Verifone Sells More than Half a Million Vx Solutions
Broad International Demand Keys First Year Success for New Product Line
March 07, 2006
San Jose, CA
San Jose, CA - March 7, 2006 - Verifone Holdings, Inc. (NYSE: PAY), announced today that it exceeded half a million unit sales of the new Vx Solutions payment systems line during the first year of availability. Vx Solutions represents a next-generation line of secure hardware, payment software, and value added services based on a single platform.
Available beginning early in 2005, Vx Solutions has experienced broad international success, notably in markets where modernization efforts have accelerated the transition to electronic payment systems.
"Mexico and India are examples of how public and private sectors are aggressively deploying electronic payment solutions to take advantage of growing retail industries and ensure tax revenues are collected efficiently," said William Nichols, Verifone vice president of Emerging Markets & International Marketing.
During the first year of availability of Vx Solutions Verifone sold more than 100,000 of the systems to Mexican banks under the payment modernization project initiated by FIMPE -- the Electronic Payment Media Infrastructure Fund formed by the Banks Association of Mexico (ABM) to expand the use of electronic payments in the country. In February, Verifone received an additional order direct from the FIMPE organization for 31,000 systems for shipment over the next six months, including 7,000 units of the Vx 570, representing the first large Latin America order for that system.
Also in February, Verifone announced it was awarded a contract by ICICI Bank Limited (NYSE: IBN), the largest private sector bank in India, to supply 50,000 units of the Vx 510 by the end of February. Verifone previously had delivered 50,000 units of the Omni 3750 payment system to ICICI.
Vx Solutions have been shipped to more than 60 countries since first becoming available. “We’ve seen strong and growing demand across the globe, spanning the gamut from developed countries to emerging economies in all major regions,” said Nichols.
Expanded Vx Solutions Lineup
In November, Verifone added to the Vx Solutions product family with the announcement of the Vx 570, a new countertop payment system that combines faster processing with flexible memory and communications options to meet global market needs for support of debit, credit, EMV and value-added applications via either dial or IP-based enhanced communications.
Verifone also previewed in November the smallest and lightest fully-functional mobile handheld payment platform in the industry. The rugged, Wi-Fi equipped Verifone Vx 670 is ideal for virtually any mobile payment application and is highly suited for the growing pay at the table application where systems are handed over to patrons who can readily swipe or insert their own cards and enter PINs. Verifone expects to commence an early adopter program for the Vx 670 in the spring of 2006. This program will provide select partners a head start on solution development.
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.