VeriFone Expands Way2ride Mobile App to Philadelphia Taxis

Sound-based mobile app from VeriFone enables passengers to pay for taxi cab fare with a tap of their smartphones

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SAN JOSE, Calif.--()--VeriFone Systems, Inc. (NYSE: PAY) announced today that taxi passengers in Philadelphia can now use Way2ride, VeriFone’s award-winning sound-based mobile app for proximity payments, to quickly, easily and securely pay for taxi rides with a tap of their smartphones.

Way2ride makes the taxi experience faster and easier for passengers in Philadelphia by enabling them to tap and pay for cab fares in 1,400 of the 1,600 taxi cabs currently operating in the city. Passengers can easily download the free Way2ride app to their iOS or Android smartphones online from the App Store, Google Play or way2ride.com—even during their ride—and pre-load payment information and preferred tip amounts. Digital receipts are immediately emailed to the passenger and stored in the app and online portal for easy access and expensing of business trips.

“The launch of Way2ride in nearly every cab operating in the city of Philadelphia is a result of the considerable success it has experienced following the app’s initial launch in New York City,” said Amos Tamam, senior vice president of Taxi Systems for VeriFone.

Since its October 2013 debut, Way2ride is now accepted by more than 11,000 NYC yellow taxis and green “borough taxis,” and it has been used to complete more than 500,000 mobile transactions.

“Way2ride makes every taxi ride better,” said Tamam. “The convenience it provides, including the ability to retrieve lost property with the tap of a button, will benefit passengers and drivers alike in a city as large as Philadelphia, which thrives on speed.”

After the Philadelphia launch, VeriFone will continue expanding Way2ride acceptance throughout its network of more than 70,000 payment-enabled taxis worldwide.

Way2ride is built on VeriFone’s open API cloud platform, which allows developers to easily create apps with secure payment, messaging and other value-added services leveraging VeriFone’s secure mobile commerce network.

Recently, Way2ride won the 2014 CNP (CardNotPresent) Customer Choice Award in the Best Alternative Payment Solution category as well as the 2014 Appy Award for Best Mobile Payments. The app was also selected by The 2014 American Business Awards (ABA) as a Stevie® Award finalist in the New Product or Service of the Year – Transportation category. Winners in each category will be announced at the ABA awards ceremony in September.

Additional Resources

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data 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., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: the successful rollout of our Way2ride app solution in Philadelphia, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, 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. The forward-looking statements speak only as of the date such statements are made. 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.

Contacts

VeriFone Systems
Andy Payment, +1 770-754-3541
andy.payment@verifone.com

VeriFone's sound-based mobile app for proximity payments is now available for passenger use in 1,400 of the 1,600 taxis in Philadelphia. Available for iOS and Android, the award winning app makes it easy for riders to tap and pay even before the trip is finished. Digital receipts are immediately emailed to the passenger and stored in the app and online portal for easy access and expensing of business trips. (Photo: Business Wire)

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Release Summary

Passengers in almost all Philadelphia taxis will now be able to tap and pay using VeriFone's mobile app on their iOS or Android devices.

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Contacts

VeriFone Systems
Andy Payment, +1 770-754-3541
andy.payment@verifone.com