Electronic payment solutions company VeriFone Holdings Inc. (Nasdaq: PAY; TASE: PAY) said yesterday that it would be installing a real-time integrated payment and information system in 6,600 taxis in the city of New York. The systems were jointly developed together with Sprint Nextel Corp (NYSE: S). The size of the contract was not disclosed.
VeriFone said the service will enable passengers in New York cabs to benefit from convenient payment by credit card, GPS-based location and mapping, weather updates, as well as national and city news. The system features a Passenger Information Monitor with a 10.4-inch touch screen that allows passengers to review the fare, add a tip and pay by swiping a credit card through a reader or using “tap and go” contactless payment.
VeriFone executive VP integrated systems Bud Waller said, "Sprint’s Mobile Broadband helps achieve our goal of quick and convenient credit card payments, with minimal processing time averaging two seconds. Our partnership allows passengers to view current news, sports and entertainment content and then close their transactions in record time so they can be on their way."
VeriFone, which acquired its Israeli rival Lipman Electronics Engineering in 2006, currently has a market cap on Nasdaq of $1.5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2008
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