For the past three years Crikey has been promoting a micro-payments service called paybysnap
which was designed to take on the banking cartel and offer a cheap and
easy way to move money around, handle merchant payments and the like.
Philosophically we were keen to support them because it was an
alternative service to the gouging bank cartel.

Well, a business that was started at the height of the dotcom boom in 2000 has now gone under as you can see from this message on their website:

PAYbySNAP will cease operating on the 31st of March, 2005. As a
member of PAYbySNAP, you should withdraw all funds you currently hold
in any PAYbySNAP accounts you own.

After the 31st of March, Thiri will still allow PAYbySNAP members
to withdraw funds they had held in PAYbySNAP accounts, however this
process is likely to be slower and may take up to one month.

Thiri reserves the right to stop the post 31 March service at any
time after which any funds left over will be handed over to the
Receiver of Public Monies.

Thiri strongly suggests that you withdraw any funds prior to the 31st of March.

PAYbySNAP will cease accruing interest on any balances in
PAYbySNAP accounts as of the 1st of March, 2005. The interest payment
for February 2005 will be the final interest payment to PAYbySNAP

For SaleSNAP 2.0 Technology

The SNAP technology that powers PAYbySNAP is for sale to any interested party.

SNAP 3.0 Technology

In addition Thiri has developed SNAP 3.0 technology which is a
complete rewrite of the system. It has many new features including:

  • Direct Debit from bank accounts
  • Simpler operation
  • Potential loyalty system support
  • Transaction splitting for commission and other reasons
  • BPAY out payments
  • Multiple Wallets
  • Electronic bill presentment and payment functions

SNAP 3.0 technology is also available for license or sale.

SNAP eWallet Demonstration Site
Based on SNAP 3.0 technology Thiri has developed the SNAPeWallet demonstration website,, to showcase the latest version of the SNAP technology as a small payment solution for eCommerce and mCommerce.

If you would like to lodge a query then please email us at [email protected] or call us on 02 6229 1710.

Crikey subscribers who established paybysnap accounts are therefore
urged to withdraw their funds. Anyone who subscribed through paybysnap
but is yet to complete the payment should contact Mrs Crikey on [email protected].

controlling shareholder in paybysnap is a fellow called Brand Hoff who
made his money as a one third shareholder in Tower Systems. Brand and
other investors have collectively sunk about $3 million into the
business in what was a brave but ultimately unsuccessful dotcom
venture. Oh well.

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Peter Fray
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