Verifone Systems, Inc. (NYSE: PAY), today announced a comprehensive, long-term contract to provide credit card processing along with digital and traditional media to Frias Transportation Management, the largest taxi operator in Las Vegas with almost 1,000 cabs. With this agreement, Verifone provides almost 100 percent of taxi card payment services in the city and will generate more than $90 million over the term of the contract in revenue derived from equipment sales and fees from services and advertising.
The contract with Frias also includes advertising on the company’s airport shuttle bus service, enabling Verifone to provide virtually blanket exposure to visitors for advertising and promotional campaigns. All Las Vegas taxis that provide customer-facing card payment systems are utilizing Verifone products.
“We’ve utilized Verifone card payment systems over the past two years and Verifone has promised us an aggressive upgrade that provides the latest card technology, digital content and advertising inside and on top of our taxis,” said Frias CEO Mark James.
Frias is Nevada’s largest transportation company specializing in taxi cabs, limousines, and charter and shuttle buses. Frias Holding Company includes five cab companies with a fleet of nearly 1,000 taxicabs, Las Vegas Limousines and Airline Shuttle Corporation. Through its shuttle and limousine operations, Frias operates the highest volume per capita ground transportation services at Las Vegas' McCarran Airport, used by more travelers than any other operator at McCarran.
“The agreement with Frias represents the future of payment-enabled media in transportation, providing the greatest convenience to passengers and providing promoters with the ability to target virtually every visitor either through streamed content inside the cab or digital and traditional media on and around taxis and buses,” said Amos Tamam, Verifone senior vice president, Taxi Systems.
Passengers using the Frias fleet will view information, entertainment and promotions on a high-definition, 10-inch tablet and make electronic payments on Verifone’s NFC and EMV-enabled VX 820 payment solution. Verifone provides taxi fleet operators with secure and convenient taxi payment transactions, interactive and entertaining cab rides for passengers, efficient fleet management and monitoring, along with enhanced analytics and reporting.
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: customer acceptance and adoption of our new solution offerings, 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.