VeriFone Systems, Inc. (NYSE: PAY), announced today it has been awarded an $8.5 million contract by the Metropolitan Transportation Authority of New York to install and service its open-architecture vehicle tracking TransitPAY system on more than 1,000 buses serving the Bronx. The contract was signed in September and installations were completed in October.
The Bronx contract award follows a similar contract in 2011 for the Staten Island fleet component of the MTA Bus Time system. MTA Bus Time uses VeriFone on-board systems to generate location data that is communicated wirelessly to the Bus Time server that passengers can access for real-time information. Passengers can use computers, cell phones, smartphones or other devices from home, the office, while out shopping or dining, to get information about when the next bus will arrive at a stop.
In the aftermath of Hurricane Sandy, MTA Bus Time was up and running for New York City passengers with mobile or Internet access even as other modes of travel had yet to be fully restored. MTA Bus Time is now available for all buses in Staten Island, the Bronx, the B61 and B63 in Brooklyn and the M34 and M100 in Manhattan.
“Our continued success in providing transit solutions to the MTA is a further validation of VeriFone’s strategy to extend our technology to new market opportunities,” said Jennifer Miles, VeriFone executive vice president, North America. “We have integrated control units, wireless modems and GPS tracking for improved fleet management with integrated solutions that are ready for automated payments capabilities such as NFC and EMV.”The TransitPAY solution from VeriFone enables bus tracking via real-time information, with the added benefit of supporting future fare payment applications across a common "open standards" hardware platform. TransitPAY provides real-time bus location details communicated wirelessly to an MTA-hosted server. Bus route details are shared with riders via SMS text message and website updates to alert riders of next bus arrival time.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV