Lebanon is emerging as one of the Middle East’s leading markets introducing innovative cashless payment solutions. As part of the country’s retail infrastructure upgrade, Verifone (NYSE: PAY), a world leader in payments and commerce solutions and Bank Audi, Lebanon’s largest bank, will provide thousands of merchants with point-of-sale (POS) devices designed to bring new payment and commerce capabilities to the country’s expanding retail market.
“We are delighted to offer the new and easy to install Verifone devices that enable our merchants to benefit from contactless and mobile payment acceptance,” said Randa Bdeir, Group Head of e-Payment Solutions and Card Services at Bank Audi. “Ultimately we are providing consumers with better, faster and more convenient ways to pay and this is a great complement to our strong card business. Verifone’s commerce-enabled devices will encourage the uptake of new POS-based services in Lebanon including e-loyalty and targeted promotions for a more personalized shopping experience.”
Supporting Bank Audi’s merchant services in both countertop and mobile retail sales environments, the Verifone VX520 and VX680 devices will enable contactless with NFC (Near-Field Communication) acceptance and value-added applications that help to increase consumer loyalty and repeat business. Ergonomically designed, they offer high transaction processing speed for fast consumer checkout and better experiences.
“As Lebanon’s premier bank, Bank Audi is a pioneer and market leader in cards and e-payments, offering some of the most innovative merchant solutions,” said Özgür Özvardar, vice president and general manager, Verifone MENA. “We are helping to accelerate their vision for building the next generation retail infrastructure as Lebanon moves towards service-rich mobile and cashless payments.”
Verifone’s local representatives and team of technical experts, based at its regional headquarters in Istanbul, Turkey, will support this deployment which is expected to begin in the second part of 2016.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data 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., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: successful enablement of merchants in Lebanon, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, 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. The forward-looking statements speak only as of the date such statements are made. 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.
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting payment devices to the cloud—merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 30-year history of uncompromised security with approximately 29 million devices and terminals deployed worldwide. Our people are known as trusted experts that work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers.
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About Bank Audi
Bank Audi is a regional group with a universal banking profile. The Bank offers universal financial products and services including Corporate, Commercial, Individual and Retail, and Private Banking services, in addition to Investment Banking and On-line Brokerage services. As at end-March 2016, Bank Audi’s consolidated assets reached USD 41 billion, principally driven by private customers’ deposits of USD 34.2 billion, with shareholders’ equity reaching USD 3.4 billion. Bank Audi’s group staff headcount exceeds 6,900 employees and its shareholders’ base encompasses more than 1,500 holders of common shares and/or holders of Global Depositary Receipts (GDRs) representing common shares. Bank Audi ranks first among Lebanese banking groups and is positioned in the inner circle of top regional banking groups. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.