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BizReport : Ecommerce archives : June 08, 2010

Pente Group, PlaySpan partner for virtual currency hub

A new player in the virtual currency world launches this week. Pente Group and PlaySpan have partnered to create a branded virtual currency hub, a place where merchants, celebrities and brands can create a full service payment solution for virtual worlds, online games, social networks and digital goods.

by Kristina Knight

Called UltimatePay, the platform allows merchants and brands monthly metrics and reports to stay up to date with their consumer base. Consumers, meanwhile, have a single solution to pay for virtual goods and services rather than using private credit card information within a host of sub-sites.

PlaySpan is developing the hub, which will be used in coordination with Pente Group's stable of brands and businesses as the full service payment solution which can be used by consumers around the world. The solution allows consumers to pay for virtual goods, games and other tools via credit card, PayPal, mobile provider and other internationally recognized options; it will embed into the Pente Group application so that merchants don't have to worry about upkeep.

"The agreement...represents a larger industry trend and the growing acceptance of alternative payment methods as a way for today's leading merchants to reach a growing population of consumers who are turning to virtual currency for their online and mobile purchases," said Karl Mehta, CEO of PlaySpan.

Consumers are logging on in droves to play online games, interact via virtual worlds and social networks, but many have resisted using credit card information with each platform. Offering a virtual payment platform allows consumers to share personal information with only one trusted site while still being able to play games or purchase goods across the Internet.

Tags: online games, Pente Group, PlaySpan, virtual currency, virtual goods

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