Verifone Holdings, Inc. (NYSE: PAY), today announced that Verifone Transportation Systems (VTS) has now installed more than 1,000 state-of-the-art payment and passenger information monitors in Boston-area taxis.
Under regulations that went into effect January 1, 2009 all taxis licensed by the City of Boston are required to provide credit card payment systems for use by passengers. VTS has provided dispatch technology to the largest radio association, which uses Verifone’s payment and information systems exclusively in 510 vehicles operating under the Top Cab and City Cab brands.
“VTS is the clear leader in the taxi payment and passenger information system market,” said John Ford, president and owner of Top Cab, Inc., and City Cab. “Passengers increasingly want to pay with credit cards and our drivers have realized additional per-trip revenues by having this capability, despite the problems in the economy.”
The Boston Police Hackney Carriage Unit currently licenses 1,825 medallions and VTS systems are deployed in almost half of those licensed taxis. VTS is also the sole supplier of systems in Philadelphia and the largest supplier in New York City.
“We’re thrilled by the response in the Boston market, including with suburban taxi companies,” said Amos Tamam, president of VTS. “Boston is on the leading edge of efforts underway across the country to utilize automation and electronic payment to improve efficiency of taxi fleets and enhance the passenger experience with convenience, information and entertainment.”
VTS provides next-generation solutions that deliver wireless payment, navigation, dispatch, text messaging, and real-time information to the transit, vehicle for hire, dispatch, and cargo transportation industries.
The VTS systems deployed in Boston are based on Verifone’s MX870 multimedia payment systems, which support secure credit card transactions. The MX870 is the leading choice for organizations that want to leverage full featured automation capabilities such as dispatch automation, text messaging, voice guided navigation, real-time moving map functionality and passenger information delivery.
About Verifone Transportation Systems (www.VerifoneTS.com)
Verifone Transportation Systems is a joint venture between Verifone Holdings, Inc. (NYSE: PAY), and TaxiTronic, Inc., to provide the next generation in mobile payment and transportation automation solutions. Verifone Transportation Systems delivers wireless payment, voice guided navigation, dispatch, text messaging and real-time information delivery capabilities for transportation fleets.
About Verifone Holdings, Inc. (www.verifone.com)
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Holdings, Inc.:
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Holdings, Inc. These risks and uncertainties include: our ability to successfully manufacture, distribute, market and sell the MX880 and related software applications, our customers' acceptance and adoption of our newly released products and applications, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.