Zipmark’s payment system looks to retire the checkbook
Summary
The company is going live today with its developer program and is poised to release an iPhone app (s aapl) for customers next month at South By Southwest. But, ultimately, Zipmark has bigger plans beyond the checkbook: it hopes to use the check-payment network as an entry point into other non-checking transactions. Also, by tapping the existing checking network, Zipmark can keep fees low enough to provide an interesting alternative to credit-card payments. All of them are trying to compete with credit-card networks and banks, which have had a stranglehold on the payment business for decades Zipmark will, of course, have to prove popular with both merchants and consumers. If merchants share some of their savings with users in the form of promotions of discounts, that could also be an incentive for them to adopt Zipmark.
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