Dinube Rolls Out First-of-its-Kind Digital Payments Network in Europe

Dinube Rolls Out First-of-its-Kind Digital Payments Network in Europe
16.06.2015 01:00 am

Dinube Rolls Out First-of-its-Kind Digital Payments Network in Europe

Payments

Dinube, Europe’s first payment network that enables consumers to replace credit/debit cards with their smartphones, announces the latest rollout by the $1BN European supermarket chain BonPreu. Dinube’s groundbreaking new payment network uses tokenization, Near Field Communication (NFC) technology and biometric fingerprint security to make card-based payments a thing of the past. Available from today at 170 new locations, the BonPreu chain is the latest European retailer to integrate Dinube as its next-generation, digital payment network.

Dinube is Europe’s first all-digital payment network, developed by MIT graduate Jonathan Hayes.  Dinube links directly to a user’s bank account, which means users do not have to own a credit/debit card or pay cardholder fees. The 100% digital solution instantly stores full receipts and loyalty card information in the cloud. Users can retrieve all their purchasing data simply by logging into the network. Additionally, Dinube’s unique tokenization system is used in combination with the smartphone fingerprint scan to ensure maximum security for in-store and online customers alike.

“Dinube puts customers in control of their data, giving them a secure, private and simplified purchasing solution from their smartphone - for free,” explains founder and CEO Jonathan Hayes. “We have built new payment rails so that, at last, traditional retail businesses have an alternative to the outrageous transaction fees they are charged for accepting legacy payment networks. Dinube’s model also promotes growth of a retailer’s top line, by helping them to curate the shopping experience with the most convenient, secure and personalized digital payment solution on the market.”

Dinube’s proprietary privacy algorithms were developed by a Stanford Ph.D. and enable users to maintain full control over every part of their personal data. Its technology makes in-person and online purchases as anonymous, secure and easy as using cash.

Digitization can make cashless payments more efficient and attractive, yet European merchants have hesitated to adopt this new form of technology because until now, solutions have been modelled around legacy systems that have not provided clear, new benefits for both consumers and retailers. Although EU legislation aims to cap the cost of credit card fees, the impact on debit-card fees is less clear.  Card schemes in the UK, for example, have opted to alter the structure of interchange fees from a fixed price per transaction (8p) to 0.2% of transaction value (capped at 50p-75p).  According to some merchants, this means that transactions above £35 will be more expensive to process. A typical UK debit card transaction is £48, so the cost of debit transactions is actually set to increase.  The accumulation of these fees can be detrimental to any company — especially to small businesses but also to large supermarket chains, whose margins are often narrow. The result is that some merchants will have no alternative but to surcharge customers for higher-value debit card transactions.

Dinube goes beyond digital solutions that merely repackage the existing payment schemes and fee structures promoted by the dominant card networks. It is leading the charge to establish a robust and fair mobile payments system in Europe. The company’s network is already built into the payment gateway operated by Informatica El Corte Inglés, the IT services arm of Europe’s largest department store group, El Corte Inglés , as well as the contactless NFC pinpads of Ingenico Group, the global leader in payment solutions.

Businesses looking to streamline customer payment methods as part of their omnichannel strategy can easily integrate Dinube into their existing payments infrastructure, without needing any new hardware. By only charging businesses a flat transaction fee for purchases over 10 Euros, and allowing them to make smaller transactions for free, the Dinube network entirely changes the payment solutions playbook. 

Related News

NatWest brings Apple Pay to business credit cards

NatWest today brings Apple Pay to its Business credit card customers, providing a safer, more secure and private way to pay that helps... Read more »

Mastercard and ANNA Money enter next phase of partnership as the ‘debit card that meows’ comes of age

Mastercard and ANNA Money today announced an extended partnership that will support ANNA’s customers with value-added services.

ANNA is... Read more »

BNY Mellon automates global payment inquiries, becoming the first US bank to offer SWIFT gpi Case Resolution service

BNY Mellon has recently collaborated with SWIFT to be the first U.S. bank to offer the gpi Case Resolution service to clients, and the fifth globally. This... Read more »

EDPIA welcomes SIA as a new member

The European Digital Payments Industry Alliance (EDPIA) is happy to announce that SIA, a leading European hi-tech company in payment services... Read more »

Paymentology works with Utility Warehouse to help customers reduce their bills

Utility Warehouse (UW), has selected cloud-based payment processing platform, Paymentology, to process its cashback card transactions. UW... Read more »

Global payments firm Sokin partners with Jumio to disrupt the world of cross-border transfers

Sokin, the new generation payments firm, has announced a partnership with Jumio to introduce the latest digital identity verification... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel