VeriFone Systems, Inc. (PAY) announced today that Banco Nacional de Costa Rica (BNCR) has selected VeriFone's VX Evolution line of portable EMV and NFC capable point of sale terminals to enhance payment mobility and security for merchant customers throughout Costa Rica.
BNCR's migration to VeriFone's VX Evolution terminals will enable its merchants to accept all types of payments—including traditional mag-stripe as well as EMV and NFC—from customers at and beyond the counter while complying with PCI 3.0 standards. The bank expects to install 14,000 of VeriFone's VX Evolution terminals each year for the next four years to its installed base of approximately 32,000 Hypercom terminals.
"Merchants throughout Costa Rica have traditionally only accepted cash instead of card-based payments," said Marco Vinicio Calderón, Director of Electronic Means of Payment at Banco Nacional de Costa Rica. "Now, they want to better serve customers by engaging them in any retail environment and accepting card-based payments as well as emerging forms of payment such as EMV and NFC. Partnering with VeriFone allows us to meet these demands by providing a brand of terminal with demonstrated reliability and support."
"Banco Nacional de Costa Rica is an example of a financial institution that is on the leading edge of payment infrastructure innovation in Latin America," said Fernando Lopez, executive vice president of Latin America and the Caribbean for VeriFone. "Through its phased installation of VX Evolution terminals, it will revolutionize the way its merchants conduct business and interact with customers while enabling them to meet future changes in payments and consumer behavior."
BNCR will install the following PCI 3.0 certified terminals from VeriFone's VX Evolution product line:
- VX 520: a reliable, rugged countertop terminal that handles encryption, decryption and processing at lightning speeds as a result of its powerful processor and expandable memory. With an optional battery allowing the VX 520 to go wherever merchants go, its featured connectivity options include dual IP/dial-up, and dial-up only.
- VX 675: the world's smallest, full-function, wireless handheld payment terminal ideal for restaurants, hospitality, delivery or transportation operations. Equipped with GPRS capability and multiple layers of security, the VX 675 enables payment mobility while enhancing data protection. Its integrated screen displays colorful and customizable graphics, pictures and videos that enhance the customer experience.
- VX 680 (and base): one of the fastest portable, handheld payment terminals on the market today. The VX 680 is ideal for merchants on the move and can process on-the-spot transactions with minimal consumer waiting time. Connectivity options include Bluetooth/Ethernet, Bluetooth/Dial-up, and dial-up only.