New software for Net commerce
Netscape and VeriFone are teaming up to develop software that will make credit-card transactions over the Internet easier for merchants and banks. The companies also plan to make software for debit-card use on the Web.
The lack of a standard way of processing credit-card transactions over the Net has slowed the development of Internet commerce. Companies like DigiCash and CyberCash have set up Internet payment systems, but they require customers to either start special accounts or buy special software. Furthermore, not all banks can deal with the transactions.
The new software will bundle Netscape's commerce server software with VeriFone's credit-card transaction technology, allowing customers to shop online with any major credit card regardless of which bank the merchant uses.
The companies also say they plan to develop software for debit-card use on the Web.