VeriFone Introduces Secure Payment Solution For iPhone

Thanks to a new iPhone app from VeriFone, small businesses will be able to securely process credit card transactions using the popular smartphone. The new PAYware Mobile solution targets small businesses that need a mobile way to accept credit cards such as home repair businesses, small cafes, or door-to-door sales.

PAYware Mobile is a combination hardware and software solution that includes a PA-DSS approved payment app and a card reader that slips over the iPhone to accommodate card swipes and help merchants avoid card-not-present fees. The PAYware Mobile card reader uses a secure magnetic stripe read-head and firmware certified to the Federal Information Processing Standard FIPS 140-2.

For security, card details are encrypted during the card swipe process so that no sensitive data reaches the payment app. This eliminates the possibility of data being compromised on the iPhone as well as the potential for compromise during transmission over Wi-Fi or cellular wireless.



“Banks and processors are concerned about the security issues of unapproved merchants using unregulated software and insecure fobs to accept card payments,” said VeriFone CEO Douglas G. Bergeron. “PAYware Mobile leverages VeriFone’s proven payment and security expertise to provide the ultimate in end-to-end protection against payment fraud and misuse on an open and unregulated platform such as the iPhone.”

Transactions from PAYware Mobile will be managed through VeriFone’s PAYware Mobile secure gateway and routed to a credit card processor for authorization and settlement. VeriFone expects to make PAYware Mobile available to most processors.

PAYware Mobile will begin shipping January 15. It will be available for free to those who sign up for a PAYware Mobile secure gateway service agreement. The solution will be available through existing bank acquirer and ISO channels as well as from VeriFone. Someday, VeriFone hopes to make PAYware Mobile available wherever mobile phone accessories are sold. Merchants can view service options and fees at www.paywaremobile.com. An EMV version for international payments is expected in the spring.




Via:  Business Wire

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