VeriFone inks $5.8m e-payment systems contract in Mexico
29 November 2005 | 2261 views | 0
Source: VeriFone Holdings
VeriFone Holdings, Inc., (NYSE: PAY) today announced it has received a contract valued at $5.8 million to supply a major Mexican bank with 19,000 electronic payment systems.
The new contract is the second to be announced by VeriFone under the FIMPE initiative to triple from 150,000 to 450,000 the installed base of credit and debit card acceptance systems in Mexico over the next five years.
The new contract includes the countertop Vx 510 with dual dial and Ethernet communications capability and both GPRS and Wi-Fi equipped versions of the portable Vx 610. The systems, all of which are IP-enabled for high-speed processing, will be used throughout the country and VeriFone has created a new services organization to speed deployment of systems in the FIMPE program. The previous FIMPE-related contract announced Sept. 6 by VeriFone was for 10,000 Vx 610 systems equipped with GPRS communications to be used primarily by Mexico's 7,000 petroleum stations for pay-at-the-car credit and debit transactions.
FIMPE - the Fund of Infrastructure of Electronic Payment Means (FIMPE) - is a joint venture of 15 Mexican banks that was formed by the Banks Association of Mexico (ABM) to expand the use of electronic payments in the country. FIMPE will buy and distribute to retailers more than 300,000 electronic payment systems over the next five years.
"This latest contract, along with orders from other Mexico banks, demonstrates VeriFone's strength in that market and our ability to help FIMPE pursue its aggressive goal of spurring the economy through electronic payment technology," said Bill Atkinson, VeriFone executive vice president, Global Marketing and Business Development. "Our lengthy track record and dominant market position in Mexico have positioned us to be the leading technology supplier as this effort gathers momentum."
The Vx 510 and Vx 610 are both members of the Vx Solutions family, a complete line of hardware, software, and solutions based on a single platform. Vx Solutions include a 32-bit ARM9 microprocessor for high performance and high security; a consistent user interface across multiple form factors and price points; and leverages Verix application development to reduce time to market.