Pocketpass.Com began operations September 1, 1999 with seed funding from
board member and co-founder Dr. Inder Singh, Chairman of Lynx Real-Time
Systems and from Southern California venture capital firm Pacific Holdings.
On October 4, 1999, Pocketpass.Com filed two patent applications covering
96 separate claims for the business process model of a dual-use, telephone
and Internet payment system along with the technology needed to enable it.
and Board of Directors
The rapid growth of e-commerce has exceeded the market's wildest
expectations and has grown at a faster pace than predicted by
research firms. A July 20, 1999 Equity Research Note by US
Bancorp/Piper Jaffray estimated that e-commerce would exceed $1
trillion by 2002. Other equity and private research firms have
developed similar numbers. However, given the unpredictable nature
of this market so far, Pocketpass.Com believes these are "best
guesstimates" and nothing more than rough guidelines. In addition
to the existing e-commerce market, within the next 10 years,
Internet micropayments (consisting of purchase transactions ranging
from $0.01 to approximately $1.00) will exceed $100 billion, according
to renowned Web strategist Jakob Nielsen of the Nielsen Norman Group.
In addition, there are millions of web users without credit cards or
those who have concerns about the security of web credit card
transactions. While eventually comprising a $100 billion market
by 2009, the precise size of the near-term micropayments market
is difficult to pin down precisely.