VeriStar announces that it will work with Hypercom Corporation, a leading global provider of electronic payment solutions, to enable consumer payment authentication services and pay-by-touch at the point-of-sale.
Already handling traditional plastic cards, chip-based or smart cards, and paper checks, Hypercom(R) now looks to add biometrics as another voluntary method of consumer payment at the merchant countertop. Under the terms of the agreement, VeriStar and Hypercom will evaluate the benefits of developing an integrated “biometric acceptance infrastructure,” which will include multi-lane, government/EBT, wireless and stand-alone merchants in domestic and international markets.
! “VeriStar is proud to be working closely with a market leader like Hypercom. Retailers want to work with proven companies for payment acceptance and Hypercom’s ICE(TM) equipment and payment appliances are used by more than four million merchants worldwide,” said Phil Gioia, CEO of VeriStar Corporation. “The payment industry has long ago automated the authorization and settlement of transactions. Now the advantages of automating authentication and the voluntary option for consumers to pay their credit, debit and checking accounts without having to use plastic and paper is reaching the market.” “Hypercom historically is the leader in developing and introducing new relevant technologies, such as our Internet-enabled ICE terminals and graphical touch screens,” said Jairo E. Gonzalez, president, Hypercom Transaction Systems Group. “Being the first payment appliance company to help enable shoppers to pay at the point-of-sale without having to rely solely on paper or plastic affirms Hypercom’s commitment to securely enabling all payment types — using both traditional and emerging technologies. For retailers, they can better manage payment types, gain more transactions, speed checkthrough and help reduce fraud with very little infrastructure.”
In commenting about the viability of biometrics as a payment platform, Shalini Chowdhay, Auto ID Industry Analyst at Frost & Sullivan states, “Using biometrics as an alternate method for authentication for financial transactions is a brilliant idea. It is quick, convenient and above all, probably the safest. The payment industry is ready for a new mode of authentication, initial skepticism about biometrics has dissipated to a large extent, and biometric sensor technology has vastly improved — the timing is perfect.”
VeriStar’s fully voluntary service enables a cashless, checkless, cardless payment environment in which consumers will use their own unique physical characteristics to complete their daily payment transactions securely, conveniently, and efficiently. It also enables merchants to substantially reduce transaction-processing costs, and significantly mitigate the risk of fraud. VeriStar’s Internet address is [www.veristarcorp.com].
Hypercom Corporation (NYSE: HYC) is a leading global provider of electronic payment solutions that add value at the point-of-sale for consumers, merchants, and acquirers. Hypercom’s products include secure card payment terminals and web appliances, networking equipment, and software applications for e-commerce, m-commerce, smart cards, and traditional payment applications. Headquartered in Phoenix, Arizona, Hypercom maintains an installed base of more than 4 million card payment terminals, which operate seamlessly with the products of its Network Systems Division. These solutions are installed in over 100 countries and conduct more than 2.85 billion transactions annually. Hypercom’s Internet address is [www.hypercom.com]