Under the terms of the contract, Global Payments will market the PAYware Mobile card processing service to Canadian merchants. The PAYware Mobile application provides small businesses with card processing options via the iPhone. The application incorporates VeriFone’s card encryption technology, which encrypts each transaction and ensures payment processing.
VeriFone’s card reader includes a stylus for signature capture and a mini-USB port for charging iPhone while the reader is attached. Currently, the VeriFone system incorporates a mag-stripe card encryption reader for the iPhone and a PA-DSS validated app. The company plans to launch an EMV version of the card encryption reader in the near future.
Most recently, VeriFone has acquired Semtek, a US-based payment card security technology developer, for USD 18 million.The new acquisition is expected to enable VeriFone to integrate the development, sales, implementation and support of its encryption products and services into the existing VeriFone organization. In addition, VeriFone will be offering software licenses to device manufacturers and payment processors to encourage market adoption.
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