Trintech Group PLC and Visa International, announced a strategic partnership to jointly develop the next generation of ePayment solutions to speed the global adoption of secure mobile commerce.
The alliance follows Trintech’s announcement today of the launch of PayWare mAccess, the company’s secure payment solution designed specifically for mobile devices, as well as a strategic collaboration with Phone.com. PayWare mAccess allows for “one touch” payment and real time authentication of user while shopping using mobile phones and other non-PC devices.
The partnership ensures that consumers can purchase from mobile devices with the assurance of the trusted Visa brand and secure, convenient technology from Trintech. By leveraging the form filling capabilities of PayWare mAccess secured with a secret PIN code, merchants and consumers can buy and sell with greater confidence. The two companies have committed to work together to extend the products capabilities to support stronger authentication mechanisms including smart cards and the SET Secure Electronic Transaction? standard, with the aim of delivering guaranteed mobile commerce transactions to the benefit of consumers and merchants worldwide. In addition, the two companies have committed to promote industry-wide standards for this new medium, as well as building support for new payment types, such as PIN based debit.
Joe Chouinard, vice president, New e-Channels Development at Visa International, said: “This partnership with Trintech builds on the recent launch of the Visa Secure e-Commerce Initiative. It shows how we are working with key technology companies to provide higher levels of security and authentication for e-commerce users around the world. Trintech’s server-based payment solution provides consumers with the ability to shop securely from a mobile device and provides merchants with the reassurance that they are dealing with legitimate cardholders.”
Visa and Trintech Partner for Mobile Commerce
“Confidence is all-important in securing electronic commerce and Issuers naturally want to manage the stronger cardholder authentication data necessary to provide truly secure commerce via wireless devices. By working with an industry leader such as Visa we are in a strong position to offer a solution that allows the telco and the Issuer to participate in enabling and securing mobile commerce,” says John McGuire, CEO of Trintech. “This partnership of the leading card brand with the leader in payment technology paves the way for consumers, banks and merchants to engage in mobile commerce with the same confidence they have in physical world ePayments.”
As the “World’s Best Way to Pay,” Visa is the world’s leading payment brand and the largest payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa has more than 80 smart card programs in 35 countries and on the Internet, with 23 million Visa chip cards, including eight million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction? programs to enable and advance Internet commerce. There are over one billion Visa, Visa Electron, Interlink, PLUS and Visa Cash cards, which generate more than US$1.65 trillion in annual volume. Visa-branded cards are accepted at over 19 million worldwide locations, including at more than 627,000 ATMs in the Visa Global ATM Network.
Trintech Group PLC is a leading provider of secure electronic payment infrastructure solutions for real world, Internet and wireless transactions. The company, which was founded in 1987, offers a complete range of payment software products for credit, debit, commercial and procurement card applications. Trintech’s secure product range is deployed in over 35 countries worldwide and cover the payment requirements of consumers, card issuing banks, merchant acquiring institutions, merchants, eMerchants, telcos, wireless operators, ISPs/CSPs, Portals and large corporations. Trintech’s range of scalable, open systems architecture solutions for UNIXÂ® and Windows NT? platforms covers consumer, merchant and financial institution requirements for all card-based payments, including e-commerce and the emerging world of mobile commerce. Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel: 650-227-7000) and in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: 353-1-207-4000). Trintech can be reached on the Web at http://www.trintech.com. Investor information can be found at www.trintech.com/investor.
SET – Secure Electronic Transaction – is a technical specification for securing payment card transactions over open networks such as the Internet. SET maintains the confidentiality of messages, ensures that messages are not amended by unauthorized people, and authenticates the parties involved in a transaction so that both cardholders and merchants are assured that the other is genuine. SET was developed by Visa and MasterCard, with participation from several technology companies, including Microsoft, IBM, NetScape, SAIC, GTE, Terisa Systems and VeriSign.