Membership: is it possible to configure the password is encrypted when transmitting through channel, but I want to store the password as hash in db?

I'm awared that the passwordFormat attribute in the config, but this seems to dictate how the password is being stored into the db.
what I want to achieve is to encrypt the password using asymetric encryption (so only public key is exposed).
but when storing into db, we will stored as hashed data (don't mind use custom code to do this).
is it possible to do this? at least to workout the asymetric encryption on the password transmitted via channel.
We don't intend to implement SSL at this time, as it will affect the user experience.
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