US-based beenz.com has brought an alternative online payment method to Taiwan to help consumers here sidestep credit card use and spur online marketing efforts -- "beenz."
An Internet study released earlier this year by Yam.com, one of Taiwan's most popular Web sites, indicated local consumers avoid making purchases online for two major reasons: concerns over the protection of personal information, and the security of credit card numbers online.
To sidestep some of these security concerns, consumers can make purchases with "beenz."
"Beenz can be used for any kind of transaction on the Internet, we call it a currency and marketing device," said David Yuen (
Yuen explained that beenz can be used as currency online with stores that accept the form of payment. They can also be used as a marketing incentive to entice consumers to download software, try out a new service, fill out a survey, refer friends to a site, or perform any other service an online retailer might need.
Internet users, in turn can collect beenz in an online account and use them to buy products or exchange them for cash on their "beenz card," a debit card.
According to MasterCard-Taiwan manager Jeff Chang (
Yuen said that although beenz is still a growing phenomenon, it has already gained wide acceptance in the US, and its Asian presence is expanding. Taiwan is the fifth country beenz.com has sprouted up in, following Australia, Japan, Hong Kong and Singapore. The company hopes to become the currency of the entire Web.
"We're working with online businesses to find new ways to use beenz, and we're willing to look at any business model and work with any business model," explained Yuen, "we're very flexible."
He said some E-tailers have used separate pricing with beenz versus cash, pricing goods lower if payment is in beenz (actual value US$0.05 each) rather than by credit card. Another recent idea is to apply beenz to stock transactions, an idea local securities firm Kong Chen Securities (
One intangible benefit to online companies that work with beenz, explained Yuen, is free marketing. Beenz.com works to attract Net users to sites that cooperate with the online currency, and helps advertise sites to Internet consumers who are seeking certain products.
Beenz can also be a powerful tool for individual entrepreneurs. Yuen said a freelance software developer, for example, could put a small program on the Net and charge for the product in beenz, sidestepping the need to convert currencies. In this model, someone offering advice over the Internet, selling news articles, stock tips or any other individual service could seek a set price, in beenz, for their service.
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