Verifone Delivering 50,000 Payment Systems to ICICI Bank
India's Largest Private Sector Bank in Midst of Major Electronic Payment Rollout
February 27, 2006
San Jose, CA
San Jose, CA - February 27, 2006 - Verifone Holdings, Inc. (NYSE: PAY) announced today that it is delivering 50,000 payment systems to ICICI Bank Limited (NYSE: IBN), the largest private sector bank in India, under a contract that is scheduled to be completed before the end of February.
Seeking to meet the burgeoning needs of retailers in India, ICICI Bank is deploying Verifone's Vxx 510 with multiple applications installed, including credit, debit, EMV. Verifone has been working closely with ICICI since the bank began developing its merchant acquiring business, and has previously delivered more than 50,000 units of the Omni 3750 payment system.
"The large memory capacity of Verifone's Vx 510 allows ICICI to roll out multiple applications in various configurations to meet the needs of different merchant segments," said William Nichols, Verifone vice president of Emerging Markets & International Marketing. "ICICI is aggressively promoting the adoption of electronic payment by its retail customers and Verifone welcomes the opportunity to participate as a key partner in that effort."
The Vx 510 is part of a new generation of Verifone solutions targeted at international markets. Incorporating a faster 32-bit processor, as well as an option for Ethernet and dial communications, the countertop payment solution provides extraordinary performance for payment and value-added applications - including data-intensive, EMV smart card transactions.
About Verifone Holdings, Inc.
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Verifone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. Verifone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.