Driver's License-based Payment System
Digital Transactions reports on Combined Payments Network LLC, a startup preparing to introduce a new ACH-based payment system that would use driver's licenses instead of plastic cards.
FastLane, which Towner says will be launched at the upcoming Electronic Transactions Association’s exhibition in Las Vegas, will concentrate at first on offering merchants the ability to link loyalty and gift card programs to customers’ driver’s licenses. About half of the states issue mag-striped licenses, Towner estimates, and these cards account for about 70% of all drivers licenses issued.As consumers enroll in these programs, they will be asked to tie their checking accounts to their licenses as well. If they do, they will select a PIN and will be able to use their licenses as debit cards, with payments settling through the ACH.
Add your comment... (note that all comments are reviewed before they're published)