Barter of America Debit Card Project, Join our Cashless Society.
With the advent of BoA on-line, including a website, an on-line shopping mall, on-line live auction rooms and swipe card facilities, BoA is set to dominate the world’s barter trade in the 21st century. BoA’s move to introduce swipe card facilities was a world first for a non-bank institution. It provides a fast, convenient way to purchase goods and services and reduces paperwork substantially.
The evidence demonstrated that the future of The Barter Industry products would be built on, and dependent on, debit functionality. The Barter of America Debit card issuers are developing relationship magnetic-stripe cards and multifunction smart cards whose principal characteristic will be access to customers’ demand deposit accounts. Trade Exchanges or Barter Clubs that do not also have a debit functionality will fall by the wayside.
Barter of America already had taken steps to accommodate members who favor Barter-Debit Card and Internet Software Platform in their POS (Point of Sale) Terminals.
CardSelect and Barter of America reached an agreement last year on a common way for processing systems to recognize whether a card used Internet Platform software, and announced this year it would support Barter of America debit applications on Magnetic Stripe cards and/or Smart Microchip Applications.
By joining Internet-CardSelect Platform, we are responding to the growing desire of our Affiliates (Trade Exchanges) to have maximum flexibility when initiating debit card programs of their own, to offer to their members” Israel Rivera, chief e-business officer and vice president of transaction systems of Barter of America, stated in a press release.
The project, which would be the first major Barter of America-branded Barter Debit card introduced in the United States, enable customers to use their cards to shop on the Internet, as well as make purchases in stores with a Balance of their accts. Stored on both the card’s chip and/or a magnetic stripe. Consumers are also able to accumulate loyalty points/miles from merchants both in stores and on the Web trough our partner MCPoints at www.MyCityPoints.com. Plans call for at least one year to introduce Barter Debit cards in the United States, early next year, the source says. BoA reportedly estimates it will eventually issue up to 4 million cards or more in the U.S. market, but will distribute no more than 100,000 this year, another source says.
OVERVIEW AND VISION
Barter of America has developed a communications, transaction and settlement infrastructure. Our technology-driven trading system is designed to improve the efficiency of what is currently a cumbersome, paper-driven commercial market hampered by currency exchange issues and the challenge to monetize assets which are taken in exchange.
Transaction System innovations.
By bringing together an expert team of leading monetary economists, database software experts, quantitative mathematicians, and transaction systems specialists, Barter of America intends to significantly advance the concept of barter credits with a view to facilitating the creation of a far more robust commercial “eCurrency” trading unit. The use of a Debit Card is critical in facilitating the acceleration of transactions flowing through BoA’s trading system by removing the constraints of duality that currently exist in the large, corporate and independent Trade Exchanges of the trade market.
Although BoA’s role is to provide the processing, reporting and accounting for the trading unit through its system, the company are in negotiations, to partner with institutions, such as major banks, that are willing to be market makers in this innovative alternate currency.
Recently BoA started to negotiate with a company that develop products that provide Internet based personalization and issuing of financial transaction cards, credit cards, smart cards and loyalty cards. “ALL in ONE” concept…… The company develops products relating to financial transaction cards, multiple application cards and loyalty card programs for the banking and e-commerce industry.
Barter of America Solutions
The BoA trading system uses the Internet as a vehicle for facilitating corporate, large and independent Trade Exchanges to trade and asset management worldwide. At the core of the BoA business is a powerful exchange that uses BoA trading units as its currency – enabling buyers and sellers to transact in a frictionless marketplace.
We look forward to helping you increase the power of your dollar.