VeriFone Introduces Smart Card Terminal for "Cash" Transactions.PARIS--(BUSINESS WIRE)--Oct. 29, 1996--VeriFone, Inc. (NYSE NYSE See: New York Stock Exchange : VFI VFI Vintners Federation of Ireland VFI Volunteers for Israel VFI Voltage and Frequency Independent VFI Vêtements de Flottaison Individuels (French: Personal Flotation Device) VFI Vertical Fiscal Imbalance VFI Village Focus International ), the leading global provider of secure payment solutions, today announced a smart card terminal designed to enable consumers to use electronic cash at venues where they would traditionally use cash, such as in taxis taxis (tăk`sĭs), movement of animals either toward or away from a stimulus, such as light (phototaxis), heat (thermotaxis), chemicals (chemotaxis), gravity (geotaxis), and touch (thigmotaxis). , buses, food vendors, dry cleaners, newsstands, farmers' markets  It has been suggested that this article be split into multiple articles. and ballpark vendors, fast-food restaurants, etc. The Omni 1250, the newest product in VeriFone's line of smart card solutions, is targeted for the cash transaction market that comprises about 80% of all sales completed globally. The transportable smart card terminal provides cash-only merchants a way of participating in the rapidly emerging electronic cash payment marketplace, enabling them to increase sales through faster-than-cash transactions and customer reward programs. The Omni 1250 is a robust, battery-powered smart card solution designed to accept multiple electronic payment and loyalty smart card applications in one terminal, anytime, anywhere. The terminal will support multiple stored-value card A smart card that is "loaded" with cash. See smart card. schemes at a time, including Visa Cash Visa Cash is a smart card electronic cash system owned by VISA. Trialled in various locations Worldwide (including Leeds, UK in 1997), the system works via a 'chip' embedded in a bank card, and looks similar to the so-called 'Chip and PIN' cards issued in inter alia France , MasterCard Cash, and Mondex, in addition to loyalty applications. Delivering on its mission to provide a range of secure electronic payment options, the Omni 1250 complements the suite of smart card solutions VeriFone has announced for this market, including the SC family, VeriSmart, and the Personal ATM. "International stored value card pilots have demonstrated the consumers' willingness and desire to use a smart card in place of cash, for increased security, convenience and speed," said George Hoyem, vice president, Business Systems Group, at VeriFone. "But what we've seen is a reluctance to fully embrace these benefits because of the limited number of merchants that can accept them. The Omni 1250 is designed to cut right to the heart of that problem by providing cash-only retailers with a preferred solution for accepting and handling cash. This further reinforces VeriFone's commitment to providing a range of smart card products, applications, and services to allow merchants to customize their payment environment." The Omni 1250's basic architecture will enable secure card-to-card transfer of `cash' or loyalty information, from the consumer's smart card to the merchant smart card, making end of day deposits easy and convenient. The Omni 1250 will also feature a physical card locking mechanism to prevent card removal during transactions, automatically releasing the customer's card upon completion. The unique design provides both the customer and merchant with a dedicated display and keypad A small keyboard or supplementary keyboard keys; for example, the keys on a calculator or the number/cursor cluster on a computer keyboard. See programmable keypad. , thus affording privacy to all smart card users during transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . "The commercial launch of the Omni 1250 is a significant event in our efforts to introduce Mondex electronic payments to cash retailers," said Janet Hartung Crane, senior vice president of Wells Fargo's Payments Division. "This product is an inexpensive point-of-sale terminal that overcomes a major hurdle HURDLE, Eng. law. A species of sledge, used to draw traitors to execution. for cash-only merchants who have never accepted electronic payments." The Company VeriFone Inc. (http://www.verifone.com), the leading global provider of secure payment solutions, delivers electronic payment systems to financial institutions, merchants and consumers, as well as government agencies, healthcare providers and benefits recipients. The company's more than 30 facilities -- including regional offices, development centers and manufacturing and distribution centers -- are located throughout North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe, Asia, Africa, Australia and the Pacific. VeriFone has shipped more than five million transaction automation systems, which have been installed in 100 countries. The company's 1995 net revenues totaled $387.0 million. -0- Note to Editors: VeriFone is a registered trademark of VeriFone, Inc. Omni 1250, VeriSmart, Personal ATM and P-ATM are trademarks of VeriFone, Inc. All other company names or products may be trademarks or registered trademarks of their respective companies. CONTACT: Copithorne & Bellows bellows, expansible, gas-tight chamber used to pump or store a gas. One of the simplest and most familiar types of bellows is the manual one used for providing a forced draft to a fire. The expansible chamber consists of a leather bag with pleated sides. (for Verifone) Helen Stefan, 415/975-2282 helen.stefan@cbpr.com |
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