VeriFone Systems (NYSE: PAY), today announced a comprehensive, long-term contract to provide credit card processing along with digital and traditional media to Frias Transportation Management, the largest taxi operator in Las Vegas with almost 1,000 cabs.
With this agreement, VeriFone provides almost 100 percent of taxi card payment services in the city and will generate more than $90 million over the term of the contract in revenue derived from equipment sales and fees from services and advertising.
The contract with Frias also includes advertising on the company's airport shuttle bus service, enabling VeriFone to provide virtually blanket exposure to visitors for advertising and promotional campaigns. All Las Vegas taxis that provide customer-facing card payment systems are utilizing VeriFone products.
"We've utilized VeriFone card payment systems over the past two years and VeriFone has promised us an aggressive upgrade that provides the latest card technology, digital content and advertising inside and on top of our taxis," said Frias CEO Mark James.
Frias is Nevada's largest transportation company specializing in taxi cabs, limousines, and charter and shuttle buses. Frias Holding Company includes five cab companies with a fleet of nearly 1,000 taxicabs, Las Vegas Limousines and Airline Shuttle Corporation. Through its shuttle and limousine operations, Frias operates the highest volume per capita ground transportation services at Las Vegas' McCarran Airport, used by more travelers than any other operator at McCarran.
"The agreement with Frias represents the future of payment-enabled media in transportation, providing the greatest convenience to passengers and providing promoters with the ability to target virtually every visitor either through streamed content inside the cab or digital and traditional media on and around taxis and buses," said Amos Tamam, VeriFone senior vice president, Taxi Systems.
Passengers using the Frias fleet will view information, entertainment and promotions on a high-definition, 10-inch tablet and make electronic payments on VeriFone's NFC and EMV-enabled VX 820 payment solution. VeriFone provides taxi fleet operators with secure and convenientnt taxi payment transactions, interactive and entertaining cab rides for passengers, efficient fleet management and monitoring, along with enhanced analytics and reporting.