Dinube is the first all-digital payment network in Europe that offers users an alternative to credit and debit card payments. The network has been recently adopted by Spanish supermarket chain BonPreu. BonPreu’s 170 new locations will integrate Dinube’s digital payment network.
Dinube’s digital payment network uses near field technology (NFC), tokenization and biometric fingerprint security. The users pay with their NFC-enabled mobile phone in place of physical cards at the point-of-sale and the funds come straight from their bank account rather than via a debit or credit cards. Since there are no cards or payment fees involved in the purchasing process, retailers find this payment network attractive. All the information with regard to loyalty cards and receipts are stored in the cloud. All purchasing data can be retrieved by the user by simply logging into the network. It is compatible with Apple Pay (might not work with it though) and Android Pay.
“Dinube puts customers in control of their data, giving them a secure, private and simplified purchasing solution from their smartphone – for free,” explains Founder & 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.”
Dinube’s solution goes beyond the digital version of conventional payments in which card networks dominate with their fee structures. It offers a radical model in which payments can be made via mobile phones.
The company’s mobile payment system is built into the payment gateway operated by Informática El Corte Inglés, the IT services arm of Europe’s largest department store group El Corte Inglés, as well as the Ingenico’s contactless NFC PIN pads.
The Dinube network can revolutionize payment methods. Businesses can easily integrate Dinube into their payments infrastructure. The company charges businesses a flat transaction fee only for purchases over 10 euros; there are no fees for smaller transactions.