VeriFone Systems, Inc. (NYSE: PAY) announced today that Banco Nacional de Costa Rica (BNCR) has selected VeriFone’s VX Evolution line of portable EMV and NFC capable point of sale terminals to enhance payment mobility and security for merchant customers throughout Costa Rica.
BNCR’s migration to VeriFone’s VX Evolution terminals will enable its merchants to accept all types of payments—including traditional mag-stripe as well as EMV and NFC—from customers at and beyond the counter while complying with PCI 3.0 standards. The bank expects to install 14,000 of VeriFone’s VX Evolution terminals each year for the next four years to its installed base of approximately 32,000 Hypercom terminals.
“Merchants throughout Costa Rica have traditionally only accepted cash instead of card-based payments,” said Marco Vinicio Calderón, Director of Electronic Means of Payment at Banco Nacional de Costa Rica. “Now, they want to better serve customers by engaging them in any retail environment and accepting card-based payments as well as emerging forms of payment such as EMV and NFC. Partnering with VeriFone allows us to meet these demands by providing a brand of terminal with demonstrated reliability and support.”
Banco Nacional de Costa Rica is an example of a financial institution that is on the leading edge of payment infrastructure innovation in Latin America,” said Fernando Lopez, executive vice president of Latin America and the Caribbean for VeriFone. “Through its phased installation of VX Evolution terminals, it will revolutionize the way its merchants conduct business and interact with customers while enabling them to meet future changes in payments and consumer behavior.”
BNCR will install the following PCI 3.0 certified terminals from VeriFone’s VX Evolution product line:
- VX 520: a reliable, rugged countertop terminal that handles encryption, decryption and processing at lightning speeds as a result of its powerful processor and expandable memory. With an optional battery allowing the VX 520 to go wherever merchants go, its featured connectivity options include dual IP/dial-up, and dial-up only.
- VX 675: the world’s smallest, full-function, wireless handheld payment terminal ideal for restaurants, hospitality, delivery or transportation operations. Equipped with GPRS capability and multiple layers of security, the VX 675 enables payment mobility while enhancing data protection. Its integrated screen displays colorful and customizable graphics, pictures and videos that enhance the customer experience.
- VX 680 (and base): one of the fastest portable, handheld payment terminals on the market today. The VX 680 is ideal for merchants on the move and can process on-the-spot transactions with minimal consumer waiting time. Connectivity options include Bluetooth/Ethernet, Bluetooth/Dial-up, and dial-up only.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data 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., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: the successful rollout of our Vx Evolution solutions with Banco Nacional de Costa Rica, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, 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. The forward-looking statements speak only as of the date such statements are made. 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 Banco Nacional de Costa Rica (http://www.bncr.fi.cr)
Banco Nacional de Costa Rica is a State-owned institution responsible for providing financial services to more than 1.700.000 clients, individuals and companies, to allow the full development of their activities, which also encourages the development of Costa Rican society. The above through a customer service with the highest standards of quality. At this time, Banco Nacional has more than 35.000 point of sale terminals or dataphones, with one of the highest rates in the region in the use of cards in these devices. The bank also has a network of more than 170 offices, more than 400 cash dispensers located across the national territory and a BN Servicios network of more than 2000 active business establishments to this scheme, which allows nearly 200 options payments with different public and private companies.
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.