VeriFone Announces Agreement with New York’s Largest Taxi Leasing Association; City Cab Commitments Now More than 5,000
VeriFone Holdings, Inc. (NYSE:PAY) announced today an agreement to be the preferred vendor of integrated payment solutions to the largest licensed leasing association in New York City, the Committee for Taxi Safety with 3,000 member taxis. VeriFone also announced that more than 5,000 New York City taxis are signed or committed to comprehensive multi-year agreements for in-taxi acceptance of credit cards.
Last month, systems implemented by VeriFone’s US-based taxi business, VeriFone Transportation Systems, were the first authorized by the NYC Taxi and Limousine Commission (TLC) for the city’s more than 13,000 taxis.
Jeff Dumbrell, VeriFone senior vice president, North America, said, “New York City currently has over 13,000 active yellow cabs that have been mandated to provide card payment and passenger information services by the end of the year. We are continuing our sales campaign and expect to make further progress in the months ahead.”
Committee for Taxi Safety Agreement
Amos Tamam, president and CEO of VeriFone Transportation Systems, said the company is eager to work with member organizations of the Committee for Taxi Safety. “In addition to providing customers with convenient payment choices, member organizations will benefit from improved fleet management and the potential for enhanced revenue through advertising,” Tamam said. “They will be able to provide better customer service to New York residents and visitors through up-to-the-minute access to real-time traffic information, news, sports, weather and entertainment.”
According to David Pollack, executive director of the Committee for Taxi Safety, “Reliability, previous experience and a wealth of functionality made VeriFone Transportation Systems the logical choice for all members of our organization. We are pleased to begin this new era in technology with a company that has impeccable equipment and software for our drivers, passengers and members.”
Beginning October 1, 2007, upon their next scheduled inspection all New York taxis are mandated to have technology-based customer service improvements that will include credit/debit card acceptance and an interactive electronic passenger map and information screen.
Previously, VeriFone was awarded similar services for 100 percent of the Philadelphia taxi fleet, and a significant award in Mexico City, Mexico. Discussions and pilots continue with several other worldwide metropolitan organizations.
The VeriFone-based solution utilizes wireless technology to provide integrated payment in the passenger cab, including a card swipe and contactless payment for credit and debit payment of fares, in an easy-to-use ATM style interface. The riding experience is further enhanced with the Passenger Information Monitor, a 10.4-inch touch-screen monitor that provides exclusive news and content for passengers through an exclusive partnership with market-leading WABC-TV New York.
A smaller model utilizes the VeriFone MX870, which supports secure credit card transactions and PIN-based debit card transactions with contactless payment and electronic signature capture, as well as advertising and content delivery. The smaller option will provide an ideal solution for the integration of potentially smaller hybrid vehicles.
VeriFone is the majority shareholder of VeriFone Transportation Systems, a joint venture between VeriFone Holdings, Inc. and TaxiTronics, the company that services over 8,000 of the taxi meters in the city cab fleet.
About Committee for Taxi Safety
Located in Long Island City, NY, the association manages the leasing operations of New York City taxicab medallions. It also assists cab drivers seeking employment with cab companies and offers resources related to safety and professional development issues. The association has 10 member companies including 3,000 individual cabs.
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