Mobile payments applications
harnessing the versatility of Apple’s iPhone continue to come thick
and fast. Among the latest is PAYware Mobile, a solution from US
payment systems vendor VeriFone which trumpets that it puts
“mainstream payment processing capabilities” in the hands of small
“The complete PAYware Mobile solution brings
secure payment capabilities to merchants who previously could not
justify a dedicated payment acceptance device,” commented
VeriFone’s CEO, Douglas G Bergeron. “We believe this represents a
potential market of millions of small businesses worldwide.”
To facilitate real-time card payments, a
magnetic stripe card reader is supplied that slips over the iPhone
while customers verify transactions by signing on the iPhone’s
screen using a stylus.
The reader is free to merchants signing a
two-year contract with VeriFone and incorporates VeriShield
Protect, VeriFone’s end-to-end encryption security solution.
Merchants that adopt the PAYware Mobile solution will pay an
initial one-time fee of $49, a $15 monthly fee, and fee of $0.17
According to VeriFone, by being able to accept
card-present payments merchants will save some 30 percent in
transaction fees compared with card-not-present solutions. This
places PAYware Mobile at an advantage to rival iPhone-based card
payments solutions, such as US start-up Inner Fence’s Credit Card
Terminal service launched in October 2008 and US payment processor
and POS vendor Capital Merchant Solutions’ ProcessAway service
launched in February 2009.
PAYware Mobile will be available in the US
from mid-January 2010.