Verifone Systems, Inc. (NYSE: PAY), will provide the merchant payment solutions in the initial phase of the first major contactless payment rollout in Mexico City by the Mexican bank Banamex, which begins today.
Banamex, part of Grupo Financiero Banamex and a member of Citi, is implementing a full-scale contactless payment deployment. In the first phase, several thousand Verifone contactless-enabled card acceptance systems will be deployed to 1,900 merchants in the Mexico City metropolitan area. The bank is also issuing 100,000 contactless credit and debit cards to begin the transition to the new innovative way of payment.
The bank will deploy the Verifone VX 520 to merchants who use traditional standalone countertop systems, and the VX 820 advance PIN pad to larger retailers that integrate payment systems to electronic cash register systems.
“Verifone is the natural choice to provide the merchant acceptance solutions, based on its leading technology and experience in Mexico,” said Verifone Country Manager Erick Lopez Sanchez. “Verifone is a key enabler in this electronic payment experience in Banamex, which will provide consumers and merchants with an easier, more convenient way of payment.”
By end of 2012, the bank expects to have issued 1 million contactless cards and to have deployed 12,000 payment acceptance systems. For purchases of less than 250 pesos (approx. US$15), contactless payments will require no signatures, resulting in quick service in locales such as fast food restaurants, bookstores, pharmacies, magazine stands and other types of businesses.
Verifone’s VX 520 and VX 820 are members of the VX Evolution product family, which provides advanced technology capabilities such as NFC/contactless, EMV, and tighter security with PCI PTS 3.0, as well as higher-level performance and the ultimate in reliability.
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 contactless solutions, 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.