SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Systems, Inc. (NYSE: PAY) today announced that the millionth VeriFone payment acceptance system in Russia was installed this month in the city of Tyumen by VeriFone International Partner (VIP) INPAS Company together with the West Siberian bank of Sberbank. The one millionth system was installed at Eldorado, the federal network of electronics and home appliances shops.
VeriFone has been active in the Russian market in strategic partnership with INPAS since 1995 achieving close cooperation with the largest financial institutions of the country and growing market share.
“Congratulations to the INPAS team on this milestone achievement,” said Soner Casur, VeriFone senior vice president, Southern Europe & Russia. “We’re delighted that together with INPAS we have achieved a 60 percent share of the Russian and former Soviet Union market to become the definitive leader in the field of transaction solutions and electronic payments.”
INPAS General Director Ilya Korobov hailed the milestone achievement: “We have been working with VeriFone for the past 16 years and expect to achieve the next million much more quickly because the rate of development of the banks’ acquiring business is growing impressively. After installing the one millionth system, INPAS began its quest for the next milestone by installing a VeriFone system at the regional retail network Arsenal+, which is symbolic, because future growth lies in expansion in the regions.”
INPAS Company was founded in 1994 and today it is part of a large IT holding group - INLINE Technologies Group. It has the largest in-house software development center for payment systems in Russia and the CIS countries and branches in Moscow, Kiev, Alma-Aty, Tbilisi and Budapest.
Sergey Maltsev, chairman of West Siberian Head Office, Sberbank of Russia, predicts that bank cards will completely replace cash in the not-too-distant future. The bank plans a substantial increase in the numbers of cards issued and the expansion of its acquiring network in Western Siberia.
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: our ability to continue the existing business relationship with INPAS for the Russia market, 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 INPAS, (www.inpas.ru)
INPAS Company was founded in 1994 and since has successfully developed in the Russian and former CIS countries markets, including Belorussia, Ukraine, Kazakhstan, Georgia. Today it's part of a large IT holding group - INLINE Technologies Group. INPAS has the biggest in-house software developing center in Russia & CIS countries (for EFT-POS terminals), over 300 successful EMV-projects, branches in Moscow, Kiev, Alma-Aty, Tbilisi and Budapest .INPAS has developed a complete line of application software for POS-terminals, ATM and external smart PIN pads. INPAS software solutions are based on the hardware platforms for equipment of the industry leaders - VeriFone, Glory. With leading technologies incorporated in the INPAS software solutions, mature maintenance and service system, INPAS has built a strong reputation as the leading company in the payment technologies market.
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.