VeriFone Systems Inc. continues to gain momentum in the contactless-terminal market for taxis is the Asia-Pacific region, signing a contract to supply 15,600 contactless payment terminals to the largest taxi fleet in Singapore.
ComfortDelGro Corp. Ltd., which owns the fleet, wants to use contactless technology to speed up taxi fare payments in the busy Asian city-state, a Zvi Mitlanski, vice president and general manager for VeriFone Asia, told PaymentsSource in an email statement. VeriFone estimates that the transactions will take less than five seconds.
The VeriFone VX 820 contactless terminals will accept MasterCard Worldwide ‘s PayPass and Visa Inc.’s PayWave contactless card products and local transit cards EZLink ad Nets Flash Pay. There are “a few million” contactless cards in total in the Singapore market, Mitlanski said.
ComfortDelGro is investing S$5 million (US$4.05 million or 2.8 million euros) in the terminals.
VeriFone has made some headway supplying taxi companies with contactless terminals in the Asia-Pacific region in recent years, including a deal for providing 20,000 terminals to Australia-based Cabcharge in 2008.
"We view today's announcement as an additional driver helping support growth at a high level through 2012, and continue to highly recommend shares," Darrin Peller, an analyst at Barclays Capital, said in a report.
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