 20th Century and Beyond, Paul H. Green contended that pundits predicting the swift demise of the check had overlooked consumers' strong interest in checks as a payment medium and the continuing reliance of U.S. commercial interests on checks. Checks then represented 45.2 percent of payments in the United States.
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