Tag - VeriFone
Call it the omni-terminal: point-of-sale terminal maker Verifone has unveiled a new model, the PAYware Mobile e355, which the company says is compatible with all forms of mobile and traditional card payments, from simple magnetic stripe (currently widely used in the US) to chip-and-PIN EMV cards coming this year, and all forms of NFC-based payment systems utilizing iOS, Android or Windows Phone -- including Apple Pay, Google Wallet, Softcard and others.
Payment processor VeriFone is withdrawing from the mobile card payments market, citing "razor-thin margins." The decision to shutter Square-competitor Sail came to light during a quarterly conference call, with CEO Doug Bergeron calling the market for low-volume merchant processing as "fundamentally unprofitable."
VeriFone will release a new card reader that plugs into the iPhone or iPad's 3.5mm headphone input to process payments. A step up from its PayWare solution for hardware, the new device, called SAIL, will be very close to Square's hardware. VeriFone already makes card payment hardware for larger businesses and stores, and is trying to protect this client base from smaller up and comers like Square, BusinessInsider reported.
Square readers have just been upgraded to offer hardware encryption, VentureBeat found. The company is planning on upgrading existing readers without hardware encryption to the new ones. The new security measure will encrypt credit card numbers as they are sent from the reader to the app on the mobile device, keeping it secure even before it needs to go online.
PayPal's mobile payment technology may lead to a direct competitor to Square. leaks emerging from GigaOM would have a plug-in reader to let a smartphone, and presumably a tablet, take credit cards through a native app. Other than a possible triangle shape, not much was known about what it would entail besides a launch on Thursday.
Isis, which is due to kick off this summer, has now secured cash register and payment hardware makers VeriFone, Ingenico, ViVOtech, and Equinox Payments as partners. They have vowed to integrate the Isis Mobile Commerce Application wireless payments technology into their future products. Isis will use NFC technology for payments, digital couponing, location-based social media offers, and more. It's a competitor for Google's Wallet offering.
Square readers for payments will be used in a few weeks during a testing project in New York City in 30 taxis before becoming more widespread. The test is part of the requirements that need to be met after the New York City Taxi and Limousine Commission approved Square's systems in cabs. Once testing is completed, there are plans to deploy the technology in over 13,000 cabs in the city.
VeriFone partly bowed to pressure on Wednesday with the introduction of PayWare Mobile Enterprise for Tablets. The option will give iPads, as well as Android 3 tablets, a hardware card reader and app combination that can serve as a store checkout much like Square's eponymous readers. The VeriFone option claims an edge with PIN-based debit cards and support for NFC devices that can tap to make a payment, such as a Nexus S 4G using Google Wallet.
Google is holding an event in New York City where it's expected to unveil an NFC-based mobile payment system. The service should involve at least Android phones from Sprint, an infrastructure from VeriFone, as well as several major stores. Check in for live coverage at 12PM Eastern.
(Update: first stores) Google's rumored NFC-based payment system will be unveiled Thursday, three insiders leaked on Tuesday. The system would let those with a Nexus S 4G on Sprint use their devices to both buy goods and use coupons by waving the phone at a VeriFone-supplied terminal. Google hasn't the confirmed details provided by Bloomberg but is holding an event in New York City on Thursday that will likely discuss the NFC plans.