The FirstRand group has announced the launch of eBucks, what it calls the world`s first the bank-backed, secure e-currency extending beyond the Internet.
The product is to be rolled out in the fourth quarter.
The Web site eBucks.com will launch and manage the eBucks currency, with which users will be able to earn, pay and invest.
Selected corporate clients will also eventually be able to offer their own clients eBucks.
Customers and clients using FirstRand products and services from First National Bank (FNB), Origin, Henry Ansbacher, Outsurance, Momentum, Wesbank, and RMB Investment Services, will be able to access the eBucks.com gateway. FirstRand says the site will give it an integrated, cost-effective and more efficient delivery channel.
Paul Harris, FirstRand banking group CEO and chairman of eBucks.com, says while the currency`s value will be underwritten by the rand, "eBucks will have enhanced purchasing power because we will negotiate deals on products and services utilising FirstRand`s combined buying power".
Harris says the intention is to take the electronic currency beyond the Internet. "eBucks users will be able to (deal in) e-currency using the electronic medium of their choice, ... from the Internet and cellphone ... to telephonic interaction with our call centre and Interactive Voice Response (IVR) systems, and even credit, debit and smartcards.
The new venture is to be headed by Michael Jordaan, a founder of Origin and the person who was responsible for the repositioning of FNB HomeLoans.
FirstRand has committed R300 million over the next three years to the venture. It will work closely with other e-commerce ventures in the group.
"eBucks.com is ideally placed to leapfrog the constraints facing the majority of dot.com ventures and alternative online payment offerings," says Jordaan.
"We offer users the financial security, sophisticated systems and banking expertise of SA`s largest broad-based financial services company which incorporates FNB, one of the largest four banks in SA, as well as the leading Merchant Bank, RMB, and the insurance interests of Momentum and Discovery Health.
"Collectively these companies process up to 50 million transactions monthly," says Jordaan.
"In addition, eBucks.com has immediate access to a user base of up to five million FirstRand customers. Each eBucks customer will open an eBucks account which will enable the customer to pay for virtually any product or service."
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