From: Robert Hettinga <rah@shipwright.com>
Date: Thu, 10 Oct 1996 06:57:36 -0700 (PDT)
To: cypherpunks@toad.com
Subject: Future of Money Hearings
Message-ID: <v03007818ae82a9b8f4f8@[206.119.69.46]>
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Date: Wed, 9 Oct 1996 19:49:50 PT
From: "Paul Lampru, Marketing Manager, Electronic Commerce Products,
Strategic Marketing, ATL,
 770-640-3688" <PAUL_L2@sfov1.verifone.com>
Subject: Future of Money Hearings
To: e-payments@commerce.net
Organization: VeriFone
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Addressed to: e-payments@commerce.net
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All:

Last June, Denis Calvert, VP for US Sales for VeriFone presented testimony
to Rep Castle's Banking Subcommittee.  This testimony suggested a strategy
that would enable Internet payment schemes...that develop naturally for the
Internet over the next couple of years...to be used by merchants who have
store fronts or cash register sales systems.  This strategy touches chip
cards, public key certification authorities, Stored Value Cards, and the
migration away from magnetic stripe technology toward chip cards or PC
Cards or whatever electronic token is appropriate.  This strategy also
touches on the potential use of the Internet by US Treasury to
distribute welfare payments and other Federal Transfer Payments.  This
strategy is a hypothetical scenario that leverages the MC/Visa SET payments
protocol, but does not effect the protocol or its use for credit card
payments on the Internet.

This strategy is gaining the attention of a number of Federal agencies.
Before this gets too far down the road...PLEASE review this testimony and
critique the strategy.  The testimony may be found at the following URL:

http://www.house.gov/castle/banking/calvert.htm

Please suggest a forum that these ideas may be presented and explained in
more detail than they can be explained in Mr. Calvert's testimony...or this
Email message.

Thank you...pdl

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-----------------
Robert Hettinga (rah@shipwright.com)
e$, 44 Farquhar Street, Boston, MA 02131 USA
"The cost of anything is the foregone alternative" -- Walter Johnson
The e$ Home Page: http://www.vmeng.com/rah/