VeriFone Extends Mobile Payments Acceptance with PayPal

Traditional Card Payments to Integrate with PayPal Mobile Payments

PayPal Mobile App to Work with VeriFone’s PAYware Mobile for iPhone

VeriFone’s App to Support Bump

SAN FRANCISCO--()--VeriFone Systems, Inc. (NYSE: PAY) today announced that it will expand PayPal payment acceptance in the mobile environment and further integrate the worlds of online and traditional card-based payments.

During PayPal X Innovate 2010, the companies showcased the planned integration of PayPal payment with VeriFone’s PAYware Mobile card encryption sleeve for iPhone and announced:

  • PayPal’s merchant acceptance application will be enhanced to support traditional card-based payments using VeriFone’s PAYware Mobile card encryption
  • The PAYware Mobile App will be enhanced to support PayPal Bump technology that enables iPhone users to bump their phones together to transfer money between them
  • VeriFone will, upon integration, promote PayPal and Bump acceptance to its vast reseller channel
  • PayPal will market VeriFone’s PAYware Mobile to its user base
  • The planned integration by VeriFone will enhance its PAYware Connect payment gateway service to provide merchants with integrated transaction reports for PayPal and traditional card payments

“Rapid adoption of mobile payments makes it possible to further align PayPal payments with traditional card-based transactions at the physical point of sale,” said Jeff Dumbrell, VeriFone executive vice president.

“VeriFone is a proven leader in payments point of sale and we're excited to have them in the PayPal ecosystem,” said Osama Bedier, PayPal’s vice president of platform, mobile and new ventures. “Online and offline are quickly converging and, with this new business relationship, both merchants and consumers will benefit, upon integration, from the ability to use the mobile wallet anytime, anywhere.”

The integrated capabilities are expected to be available next year.

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: the successful integration of PayPal payment acceptance with VeriFone payment solutions, customers’ acceptance and adoption of VeriFone’s new product and service offerings, 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 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.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6482806&lang=en

Contacts

VeriFone
Pete Bartolik, 508-283-4112
pete_bartolik@verifone.com

PayPal will market VeriFone's PAYware Mobile for iPhone, shown here, to the PayPal user base and VeriFone will enhance the system to further integrate PayPal payments with traditional card payments, and accommodate "bump" payment transfer between phones. (Photo: Business Wire)

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Release Summary

VeriFone and PayPal are working to further integrate the worlds of online and traditional card payments. VeriFone's PAYware Mobile for iPhone to be marketed by PayPal to its user base and enhanced.

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Contacts

VeriFone
Pete Bartolik, 508-283-4112
pete_bartolik@verifone.com