Verifone Systems, Inc. (NYSE: PAY), today announced it has been selected by First Data Corporation as the exclusive provider of Class A Point-of-Sale (POS) payment acceptance systems in the Caribbean region.
First Data is partnering with Verifone to develop applications for Verifone's VxSolutions and VX Evolution countertop, wireless and PIN entry systems. First Data intends to expand its product offering to include the most advanced payment system hardware and software technology throughout the region with a strong focus on security and authentication for Caribbean businesses.
"We selected Verifone as our exclusive POS product offering in this region as their devices go beyond traditional magnetic stripe transactions by providing advanced EMV card processing, which increases a merchant's security and authentication measures to help reduce fraud," said Phil Steurer, SVP, Central America and Caribbean, First Data. "With Vx Solutions and VX Evolution, Verifone is providing market-ready and fully compliant payment processing solutions that will provide our Caribbean customers with the most advanced technology available to the marketplace."
"This is an exciting opportunity for Verifone to work with First Data in expanding its offering with payment systems that meet and exceed the latest data security requirements," said Fernando Lopez, Verifone executive vice president, Latin America and The Caribbean. "Verifone supports the advancement of newer payment acceptance capabilities and we're eager to bring our cutting edge solutions to the region."
Verifone has deployed payment systems worldwide for many years and has worked with banks and merchants worldwide to implement the necessary systems. The systems will support EMV credit and debit cards which utilize a smart card chip that has its own data storage, processing power and application software to provide much higher levels of security than magnetic stripe cards.