Noca To Save The World?
Okay maybe I’m exaggerating here but it sounds exciting.
Mark Hendrickson, Techcrunch wrote about a brand new payment system that’s coming from ex-Visa employees attempting to virtually eliminate transaction fees by bypassing the credit card companies altogether with its own online payment service.
The name is cool, and should it does what its preaching, it’ll be absolutely saving consumers tonnes when it comes to purchasing anything be it services or goods related. Like Mark mentioned, most of the online carts solutions like Paypal, Google or even AmazonPay charges really exorbitant fees when checking out for really small packages like books/ off the shelf items.
And with the recent Social craze, Noca has launched two beta Facebook applications Help Your World and OneClick Pay. Help Your World is basically a donation portal that allows you to use e-cheques to donate a dollar at a time to help for a particular cause (at this time, helping a mountaineer like Jason to climb Mount Everest).
I couldn’t exactly test out OneClick Pay at this point since they’re ironing out some issues (Installed, but not working).
Consumer Cheers
Registration will be simple, and they won’t ask for your social security number. No credit cards needed and you can utilise their OneClick Pay to send funds to your friends or to buy something from someone online easily. Accumulate rewards too as a user, with discounts, rebates and cash back offers.
Merchant Perks
For merchants, you can read more on how Noca actually optimizes the process in the 3 intermediaries, namely the Bank, 3rd Party Processor and Credit Card Company, to give the cost and performance cutting age which it promises electronic transaction encryption, fraud detection algorithm based on customer data and also a patented method for risk score evaluation.
Thoughts
Hopefully we can see OneClick Pay working real soon. I would really like to test out their service to see if its really that effective in handling micro payments. Moreover there are some concerns with them not needing much user information for registration (Anti Money Laundering policies) though they’re in Canada. Its actually sad to say but I’m skeptical of how it will take off from here.
The products and notions are good and clear, but it won’t be taking off soon unless there are enough merchants that will be using them. They’ll probably have to prove to the merchants on their benefits and superiority over existing payment system giants like Paypal, Google Checkout.
And most importantly, if there are reversed/ erroneous transactions, how would they be handling them. Clearing the transactions right away for consumers and having the money bounced right after would be disastrous for merchants.
Still, it’s a concept worth waiting and taking a look for. I’d be interested to see how will they iron out the mentioned issues. Visit www.noca.com and register for their news and releases.
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1 opinion for Noca To Save The World?
Francis
Mar 12, 2008 at 6:30 pm
Sounds like an idea whose time has come!
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