VeriFone Systems Inc. has bought Orange Logic Ltd., a South Korean maker of point of sale terminals.
The San Jose company hopes to capitalize on South Korea's conversion to the EMV Integrated Circuit Card Specifications. VeriFone would not disclose the deal's terms when it announced the purchase Monday.
Though South Korea has more than 2.5 million POS terminals, just 10% to 15% of them are EMV-capable, VeriFone said.
"The Korean government launched a national mandate to complete full EMV migration by the end of 2008," said Zvi Mitlanski, the general manager of Verifone's Asian business. "This resulted in only 10% of terminals being replaced by the end of 2009. The government has now extended its mandate to the end of 2010, with stiffer penalties for noncompliance."
