British consumers and businesses have been given a new incentive to shop on the Internet with the launch of the first unique web currency, called Beenz.

Set up by British entrepreneur, Mr Charles Cohen, Beenz is a Web-based company that hopes to revolutionise and unify shopping online so that the currency is valid anywhere on the Internet.

By generating an online account, users will receive an undisclosed amount of free Beenz, which they will then be able to use in purchasing goods.

E-commerce sites will be offering the Beenz alongside their products as an incentive for shopping, with the Beenz company taking a commission on sales.

It is hoped they will then eventually be used anywhere on any website which shows the Beenz symbol. As users accumulate Beenz a counter keeps a record of how many are in their account with a display on their computer screens.

The company has substantial backing from private investors, and the technological backing from such computer giants as Sun Microsystems and Oracle.

The Beenz will not replace the actual transfer of money via credit and debit cards over the Internet, but the company thinks that there could come a time when the transfer of Beenz is the only way that people shop online. The company estimates that there will be about one billion Beenz in circulation by the end of May, with 10 million consumers running Beenz accounts.