The Metropolitan Transportation Authority (MTA) awarded a four-year $6.9 million contract to Verifone Systems, Inc. (NYSE: PAY), for delivery, installation, and warranty and maintenance services for 1,000 TransitPAY systems to provide real-time bus information to customers on Staten Island buses.
Verifone will provide ruggedized on-bus hardware, software development, project management, installation, and warranty and maintenance services across Staten Island's fleet of buses. The TransitPAY solution from Verifone enables bus tracking via real-time information, with the added benefit of supporting future fare payment applications across a common "open standards" hardware platform.
TransitPAY provides real-time bus location details then wirelessly communicates to an MTA-hosted server. Bus route details are shared with riders via SMS text message, website or bus shelter display to alert riders of next bus arrival time.
Shipments of the systems will begin in August, installation will begin in October, and the system is scheduled to be operational on Staten Island buses by Jan. 1, 2012. Bus locator information will also be accessible by application developers who are developing apps for smartphones and tablet computers.
"Verifone is thrilled to be a technology solutions partner in the MTA's ongoing effort to modernize New York's transit services," said Jennifer Miles, Verifone senior vice president - Retail, Global Security and Vertical Solutions. "Verifone is committed to development of new mobile solutions for taxis and buses, and self-service solutions for areas like mass transit and parking."
Verifone's TransitPAY is a rugged, reliable and secure solution that can transform the passenger experience and can integrate NFC smartphone-based payments and contactless smart cards. Verifone has deployed transportation systems around the world, from Istanbul to New York City taxis, and supports both EMV and non-EMV bank-issued cards as well as closed-loop cards, such as MiFare cards.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone 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 Systems, Inc. These risks and uncertainties include: the successful rollout of the Verifone TransitPAY tracking solution, 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.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, 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.