To: SCOOBEY-DO (242 ) |
From: SCOOBEY-DO Tuesday, Jun 30 1998 6:32PM ET
Reply # of 2300
This if the final part of Tom Hughes' Speech. The last post had a couple of typing errors but I could not go back to correct them.
"The Realm Vector Protocol will encrypt the PIN and securely send it by digital stream to the ET&T host for re-encryption, according to existing bank protocol, for entry into the bank system for authorization of the transaction.
"Credit card transactions from the Pocket Pay will qualify as "card present" transactions, which means the magnetic strip tracks are being sent to the Alliance bank host. This type of credit card transaction is far safer for the consumer and costs the merchant less in processing fees.
"Finally, the Pocket Pay can also be used as a voice phone. The Pocket Pay will also send the completed transaction for the host to the merchant and back to the host to the users fax machine for a complete printed receipt.
"The world by 2001 will be flooded with inexpensive PERFECT devices made and distributed by many companies. The devices will be marketed by major banks, retailers, utilities, and other industries to generate cost efficient purchasing and bill payment by both banked and un-banked consumers. A major driving application of mobile commerce globally will be pay per play wagering in real time with real and non reversible cash.
It is the goal of the alliance of Newcom, ET&T and Betting Inc. to capture a significant share of market for equipment and processing for these PERFECT transactions"