VeriFone wins InterSwitch Nigeria contract

Source: VeriFone

VeriFone Holdings, Inc. (NYSE: PAY) today announced that it has secured a key contract with leading transaction switching and electronic payment processing company InterSwitch Nigeria Limited to enable inter-bank electronics payments for Nigerian cardholders.

VeriFone's GPRS-enabled Vx 610 payment systems are being rolled out nationwide to InterSwitch's bank and merchant customers.

InterSwitch is the leading e-payment solutions provider in Nigeria - Africa's most populous country - and, according to Financial Standard Newspaper, one of Nigeria's top 10 recognized brands. Any Nigerian cardholder will now be able to use their Nigeria Debit Cards, CashCards and other payment cards issued on the InterSwitch platform at ATMs and point of sale devices deployed by banks other than their own. Currently, InterSwitch has an online real-time integration to 23 out of the 25 banks in Nigeria. This infrastructure allows almost all of the country's banks to share ATM and point of sale systems.

"We have a high regard for VeriFone and its excellent product offerings," said Mitchell Elegbe, CEO of InterSwitch Nigeria. "VeriFone has earned a strong reputation in West Africa through its commitment to helping develop this growing payments sector, and with access to such advanced payment systems it will create the opportunity for us to enhance our strong market presence here."

Nigel Bidmead, managing director for VeriFone EMEA, said, "VeriFone's advanced GPRS technology payment systems are especially suited to Nigeria's large developing payments markets, where a constant online communication channel between the merchant and InterSwitch is the key to fast and secure transactions."

The RoHS-compliant Vx 610 GPRS wireless system delivers reliable, high-speed performance, advanced functionality and ease of use - without tying customers to a fixed location. Powered by a 32-bit processor, the Vx 610 swiftly handles even the most complex transactions, using a choice of the latest wireless technologies, including GPRS and Wi-Fi.

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