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The race to enable merchants to process credit card payments is heating up as top firms form alliances and introduce new solutions to gain an early lead in this burgeoning market.
Last week, Netscape Communications Corp. teamed up with First Data Corp./Card Services Group to offer an Internet payment processing service. Meanwhile, VeriFone {VFI} formed an alliance with Oracle Corp. to bring an integrated, end-to-end payment solution to market.
Although the solutions were developed separately, there are some striking similarities between the offerings. Both processing solutions include the server and gateway technology, as well as consulting services, that merchants will need to set up stores and to authenticate and process credit card transactions online in real time.
Both solutions are offered by leading companies with established clientele and firm ties to the financial and merchant communities. Also, both will rely on the newly released SET (Secure Electronic Transactions) protocol to secure transactions, and both also offer SSL (Secure Sockets Layer) security.
Since there are so many similarities between the offerings, analysts and industry leaders alike say it's too soon to tell which -- if either -- may dominate the market. But they agree that the similarities also indicate that the Internet and financial communities have solved many of the potential problems of conducting commerce online, and that the market is poised for growth. Team Netscape Claims Lead Netscape and First Data believe their solution has a clear-cut lead over the VeriFone/Oracle offering. The reason: It is currently available. The VeriFone/Oracle solution is due out in the third quarter of the year.
"What we are offering is a comprehensive solution that is available right now," said Gregg...