Verifone Systems, Inc. (NYSE: PAY), announced today it has been awarded an $8.5 million contract by the Metropolitan Transportation Authority of New York to install and service its open-architecture vehicle tracking TransitPAY system on more than 1,000 buses serving the Bronx. The contract was signed in September and installations were completed in October.
The Bronx contract award follows a similar contract in 2011 for the Staten Island fleet component of the MTA Bus Time system. MTA Bus Time uses Verifone on-board systems to generate location data that is communicated wirelessly to the Bus Time server that passengers can access for real-time information. Passengers can use computers, cell phones, smartphones or other devices from home, the office, while out shopping or dining, to get information about when the next bus will arrive at a stop.
In the aftermath of Hurricane Sandy, MTA Bus Time was up and running for New York City passengers with mobile or Internet access even as other modes of travel had yet to be fully restored. MTA Bus Time is now available for all buses in Staten Island, the Bronx, the B61 and B63 in Brooklyn and the M34 and M100 in Manhattan.
“Our continued success in providing transit solutions to the MTA is a further validation of Verifone’s strategy to extend our technology to new market opportunities,” said Jennifer Miles, Verifone executive vice president, North America. “We have integrated control units, wireless modems and GPS tracking for improved fleet management with integrated solutions that are ready for automated payments capabilities such as NFC and EMV.”
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 communicated wirelessly to an MTA-hosted server. Bus route details are shared with riders via SMS text message and website updates to alert riders of next bus arrival time.
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: our ability to successfully roll out our TransitPAY solution with the New York MTA, 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.