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Press Release
Palm Ushers in New Way for Consumers to Make Purchases, Get New Services With eWallet Technology
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Collaboration From Financial Network Leaders
Visa, Ingenico, VeriFone with Handheld Leader
LAS VEGAS, Jan. 6 /PRNewswire/ -- Consumer Electronics Show -- Consumers
will have a richer experience every time they use their future wallets --
eWallets -- as a result of new advancements from Palm, Inc. (Nasdaq: PALM).
In addition to being able to make secure purchases via a Palm(TM) handheld's
infrared beam, new personalized and interactive services now are possible and
practical.
In addition to replacing the standard payment-card swipe at retail
outlets, Palm believes that over time, the users of millions of Palm
Powered(TM) handhelds with infrared beaming capability will be able to do the
following two-way activities:
-- manage and stretch their dollars through accurate and automatic
record-keeping;
-- receive eCoupons for products and services;
-- get automatic prompts about personally relevant entertainment or
purchases; and
-- always know the status of their loyalty programs, such as those for
airline mileage or hotel stays.
Palm handhelds already can hold photographs, and the company is working on
solutions now that will permit a driver's license, health-care card and other
personal identification documents to be contained on a handheld. Add to that
the financial transactions and ability to receive personalized services, and
the growth opportunities for eWallets become clear.
Historic eWallet Purchase
Palm demonstrated the payment breakthrough at the Consumer Electronics
Show (CES) today during a keynote address by Carl Yankowski, Palm chief
executive officer. Yankowski conducted the world's first electronic purchase
from a handheld computer interacting with a retail point-of-sale terminal,
choosing a car cellphone system with Hear It Again Memory, an atomic watch,
and a Sony AIBO from among the products at a Sharper Image storefront on
stage.
Here's how it worked:
-- After choosing his purchases and agreeing to the price plus tax,
Yankowski pointed his Palm handheld toward the point-of-sale Ingenico
terminal and activated the eWallet by pushing a short-cut button.
-- He then selected his payment method -- a Visa card embedded in the
Palm eWallet application -- and this initiated the purchase.
-- Then, he entered a PIN (personal identification number) onto the
handheld's screen. This act identified Yankowski and his account
number securely. He tapped "OK," concluding his part of the
transaction.
-- The Ingenico terminal received Yankowski's beam as an encrypted
message, keeping it safe from misuse.
-- The Ingenico terminal then sent the secure information about the total
purchase price and Yankowski's payment-card account number to the
Sharper Image merchant account. Yankowski received a hardcopy receipt
as well as a digital one.
-- Sharper Image received the transaction information and recorded it as
revenue.
-- In a few weeks, Yankowski will receive his Visa bill -- including the
Sharper Image purchase -- in the mail, the old-fashioned way.
The entire transaction took only seconds, significantly shorter than the
time to use a card-swipe process, secure a handwritten signature and print a
hardcopy receipt.
"The most obvious and immediate way this Palm advancement will change
people's lives is that in the future, Palm handheld users could begin to be
able to beam their way quickly through checkout -- and return -- counters,
using their Palm Powered devices," Yankowski said. "But in addition to paying
out money for purchases, consumers can take in new services simultaneously and
dynamically."
For example, buying a sweater or paying college tuition with a
frequent-flyer Visa card embedded in the Palm handheld would result in an
automatic entry in the person's financial management software program, and an
immediate boost to his or her frequent-flyer mileage program.
"Once a significant number of businesses adopt this IR technology, we
believe consumers will grow comfortable discarding their bulky, disorganized
wallets for a digital alternative that provides real two-way service,"
Yankowski said. "Visa, Igenico and VeriFone -- leaders in secure financial
transactions -- are working closely with us to make this a reality."
Market research firm IDC has been watching this marketplace and the
evolving needs of an increasingly mobile population.
"eWallet technology can offer enterprises and individual users fast and
increasingly more secure wireless transactions and management," said Kevin
Burden, senior analyst, smart handheld devices at IDC. "This technology is a
natural extension to the already strong feature set of Palm handhelds."
Infrastructure Requirements and the Players
To make these transactions happen simply and securely for consumers and
retailers alike, Palm is working with Ingenico and Hewlett-Packard's VeriFone
division, leading providers of credit-card payment infrastructure in Europe
and the United States respectively. Igenico intends to roll out the initial
pilot solution beginning today in Europe, and VeriFone intends to roll it out
later this quarter in the United States.
According to Bernard Morvant, senior vice president, Global Business
Development and Partnerships, of Group Ingenico, "The eWallet will provide new
advantages for consumers. Imagine always knowing exactly what your credit
balances are, or the simplicity of reconciling a monthly statement by matching
the actual transactions from your handheld. This is the promise of this new
eWallet technology. We are pleased to be part of this breakthrough
demonstration onstage today with Palm."
According to Pierre-Francois Catte, vice president and general manager of
VeriFone, "VeriFone believes that providing secure point-and-pay capabilities
offers merchants and consumers immense opportunities because of the variety of
payment options and non-payment value-added e-services possible. To make it
simple for consumers and merchants alike to use this new technology, Palm and
VeriFone have collaborated to enable the secure link between the products that
consumers are already carrying and the infrastructure we've already installed
worldwide for retailers."
The necessary IR receiver can be added to standard, currently installed
point-of-sale terminals. In the future, this communication link could be
provided using Bluetooth technology.
Palm is also collaborating with leading payment organizations, such as
Visa International, to enable customer adoption and add such features as
easy-to-use statements that can be viewed on a handheld.
"It is entirely appropriate that the start of 2001 is marked by the first
handheld transaction using a Palm device and a point-of-sale terminal," said
Gaylon Howe, executive vice president, Consumer Product Platforms, Visa
International. "We expect to see significant developments in the ability of
buyers and sellers to conduct commerce anywhere, anytime, over any type of
device, simply and securely. As a leader in setting and using standards, we
will work to enable our member banks to take advantage of this new technology
to provide new services and add value to existing products."
Ingenico and VeriFone will demonstrate eWallet capabilities with their
transaction terminals at Palm's booth, No. 24000, at CES.
About Palm, Inc.
Palm, Inc. is a pioneer in the field of mobile and wireless Internet
solutions and a leading provider of handheld computers (source: IDC, December
1999). Based on the Palm OS(R) platform, Palm's handheld solutions allow
people to carry and access their most critical information with them wherever
they go. Palm handhelds address the needs of individuals, enterprises and
educational institutions through thousands of application solutions. The Palm
OS platform is also the foundation for products from Palm's licensees and
strategic partners, such as CreSenda Wireless; ePocrates, Inc.; Franklin
Covey; Handspring; IBM; Sony; Symbol Technologies; and TRG. Platform licensees
also include Kyocera, Samsung, and Nokia. The Palm Economy is a growing
global community of industry-leading licensees, world-class OEM customers, and
more than 130,000 innovative developers and solution providers that have
registered to develop solutions based on the Palm OS platform. Palm went
public on March 2, 2000. Its stock is traded on the Nasdaq national market
under the symbol PALM. More information is available at http://www.palm.com.
Palm OS is a registered trademark and Palm and Palm Powered are trademarks
of Palm, Inc. or its subsidiaries.
SOURCE Palm, Inc.
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