Bank Hapoalim (TASE: POLI) credit card subsidiary Isracard Ltd. will assist VeriFone Holdings Inc. (Nasdaq: PAY) to market in Israel its PAYware Mobile phone, which allows iPhones to make secure credit cards via an attached encryption sleeve. This product mainly targets businesspeople who meet with clients in multiple locations.
PAYware Mobile allows the user to perform the secure transaction using a full screen, by passing the card over the magnetic reader and signing the receipt. Isracard emphasized that the product follows international secure payment procedures, as well as the PCI DSS information security standard. The PAYware Mobile encrypts all credit card information so that no credit card numbers are visible on the iPhone. This keeps the customer safe from data leakage if the iPhone is lost or stolen.
Isracard commercial department manager Arnon Even Bar says, "This cooperation is a continuation of Isracard's policy of being a leader in the cellular payment market."
On Sunday, Isracard announced that it would launch a mobile payments pilot using near field communications (FCR) technology, which enables contactless credit card payment; it is only necessary to wave the credit card over the point of sale. Inserting an FCR chip into a mobile phone turns it into a credit card, which can make payments at points of sale.
In the pilot, Isracard will issue a wireless credit card or patch that will be attached to the mobile phone, enabling payment by the MasterCard contactless standard. Customers can pay by pressing the card or patch (and later the mobile phone itself) to the point of sale. In the second stage of the pilot, Isracard will upgrade the points of sales at Super-Pharm drugstores and Aroma cafes to accept payment by the new credit cards.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2011
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