VeriFone Systems, Inc. (NYSE: PAY) today announced, Way2ride, a mobile app that allows New York City taxi passengers to get in, tap, and get out the moment their ride is over.
Way2ride, currently available for iOS and Android smartphones, makes the taxi experience faster and easier for New Yorkers and business travelers by enabling riders to pre-load payment information and preferred tip amounts. Once inside the cab, passengers can pay at any time with a tap of their phone. At the end of the trip, riders can simply get out of the taxi and get on with their day. Digital receipts are stored in the app and accessible at Way2ride.com for easy tagging and expensing of business trips.
“Way2ride makes every taxi ride better, whether you hail by hand or with an app,” said Amos Tamam, senior vice president of Taxi Systems for VeriFone. “An app that provides this convenience in every taxi in New York City, including the new for-hire vehicles in upper Manhattan and the boroughs, will be a real benefit to passengers and drivers alike.”
After the New York launch, VeriFone will be expanding Way2ride acceptance throughout its network of more than 70,000 payment-enabled taxis worldwide.
Powered by VeriFone’s Zoosh Technology
Way2ride uses VeriFone’s patented Zoosh sound-based technology to check passengers into their ride, allowing for secure transmission of payment information through the cloud. Way2ride is VeriFone’s first commercial deployment of the Zoosh technology, which utilizes the speakers and microphones of smartphones to securely exchange encrypted data between devices, allowing app developers to unlock the potential of non-NFC smartphones to deliver single-tap functionality alongside their NFC solutions.
A New Open Platform for App Developers
Way2ride is built on VeriFone’s open API cloud platform, which enables developers to easily create apps with secure payment, messaging and other value-added services leveraging VeriFone’s secure mobile commerce network. VeriFone’s open API cloud platform currently supports taxi and for-hire vehicle implementations (e.g., in-taxi interactions). Future releases will address additional verticals, such as petroleum (e.g., interactions in the C-store and at the pump).
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 implementation of the Way2ride mobile application in New York City taxis, end user acceptance and adoption of the Way2ride mobile application and our other 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.