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VeriFone First To Enable Electronic Payment In Upper Manhattan And New York City Borough For-Hire Vehicles

Stock quotes in this article: PAY

VeriFone Systems, Inc. (NYSE: PAY) today announced that the company is the first to begin installing payment systems for the new class of for-hire vehicles (FHVs) established to increase service to upper Manhattan and the New York City outer boroughs.

New York City’s “Five Borough Taxi” plan enables the city to sell 6,000 street hail livery permits a year for three years. The new class of FHVs will be green in color and permitted to accept street hails north of East 96th street and north of West 110th street in Manhattan, and all of the other boroughs excluding the airports.

“VeriFone has installed multimedia and payment systems in taxis and for-hire vehicles around the globe, from Brazil to the U.K. and has long been part of the effort to provide a great FHV experience in New York City,” said Amos Tamam, senior vice president of Taxi Systems for VeriFone. “Our systems will help expand the availability of credit card payments and in-vehicle entertainment throughout all five boroughs.”

VeriFone payment systems are now available to the new green FHV drivers who are required to have installed a Livery Passenger Enhancement Program (LPEP) approved integrated hardware and software system that includes a credit card acceptance device, a GPS unit, a driver information screen, and a passenger information screen enabled with an ADA-compliant payments system for the visually impaired.

VeriFone’s FHV LPEP systems are similar to VeriFone systems already available in more than 7,000 New York City yellow medallion cabs. They provide credit, debit and prepaid card payment; text messaging; trip data collection and transmission; a Passenger Information Monitor; and automatic vehicle location system and location services.

Additional Resources

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.

This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: the successful rollout of the VeriFone taxi solution in New York City green taxis, customer acceptance and adoption of our new solution offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

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