Donaldson, Lufkin & Jenrette's Pershing division has announced plans to offer Cybercash Inc.'s Internet payment product to brokerage customers.
Pershing, which provides brokerage services through other financial institutions, will distribute Cybercash's Wallet software as a kind of bonus, or premium, to customers using its Net Exchange on-line service.
The eligible customers do business electronically with the Dreyfus mutual fund family, First Chicago NBD Corp.'s broker-dealer, and Ryan, Beck & Co.
Pershing does not intend for customers to use the virtual wallet to buy investment products.
"It's an enhancement, and I think by and large that's what our customers are hoping for-that we will add more content to our Net Exchange program," said Alton C. Jones, a Pershing managing director.
"Most likely, customers will use the cyber wallet to shop for things like software and other smaller things that people would normally use a credit card for," Mr. Jones said.
Cybercash, of Reston, Va., is the developer of an Internet-based system for accepting credit cards as well as a form of digital cash that the company calls "Cybercoins." An electronic check is also in pilot use.
Each of the three Net Exchange correspondents will use its own brand name on the Cybercash Wallet, Mr. Jones said. The product is expected to be available by the end of March.
