Gemplus, VeriFone Introduce Smart Card SET Solution

Gemplus Corp. and VeriFone, Inc. unveiled today a
SET-compatible, e-commerce solution that will enable users to purchase
goods from their computers using smart cards.

The co-branded, co-developed solution integrates Gemplus’s smart card
technology with vWALLET, a component of VeriFone’s Internet payment
software suite.

The smart card-enabled vWALLET solution is being demonstrated this week at
the Internet Showcase being held in San Diego. To initiate a transaction a
user launches the vWALLET application and then swipes his or her smart card
through the smart card reader attached to the PC.

The user is then prompted to enter a PIN (personal identification number),
after which the information contained on the smart card is “unlocked,” or
accessible, for conducting the online purchase.

When a purchase is made, the user’s credit card account information is
verified as authentic to the vendor and then debited at the user’s
financial institution. All transmissions of information are secure through
the use of the SET (Secure Electronic Transaction) Protocol 1.0, developed by Visa and MasterCard, which encrypts all data during transmission.

The vWALLET smart card solution is being rolled out in France as part of
the e-COMM pilot initiated by Gemplus, VISA International, France Telecom,
BNP, Societe Generale and Credit Lyonnais. The companies report this is the
first pilot that combines smart cards and SET.

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