VeriFone Holdings, Inc. (NYSE: PAY) today announced that its Vx 510 countertop and Vx 610 wireless payment solutions have been certified as meeting new chip card device requirements put forth by the Interac Association, Canada's national industry association for shared financial services.
The VeriFone systems are the first card acceptance devices to achieve Interac chip card certification, demonstrating the company's commitment to assist Canadian banks in immediately deploying compliant devices in support of the mandated mass market upgrade of all currently deployed POS devices. The Interac Association has established a goal of initiating the first chip card transaction in 2007 and will impose financial sanctions beginning in 2010 on member banks who do not meet minimum required levels of chip conversion.
"VeriFone is eager to work with Canadian banking organizations and merchants to ensure a smooth migration to the chip card standard, which will provide consumers with greater security and access to new card services," said Jeffrey Dumbrell, general manager of VeriFone Canada. "VeriFone is a global leader in chip card acceptance solutions and is bringing established technology to the Canadian market."
The Vx 510 and Vx 610 are members of Vx Solutions, VeriFone's next-generation payment systems family that incorporates a faster 32-bit processor, high security, consistent user interface, and sleek designs.
The Vx 510 countertop payment system provides extraordinary performance for credit and debit payment, with support for magstripe, chip card and contactless smartcard transactions and the ability to add a value-added application such as gift card or telco top-up. It is part of a new generation of VeriFone solutions for international markets.
The Vx 610 features the same sleek, compact design of the Vx 510, but in a portable, battery-powered form factor that uses wireless technologies, including Wi-Fi, CDMA and GPRS. It's long battery life and high capacity enables Vx 610 to open up new market opportunities by extending countertop payment capabilities to wherever consumers are, whether shopping at open markets or buying home-delivered products and services.
VeriFone has delivered payment system solutions to customers in more than 100 countries worldwide. For 25 years, VeriFone systems and solutions have delivered the speed, convenience and security of electronic payment to millions of businesses worldwide.