Verifone Builds Upon its Success of NFC Terminal Business

Verifone has been doing well with the deployment of NFC based terminals in US supporting payment systems like Apple Pay and Google Wallet. A majority of Verifone's payment terminals, in the US market, are now NFC enabled, keeping up with the rising trend of contactless payments. Connecting more than 27 million payment devices to the cloud, Verifone is merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. Verifone has presence across 150 countries working with retailers, financial institutions and payment providers.

The company is coming up with the next generation of payment terminals in the market. Their new MX900 series’ ability to enhance the customer experience at the point of sale, while supporting all types of payments, has made it exceptionally popular among well-known merchants and retailers in North America. The MX 900 series features stunning digital color displays, high-speed graphic processors and large memory capacities that enable retailers to deliver targeted promotional content to consumers at the point of sale.

Here is a customer view of the MX925 terminal:

Verifone has also collaborated with Samsung to bring customers advanced mPOS solutions with the following features:

  • Ruggedized Samsung Galaxy Tab Active tablet with 8-inch screen for comfortable viewing
  • Enhanced security with Verifone’s point-to-point encryption of payment data, coupled with Samsung’s Knox mobile device security
  • Ease of use with multiple connectivity options, including Wi-Fi, Bluetooth and USB connectivity
  • Payment acceptance of all types, including EMV, NFC, beacons and traditional magnetic stripe

Verifone has also come out with the PAYware Mobile e355 mPOS terminal supporting all payment methods including Apple Pay. Here is an illustration of the same:

Verifone provides more secure cloud based EMV systems through its Secure Commerce Architecture (SCA). Historically, payment data is transmitted through a retailer's POS system, which has become the target of several recent data breaches. With Verifone’s Secure Commerce Architecture solution, payment data goes directly from the terminal to the processor, without ever passing through the POS system. Verifone also collaborated with Vantiv to integrate SCA into Vantiv’s processing platform.

Here is an illustration of the SCA architecture:

One of Verifone’s cutting-edge payment systems by the name of Way2Ride is enabling users to pay for taxi rides. This service is currently active in New York and Philadelphia. The Way2ride app uses Verifone’s patented Zoosh sound-based technology to check passengers into their individual ride, allowing for secure transmission of payment information through the cloud. Way2ride allows riders to pre-load payment information and preferred tip amounts. Once inside the cab, passengers can pay at any time during the ride by simply tapping their phone against the payment screens provide to the taxis by Verifone.

Verifone’s other current initiatives include working towards establishing new payment systems at gas pump stations. Verifone has collaborated with Gilbarco Veeder-Root to work on development of future fuel dispenser payment platforms to be supplied by Verifone.