VeriFone, a division of Hewlett-Packard Company, and Palm, Inc. (Nasdaq:PALM) a leading supplier of handheld computers, today announced that they have signed a non-binding memorandum of understanding to join together to enable secure payment on Palm(TM) handheld computers.
In the short term, the two companies intend to work together to permit the secure transfer of financial and payment information from a Palm handheld to a VeriFone point of sale (POS) payment terminal using infrared technology, and then onto existing financial institutions' payment networks. In addition, Palm and VeriFone intend to enable Palm handhelds to access third party content through a VeriFone payment terminal.
"We expect this solution to replace the standard credit card swipe with an elegant, secure electronically-authorized transaction," said Doug Solomon, chief strategy officer of Palm, Inc. "Imagine the time savings and simplification of receipt management and expense tracking when an electronic purchase confirmation gets loaded directly into your handheld while the merchant puts your purchases into bags. No more wallets bulging with paper receipts that need to be entered into a expense program later. Through our work with VeriFone, we also expect to offer physical and online merchants a new way to enhance the customer's experience with access to new, useful content through their Internet-enabled VeriFone POS terminal."
VeriFone appliances running the Palm mobile payment application will be infra red-enabled to make the merchant point of sale a Palm interaction and synchronization point.
"VeriFone recognizes that e-payment is evolving to allow payment from any personal device, like the popular Palm handhelds," said Pierre-Francois Catte, vice president and general manager at VeriFone. "In conjunction with Palm we will be able to offer merchants an ideal solution for secure `Point and Pay' capability along with a variety of payment options and non-payment value-added e-services."
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