William N. Melton, CEO of CyberCash Inc., the world leader in e-commerce payment technologies and services, announced the promotion of James Condon to president and chief operating officer. The Company also said that CyberCash founder, William Melton, will become chairman of the board and remain as chief executive officer. Condon served as executive vice president and chief operating officer prior to his promotion.
“Jim Condon has done an outstanding job of directing the day-to-day activities of the Company for the past year. CyberCash has experienced a number of significant developments in the past 12 months, including the acquisition of ICVerify, and his participation and management have been essential to their success. Jim has very strong operational talents which we need to emphasize as we continue our growth,” said Melton.
Melton, who was appointed to the board chairmanship in December, will focus his personal efforts on the successful marketing and implementation of CyberCash’s innovative new InstaBuy Service, as well as continue to provide the vision for which CyberCash is known. Dan Lynch, CyberCash’s past chairman continues as an active board member.
“This change is part of the natural evolution of the Company and represents an important step forward in CyberCash’s development,” said Lynch, chairman, Lynch Enterprises, an investment company. “I am very optimistic about the success of the InstaBuy(TM) Service with Bill focusing his talents on the project.”
“I believe we have developed the best-practices approach to one-click shopping today, and it will become truly universal on the web in a very short period of time,” Melton said.”
According to Melton, the advantages of the InstaBuy Service to merchants, financial institutions and consumers are significant because consumers enjoy one-click shopping convenience at merchant sites anywhere on the Internet. They may even complete purchases directly from some banner ads.
Melton says merchants have been looking for a way to convert a higher percentage of web site visitors to buyers and to retain those customers for repeat purchases while consumers are looking for convenience and security. InstaBuy does both and also allows banks to enhance their relationships with their customers on the Internet. Having worked with the banking community for years, Melton argues that it is critical today for banks to maintain a strong role in the payment system on the web. InstaBuy, he says, provides a win-win-win technology for banks, merchants and consumers
“With Jim Condon’s strong operational orientation and Bill Melton’s widely recognized strategic vision and industry expertise, InstaBuy could quickly define one-click shopping on the Internet,” said CyberCash board member Garen Staglin, chairman and chief executive officer of Safelite Glass. “Without question, Condon and Melton provide CyberCash with a one-two management punch that would be hard to beat in the industry.”
CyberCash is the world’s leading provider of secure electronic commerce payment technologies and services spanning the retail point of sale through the Internet. CyberCash, the CyberCash logo and InstaBuy are trademarks or registered trademarks of CyberCash, Inc.Details