Hypercom Corporation (NYSE: HYC) and Keycorp Limited (ASX: KYC) today announced that they have entered into a strategic agreement under which Keycorp will distribute Hypercom's new countertop, mobile and multi-lane Optimum payment solutions throughout Canada as part of Keycorp's Managed Payment Services Program.
Both companies will cooperate closely on joint sales and marketing opportunities. The agreement follows Interac Association Device Certification of Hypercom's new Optimum T4200 electronic payment terminals.
"Keycorp's goal is to provide Canada's acquirers and retailers with software and service solutions through our Managed Payment Services Program, and this requires us to take advantage of the highest security and broadest feature set available in card payment terminals and PIN Pads. We are doing just that with Hypercom's new Optimum product family," said Joe Bonin, Senior Vice President, Keycorp Canada.
Keycorp has been providing payment solutions to the Canadian payment market since the early 1990s and has recently expanded its business in Canada by acquiring Canada's largest service provider to the payments industry. Keycorp's managed payment services strategy allows it to provide the industry best solutions to its customers by partnering with leading industry companies like Hypercom.
"We are focused squarely on capturing market share in high-growth geographies and we are doing it with an exceptional range of services and secure PCI-certified products and solutions sold and supported by the right professionals in the right geographies," said Lisa Shipley, Senior Vice President and General Manager, Hypercom North America. "Our strategic agreement with Keycorp is directly in line with that strategy, and it will strengthen our ability to more quickly deliver the very best solutions to the Canadian market."
The use of payment cards and terminals is escalating rapidly throughout Canada. The installed base of point-of-sale terminals now exceeds 600,000, and that figure is expected to grow at a minimum rate of 6% per year. This growth excludes the terminal refresh requirements to meet EMV requirements.
Hypercom's Optimum T4200 family of electronic payment terminals recently received Interac Association Device Certification from Canada's leading electronic payment exchange standards organization, for use within the Interac Direct Payment (IDP) network. That latest certification adds to the T4200's other security features, including PCI PED approval for secure PIN entry and EMV Level 1 & 2 certifications for global merchant markets, and enhances the platform's built-in global capabilities such as integrated smart card readers and compliance with the European Union's RoHS requirements for hazardous substances.
The new terminals join a full array of high-performance Optimum countertop, multi-lane, wireless and portable terminals that have been adopted by leading banks, retailers and independent sales organizations around the world since Hypercom introduced its first 32-bit Optimum product in 2004.