Five Year Contract to Drive all Aspects of Payments for Iconic Retail Brand, Including Largest Paris Retail Store and Cross-Border Payments for German Operation
VeriFone Systems, Inc. (NYSE: PAY), today announced a comprehensive payment solutions and services contract with Galeries Lafayette, one of France’s largest department store chains. The five-year agreement includes managed services, software, helpdesk and 3,200 of VeriFone’s VX 820 advanced PIN acceptance devices that support credit, debit and EMV transactions, and include integrated NFC/contactless technology for alternative payments.
The central component of the VeriFone solution is PAYware Wynid, a managed services platform that will encompass all Galeries Lafayette payments across the chain, including cross-border payments from the retailer’s German operation. Galeries Lafayette will also utilize VeriFone’s encryption and tokenization services to ensure the most secure payments environment.
“VeriFone was able to provide the most comprehensive payments solution to suit our needs over the foreseeable future, including encryption and tokenization of EMV payment transactions,” said Galeries Lafayette Director of Data Systems Laurent Singer.
“Galeries Lafayette is one of the largest retailers in France -- and operator of the biggest retail store in Paris with 750 card acceptance stations -- and represents a tremendous competitive win for VeriFone in France,” said Olivier Guiot, VeriFone general manager, France. “This demonstrates the appeal that our services-based approach to payments holds for large retailers.”
VeriFone’s PAYware Wynid provides an end-to-end managed payment service that consolidates and routes all types of electronic payment transactions. It enables Galeries Lafayette to manage and host transactions for its German operations from France, easing certification requirements. The VeriFone VX 820 PIN acceptance solution features a 3.5-inch high-resolution color touch screen that is consumer-friendly and provides high-impact color graphics to improve customer recognition and loyalty.
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 implement the managed service solution for Galeries Lafayette, 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 Group Galeries Lafayette
Group Galeries Lafayette is a private, independent and family-run group, which has inherited nearly 120 years of history in the retail and fashion trades, based around the idea of making beauty and quality accessible to as wide an audience as possible. Endlessly reinventing the concept of a department store, the Group currently enjoys international recognition, centered on its brands Galeries Lafayette, BHV, Royal Quartz-Louis Pion and Didier Guerin. For more information: www.groupegalerieslafayette.fr
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.
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