June 18, 2015 -
European payment network Dinube announced it has provided European supermarket chain BonPreu with a digital payment system that uses tokenization, Near Field Communication (NFC) technology and biometric fingerprint security.
Available at 170 of BonPreu’s locations, the new payment system effectively enables consumers to replace credit/debit cards with their smartphones.
Available from today at 170 new locations, the BonPreu chain is the latest European retailer to integrate Dinube as its next-generation, digital payment network.
The solution was developed by MIT graduate Jonathan Hayes, while its proprietary privacy algorithms were developed by a Stanford Ph.D.
Dinube is Europe’s first all-digital payment network which links directly to a user’s bank account, ensuring that users do not have to own a credit/debit card or pay cardholder fees.
The digital solution instantly stores full receipts and loyalty card information in the cloud, enables users to retrieve all their purchasing data by logging into the network, and uses a unique tokenization system in combination with the smartphone fingerprint scan to ensure maximum security for customers.
“Dinube puts customers in control of their data, giving them a secure, private and simplified purchasing solution from their smartphone – for free,” said Dinube founder and CEO Jonathan Hayes. “We have built new payment rails so that, at last, traditional retail businesses have an alternative to the outrageous transaction fees they are charged for accepting legacy payment networks. Dinube’s model also promotes growth of a retailer’s top line, by helping them to curate the shopping experience with the most convenient, secure and personalized digital payment solution on the market.”
Businesses are able to easily integrate Dinube into their existing payments infrastructure, all without installing any new hardware.
Dinube charges businesses a flat transaction fee for all purchases over 10 Euros, while allowing them to make smaller transactions for free.