(GIBRALTAR – February 20, 2008) – Now lending cash, paying back a friend, giving to charity and shopping via the popular social networking website Facebook has been made ten times easier as iCoins Limited recently launched its Facebook application CoinJars, a place where digital cash can be stored and moved safely.
The application, which can be accessed at http://apps.facebook.com/coinjars and at its Facebook Page http://www.facebook.com/apps/application.php?id=6489937223&ref=s is a wallet application built on the iCoins platform, which includes a fully secured and licensed eMoney issuer.
Transferring of funds from one party to another on the Internet has to date required both parties to have wallets within the same system (such as Paypal). In the traditional banking world solutions such as IBAN – an international banking account number standard – provides a solution but is limited in that it only works between bank accounts. Moreover, transfers using IBAN (or SWIFT) are only credited once the actual funds are received by the receiving bank. This delay is inappropriate in today’s connected world. Other money transfer services such as Western Union and Moneygram provide international non-banking transfers. While these systems have proven to be useful in the offline world, these have not proven to be as useful in the ever growing online world.
Gibraltar-based iCoins aims to change all this with its system that provides the transfer mechanisms of SWIFT and IBAN, with real time execution, integrated within existing players in the online eWallet space. Facebook users can now enjoy the same security and freedom of cash movement through the CoinJars application.
Extending Coinars to provide a simple cash collection mechanism for small merchants on Facebook is a logical extension and is already in the works, according to iCoins CEO Adriaan Brink.
“We are extremely proud of CoinJars. It provides a showcase for our core iCoins secure digital cash technology. By providing the ability, through the CoinJars application,to transfer iCoins quickly, safely and easily between Facebook users and also to and from any places outside the Facebook system that support iCoins, the exciting potential of iCoins becomes apparent. These external places include merchants and also Payment Providers which facilitate the purchase and redemption of iCoins. We’re very optimistic that iCoins, through integrated eWallets such as CoinJars, will revolutionize the way we pay online.†Brink emphasized.
The CEO also underscored the fact that the user’s money (while in iCoin format) is all underwritten by a licensed eMoney operation (a “Treasury†in iCoins-speak). The Treasury for CoinJars is Mintflow Limited in the Isle of Man.
“The purpose of this mechanism is not to replace the credit card and other payment methods such as Paypal in normal merchant payments, but to facilitate payments that would normally be too expensive (small payments or between distant places) and to facilitate payments between disparate systems,†Brink said.
With the presence of iCoins and integrated eWallets such as CoinJars, people all over the world are given more viable, cost-efficient choices in dealing with online payments and money transfers.
Developers wishing to integrate with the iCoins digital money platform are advised to visit www.icoins.com for more information. iCoins is actively pursuing integrations with as wide a variety of payment platforms as possible.
More information at www.icoins.com & Facebook http://www.facebook.com/group.php?gid=21145115323
About CoinJars
CoinJars is iCoins’ application at social networking website Facebook. It is a wallet application built on the iCoins platform, which includes a fully secured and licensed eMoney issuer. The application can be accessed at http://apps.facebook.com/coinjars and at its Facebook Page http://www.facebook.com/apps/application.php?id=6489937223&ref=s
About iCoins
iCoins, based in Gibraltar, are developers and operators of an electronic cash system that can be integrated with existing 3rd party wallet servers. iCoins is a digital cash mechanism designed to allow cash transactions between disparate and unrelated Wallet systems in the digital era. iCoins are similar to bank notes. They can be acquired by a consumer on application to a suitable issuer (similar to a bank in the real world).
iCoins Limited
www.icoins.com
3 Garrison House
Library Ramp
Gibraltar
Tel. +350 48595
Fax No. +350 52911
FOR MEDIA INQUIRIES PLEASE CONTACT:
Sara Waller- Marketing Manager, iCoins Ltd
E: [email protected]
Tel+ 350 48595
