In November 15, 2002, this company launched the new electronic payment system for retail transactions. This company service would allow customers to pay for goods and services by waiting an electronic tag near a specialized reader place at the retail counter, which would then communicate securely with Dexit’s central payment clearing system. The system also using “smart checkouts” that enabling consumers to pay for their purchases without having to interact with cashiers. A system could increase speed, convenience and security for such stores seems to have a great deal of potential. The product which offers by this company is Dexit tag that would be attached to a key chain. This product was offered to various consumer and merchant groups.
For consumers, subscribing to the Dexit service would involve completing a registration form at Dexit enabled merchant locations, on the Dexit Web site or by calling the Dexit call centre. They would then receive a Dexit tag (either a key chain fob or some other shape) and they also would receive a user name and password giving them access to their account and personal profile. Then it will be active after consumers transferred funds into their Dexit consumer account but, once done, they would be able to pay for purchases at participating merchants simply by tapping the Dexit tag on an RFID reader located beside the till. RFID is Radio Frequency Identification which consisted of a tag (transponder) and a reader (interrogator) that used radio signal to activate the tag and collect the information stored on it. After that, the reader would be connected to point-of-sale terminal that would securely communicate with the Dexit host system to validate the tag, approve the transaction and complete the payment in a few seconds. Money spent by the consumer using the Dexit tag would then be electronically deposited to the merchant’s bank by the end of the day.
The benefits for consumers were many. Dexit would eliminate the...