Pocketpass - The Internet Payment Card

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History

Pocketpass.Com began operations September 1, 1999 with seed funding from board member and co-founder Dr. Inder Singh, Chairman of Lynx Real-Time Systems and from Southern California venture capital firm Pacific Holdings.

On October 4, 1999, Pocketpass.Com filed two patent applications covering 96 separate claims for the business process model of a dual-use, telephone and Internet payment system along with the technology needed to enable it.

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Management Team
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The Market

The rapid growth of e-commerce has exceeded the market's wildest expectations and has grown at a faster pace than predicted by research firms. A July 20, 1999 Equity Research Note by US Bancorp/Piper Jaffray estimated that e-commerce would exceed $1 trillion by 2002. Other equity and private research firms have developed similar numbers. However, given the unpredictable nature of this market so far, Pocketpass.Com believes these are "best guesstimates" and nothing more than rough guidelines. In addition to the existing e-commerce market, within the next 10 years, Internet micropayments (consisting of purchase transactions ranging from $0.01 to approximately $1.00) will exceed $100 billion, according to renowned Web strategist Jakob Nielsen of the Nielsen Norman Group. In addition, there are millions of web users without credit cards or those who have concerns about the security of web credit card transactions. While eventually comprising a $100 billion market by 2009, the precise size of the near-term micropayments market is difficult to pin down precisely.