VeriFone releases PCI-compliant Secure PumpPAY product

Source: VeriFone

VeriFone Holdings (NYSE: PAY) today unveiled its Secure PumpPAY solution for upgrading gas pump card payments to meet the Payment Card Industry (PCI) security standards.

The introduction of Secure PumpPAY marks the first time operators of an estimated 700,000 unsecure fuel dispensers in the U.S. and Canada will be able to protect themselves and their customers from fraud. Secure PumpPAY is a universal solution that works with pumps manufactured by virtually all US and most European suppliers and has already been installed at initial sites in Europe, Middle East, Asia and the U.S.

"Law enforcement and industry groups have identified fuel dispensers as an increasing target of criminal activity, but existing fuel dispensers in the U.S. do not meet payment card industry security requirements," said Douglas G. Bergeron, Chairman and CEO. "Secure PumpPAY is an easy-to-integrate, easy-to-upgrade, all-in-one solution to meet any need and protect retailers and their customers from card fraud."

According to Visa U.S.A., organized crime rings are increasingly targeting merchants to obtain magnetic stripe data and Personal Identification Numbers (PIN), often focusing on automated fuel dispensers. The major credit card associations have mandated that starting January 1, 2009, all new self-service pumps must have PCI-approved PIN-entry devices. Further, beginning July 1, 2010, all card transactions at pumps must be protected with advanced Triple DES encryption technology.

The Secure PumpPAY solution is anchored by the PCI-approved OP4100, which includes an ATM-style keypad and a card reader that accepts EMV chip and magnetic stripe credit and debit cards, as well as support for all major contactless payment schemes. The OP4100 will support VeriFone's patent-pending technology to cryptographically mask account numbers and magnetic stripe data throughout the retailer's system, easing PCI compliance and rendering the card data useless to criminals if a retailer's network is breached.

Secure PumpPAY incorporates the OP 4100, printer and mounting kit; services including PCI certified installation, PCI assurance program; and a full range of support options. Secure PumpPAY supports existing two-wire connections to the pumps as well as Ethernet and Wireless communications to enable rich content to be delivered to the consumer at the pump. The wireless option simplifies installation for retailers who do not have Ethernet cables running to their pump islands.

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