Cybersecurity protection keeping VeriFone 'very busy'
Whether you're shopping online or in stores, you're likely using a credit card. But in light of so many security concerns including major breaches at Target (TGT) and Home Depot (HD), many consumers are left rattled - fearing each swipe puts their financial data at risk.
VeriFone Systems (PAY) is a provider of card-swiping machines and payment services and its CEO is confident his company can keep consumers safe. Paul Galant told Yahoo Finance “we can do on an end to end basis, a payment solution that absolutely, 100% protects the consumer from any kind of data breaches associated with using their card.”
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Cyber security is a big deal – even the White House is getting more involved. The new Defense Secretary Ashton Carter called on Silicon Valley to join in the fight against hackers and help protect America from online assaults from hackers from places like North Korea, Russia and China.
Galant says data breach worries are keeping his company “very busy these days.” VeriFone was a big innovator in the 1980’s when credit cards issued by companies like Visa (V), Mastercard (MA) and American Express (AXP) became the preferred form of payment. But with a growing number of people shopping and ordering straight from smartphones, the company has developed a mobile app. VeriFone Cloud POS is an Android-based cloud point-of-sale solution for merchants, especially small and mid-sized businesses.
VeriFone is doesn’t see Apple Pay (AAPL) taking a bite out of its market share. Galant said the company is “close partners of Apple and worked hand in hand with them as they were developing with Apple Pay”
“Payment business is an AND business not an OR business” according to Galant.
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