„There are very few technologies that undergo an overnight change,‰ says Raj Nanavati, one of IBG‚s co-founders. „But that‚s what happened to biometrics after September 11.‰
"I do think we have not done a good enough job convincing the credit card associations that we are a fundamentally complementary service," Sollito said. `"We can be a partner that extends their reach to a host of new customers."
Eric Dean, chairman of the Liberty Alliance Project and CIO of United Airlines, plans to provide details about the technology July 15 at The Burton Group's Catalyst Conference 2002, according to an invitation distributed Monday to the press. Leading up to its debut next week, few details have been released about the specification, and some industry watchers have started to tag the specification "vaporware." Still, the idea of a standard technology for linking various authentication systems has received an enthusiastic response from a diverse collection of hardware, software, and Internet companies, said David Smith, senior analyst at Gartner.
Then, in what seems to be a masterful tonal switch, he turns from pep-rally arrogance to locker-room inspiration. "Winning isn't about patents or your IQ or where you went to school," he says, punching out the clauses in his staccato Queens accent. "It's about one thing--how much you want it!" The crowd is his.
Card-issuing banks that support online authentication, such as the Verified by Visa and MasterCard Secure Payment Application (SPA) programs for Internet purchases, can enable cardholders to seamlessly link their personal .NET Passport account with the secure, online card authentication of TransFort. Cardholders can log on, shop and authenticate online purchases using a simple and familiar Passport sign-in and interface.The Wall St. Journal covers the story here. CNET here.
Initally, we were disappointed that PayPal is being acquired. PayPal was one of the most promising Rule Breakers we'd considered. It is already profitable; it leads an important, emerging, and ultimately immense industry -- that of online payment transactions; and, at $20, it had a reasonable valuation. We felt we had a big winner here! We were just about to pounce when eBay swooped it up, buying the company for $1.5 billion -- an 18% premium to last Friday's price. Thanks a lot, eBay! Now, on second thought, we're happy that eBay also saw the value in PayPal, and that eBay -- our portfolio's largest holding -- paid a reasonable price.
Visa believes that the merchants should have to keep their agreement to honor all Visa cards. Our "honor all cards" commitment enables Visa members to provide consumers with all kinds of payment options: Visa cards that are linked to lines of credit, Visa cards that contribute money to charities, Visa cards that provide airline miles, and, of course, Visa cards that are linked to checking accounts. With this lawsuit the merchants, led by Wal-Mart, want to eliminate this choice and limit consumers to one kind of Visa card.
"eBay and PayPal have complementary missions. We both empower people to buy and sell online," said Meg Whitman, President and CEO of eBay. "Together we can improve the user experience and make online trading more compelling. We can also capture greater value from the e-commerce opportunities occurring both on and off our site." "eBay and PayPal have built vibrant user networks on the Internet," said Peter Thiel, Founder and CEO of PayPal. "The beauty of this deal is that it will allow us to offer our communities new tools and added flexibility to do more business. Integrating our services is a win-win situation for millions of current and future online consumers."