Verifone Systems, Inc. (NYSE: PAY), announced today that its portable payment acceptance systems, the VX 680 and VX 675, have been deployed by e-finance to facilitate the state-sponsored transition of Egypt’s entire gasoline and petroleum products retail market to an electronic payment system. e-finance, Egypt’s first and largest payment gateway service, was awarded the modernization contract in May and has deployed one-third of an estimated 18,000 Verifone portable payment solutions at gasoline stations throughout the country.
The development of an electronic payment system is intended to help the country regulate the distribution and consumption of petroleum products and reduce smuggling. The smart card-based system being implemented by e-finance ensures that Egypt’s Petroleum and Finance Ministries can control the quantity and value of gasoline being consumed. e-finance purchased the VX 680 and VX 675 from Systems Engineering of Egypt (SEE), Verifone’s local distribution partner. The portable, handheld devices feature powerful processors and are designed for rugged environments where drops and spills are common and wireless connectivity options are required, enabling gasoline stations to reduce consumer wait times by quickly and reliably processing on the spot transactions, which are routed to e-finance’s gateway.
“e-Finance selected Verifone’s superior consumer-facing payment acceptance solutions in part based on the company’s experience in the petroleum distribution channel and its relationship with an experienced partner in the country,” said Ibrahim Sarhan, CEO and managing director, e-finance.
Ozgur Ozvardar, general manager, Verifone Middle East and Northern Africa, commended e-finance and SEE in the implementation of the new electronic payment system. “Verifone technology plays a crucial role in payment modernization efforts around the globe and we are extremely pleased to work with e-finance and SEE in the completion of this very important project,” he said.
e-finance provides state of the art electronic payment solutions and business integration services for Egypt’s government and financial sectors and operates a secure payment network infrastructure. Previously, the company developed a fully automated and integrated process for payments between the country’s Customs and Taxes authorities and banks.
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 solutions for the retail petro market in Egypt, 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 e-finance (www.efinance.com.eg)
e-finance provides state of the art Electronic Payment Solutions and Business Integration & Optimization services to the government and financial sectors in a secure environment according to the international security standards. e-finance is the First and Largest Electronic Payment and Collection Gateway in Egypt. Being a national company, e-finance’s shareholders are National Investment Bank (70%), National Bank of Egypt (10%), Banque Misr (10%), and Egyptian Banks Company-EBC (10%).
About Systems Engineering of Egypt (SEE) (www.seegypt.com)
Systems Engineering of Egypt (SEE) is a Cairo based system integrator with activities all over Egypt and the region. It was founded in 1984 by a group of university professors and professionals recognizing the need for offering new technologies packed with excellent quality of support. SEE is the leading Egyptian and Regional Marketer of Data Communication and Retail Banking services/equipment. Maintaining the highest professional standards in customer support is the philosophy that SEE follows to better serve its clients. A dynamic and young team of professionals with strong academic background and technical experience remains its primary and dominant strength (150 technicians out of 210 employees). SEE has been growing steadily from a small private partnership Company (LE 21000) to a group of regional share holding companies (Over LE 35 Million in capital and over LE .3 Billion in revenue). SEE has gained a reputation for outstanding achievement and quality. Maintaining the company’s national and regional reputation has been the management’s main aim throughout the years of operation. So, it is not surprising that over 70% of SEE’s annual revenue comes from ongoing projects and loyal list of clients.
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.