Largest Card Issuer in Israel to Distribute and Process Payments Utilizing Open SAIL Platform
VeriFone Systems, Inc. (NYSE: PAY), today announced an international expansion of the SAIL mobile payments platform with an agreement with Israel’s largest card issuer and acquirer, Isracard Ltd., to distribute SAIL encrypted card readers for iOS and Android devices and to bring smartphone based mobile payments to merchants in Israel.
Isracard will market a customized SAIL solution to a market targeting tens of thousands of small businesses that currently do not accept credit cards, including its own credit card holders. With over 45% market share, Isracard will offer the solution to its own credit cards holders, SOHO merchants and individual professionals in Israel.
“VeriFone has developed a complete open platform with SAIL that provides us with easy enrollment and processing tools to deliver secure, comprehensive and easy to use mobile payments to individuals and merchants,” said Ron Weksler, VP Commerce Development & Sales, Isracard.
VeriFone's unique mobile payments solution allows for rapid expansion and adoption through international partners. The open and flexible nature of SAIL makes the solution uniquely compatible with mobile devices, such as tablets and smartphones.
“This is a step in the international deployment of the SAIL Platform,” said Bulent Ozayaz, VeriFone senior vice president, Southeast Europe & Russia. “As the leading issuer and acquirer in Israel, Isracard is the natural partner to deliver the benefits of SAIL mobile payments to business owners and merchants who can now take advantage of an easy and secure way to accept payments wherever business takes them.”
Isracard customers using iOS or Android devices will receive a free mobile app and card reader that securely encrypts card data with each transaction. Unlike other mobile payments offerings, SAIL is an open platform that enables VeriFone partners to build their own payment or marketing solutions on top of VeriFone’s secure infrastructure.
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: our ability to successfully roll out the SAIL solution in Israel, 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.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.