Redwood City, Calif. - Verifone Inc., the leading manufacturer of terminals for authorizing and processing card transactions, reported the delivery of its three millionth system.
The milestone device, a Tranz 380, went to Cardway Processamento, which provides card processing services for Banco Nacional in Sao Paulo, Brazil.
Opportunities in Latin America
The U.S.-based terminal manufacturer has been making significant strides overseas. It views Brazil as a "virtually untapped market" for its transaction automation systems.
"As with many Latin American countries, there are significant opportunities for automated payment-processing in Brazil," said Roger Bertman, vice president and general manager of Verifone's network systems division.
Verifone, which had 1992 revenue of $226 million and has installed systems in 70 countries, shipped its first system in 1982, its millionth to Finland in 1989, and its two millionth to France in 1991.
Pushing into New Markets
Verifone's rapid growth has come from pushing into new businesses and markets. It concentrates on the retailing, health care, and government sectors.
Moving beyond traditional, on-line transaction processing in industrial-country markets, the company is active in developing countries and is pursuing emerging domestic opportunities, including electronic benefits transfer, prepaid cards, and smart cards.
Filling a payment-processing void, Verifone recently introduce Omnicheck, a point of sale check reader, which allows retailers to verify the transactions electronically. It also formed Verigem, a joint venture with French-owned Gemplus Card International, to develop smart cards - plastic cards enhanced with computer chips.