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September 12, 1995

VERIFONE PROMISES SECURE INTERNET TRADING

By CBR Staff Writer

Redwood City, California-based VeriFone Inc plans to offer a secure end-to-end system for processing cash transactions via the Internet, starting next quarter. The system will support a variety of payment methods, including credit and debit cards, low-value micropayments, electronic cash and electronic cheques. The system is designed to offer a secure, broadly compatible Payment Transaction Application Layer to function as a bridge between payment networks and the Internet.The payment system will consist of a software module on the user’s personal computer that interfaces with World Wide Web browser software from any vendor. The software on the merchant’s server will accept payments and communicate with the payment acquirer’s host computer for authorisation and settlement. A Smart Card peripheral will be used to read card information and for the entry of personal identification numbers. Another piece of software on the merchant’s server will facilitate communications with the acquirer’s host system or with the various payment networks supported.

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