First Virtual

First Virtual definition - computer

A pioneer in digital money, founded in 1994 by First Virtual Holdings, Inc., San Diego, CA. As the first online payment company, customers had to establish an account with First Virtual using a credit card. To make an online purchase, the customers sent their First Virtual ID number to the participating vendor, who in turn e-mailed First Virtual and the customer for confirmation. The money was then transferred to the vendor via the Automated Clearing House (ACH).

In 1998, First Virtual exited the online payments business to concentrate on e-mail services and Internet messaging. The company's e-commerce merchants and relationships were inherited by CyberCash, its former rival, which lasted until bankruptcy trouble in 2001 and was acquired by VeriSign, Inc. The messaging solutions part of First Virtual was renamed MessageMedia, Inc., which DoubleClick acquired in 2002.



Computer Desktop Encyclopedia THIS DEFINITION IS FOR PERSONAL USE ONLY
All other reproduction is strictly prohibited without permission from the publisher.
Copyright © 1981-2009 by Computer Language Company Inc. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.