VeriFone Systems, Inc. (NYSE: PAY), today announced that its Vx 670 mobile payment system has been selected and deployed by China’s Tianjin Electric Power Corporation to facilitate residential on-site card payments of electricity bills.
Tianjin Electric is a major contributor to the Beijing-Tianjin-Tangshan power grid in Northern China and supplies electricity to 11 million people in more than 4 million households. The utility purchased VeriFone’s Vx 670 with GPRS to enable collectors to process bill payments with CUP credit cards at the door of residential customers.
"Tianjin Electric selected the VeriFone solution because it was the best in achieving stringent requirements for reliable and secure transaction processing in demanding environments,” said Zvi Mitlanski, vice president & general manager, VeriFone ASPAC. “In a service area covering almost 12,000 square kilometers, VeriFone’s payment solution provides required extended standby time, small form factor, strong signal capabilities, fast printing and a low failure rate, while providing the highest security and reliability.”
Residents in Tianjin can now pay for their electricity bills at home, using their credit cards issued by China UnionPay (CUP). Utility customers can also take advantage of additional capabilities including paying mobile and residential telephone bills, and topping up prepaid cards.
The Vx 670 is an all-in-one wireless handheld payment device in the smallest form factor available in the industry and was purpose-built for wireless, customer-facing payment. It was designed to be rugged, drop-resistant, and spill-resistant to hold up to the most demanding conditions.
"Effective tools are necessary to ensure Tianjin Electronic Power Corporation is able to meet our customers’ expectation, and enhance their service experience,” commented Jia Peigang, manager of Tianjin Electric’s Utility Bill Management Centre. “With VeriFone’s Vx 670, our customers can now trust us to provide a reliable power source, as well as efficient and convenient bill payments plus additional value-added services.”
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 VeriFone Vx 670 Systems for Tianjin Electric Power, 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.
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.
