Dexit RFID Payment Tag ...

Dexit RFID ...

... "Dexit uses sophisticated technology called Radio Frequency Identification (RFID). When your tag is placed on a Dexit reader, signals from the terminal capture information from a microchip inside your tag and securely authenticate the transaction with your account. The Dexit Service is an alternative to cash for your small everyday purchases. Instead of digging through your pockets for change or waiting in line for the bank machine, just use your Dexit tag. The Dexit tag is available in two forms — as a small tag to hang on your key chain or as a phone tag that attaches to your cell phone or PDA. " ...

Dexit Inc. is in the early stages of operating and marketing a new form of electronic payment facilitation service primarily for small transactions (under $25). The instead of cash™ service allows consumers to pay for a cup of coffee, muffin, newspaper or other items by tapping their Dexit tag on a merchant's Dexit reader. In September 2003, Dexit launched its tag and reader service in downtown Toronto with the promotional support of two major Canadian chartered banks - TD Canada Trust and National Bank of Canada - and TELUS Mobility. The two banks and TELUS are among the more than 100 investors who invested more than $11 million in Dexit when it was a private company. The company has received a strong endorsement from Bell Canada, which entered into two license agreements with Dexit in April 2004, under which Bell will be the exclusive Dexit merchant licensee in Canada and a non-exclusive consumer licensee for an initial term of 5 years. Under these agreements, Bell will be arranging for merchants and consumers to utilize the Dexit Service and paying annual license fees and participating in transactions-based revenue sharing arrangements with Dexit. On June 29, 2004, Dexit completed its initial public offering, issuing 4,166,667 common shares at $6 per share. The total number of shares outstanding as at September 30, 2004 was 10,052,167.