01 April 1999

THE LATEST new Internet venture destined to hit paydirt [or the rocks] is cheekily branded beenz, a form of electronic currency for use on the Web. It emulates classic loyalty points schemes in that beenz are awarded to surfers who make a purchase from a participating site or provide information about themselves. They are redeemable against promotional items or discounts at Bank of Beenz’ online shop. According to Beenz chief executive Phillip Letts: 'We have re-engineered money in a way which gives consumers and businesses a greater share in the riches of the web.' The venture, patriotic readers will be proud to learn, is all-British!