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) -- Payment processing company



is taking its newly launched SAIL

mobile payment

product to Android-based smartphones.

VeriFone's SAIL application offers a credit card swipe gadget and two different pricing plans for swiped transactions including a flat 2.7% fee and 1.95% fee for higher volume accounts -- slightly lower than competitor


flat fee of 2.75% for swiped transactions. However, both payment products charge less than credit card companies


(V) - Get Visa Inc. Class A Report



(MA) - Get Mastercard Incorporated Class A Report

TheStreet Recommends


Discover Financial Services

(DFS) - Get Discover Financial Services Report


American Express

(AXP) - Get American Express Company Report

for processing transactions.

VeriFone edges into mobile payment

SAIL, geared towards business owners, was introduced on


(AAPL) - Get Apple Inc. Report


last month

. Square and

PayPal Here

are already available on iPhones and Android. Android is


(GOOG) - Get Alphabet Inc. Class C Report

mobile operating system.

Last week,

The Street


VeriFone from "buy" to "hold."

"The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and weak operating cash flow,"

The Street

said in its report.

Verifone has plunged 30.93% over the last year and are down more than 13.5% year-to-date. Shares were lower in Thursday trade, off 1.63% to $30.70.

--Written by Nathalie Pierrepont in New York.

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