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Technology Stocks : VeriFone Holdings, Inc. (PAY)

PAY 35.36

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From: JakeStraw	11/19/2013 9:04:07 AM
	of 186

VeriFone Payment Systems Selected for Key Role in Modernizing Egypt’s Retail Petroleum Market finance.yahoo.com VeriFone Systems, Inc. (PAY), announced today that its portable payment acceptance systems, the VX 680 and VX 675, have been deployed by e-finance to facilitate the state-sponsored transition of Egypt’s entire gasoline and petroleum products retail market to an electronic payment system. e-finance, Egypt’s first and largest payment gateway service, was awarded the modernization contract in May and has deployed one-third of an estimated 18,000 VeriFone portable payment solutions at gasoline stations throughout the country. The development of an electronic payment system is intended to help the country regulate the distribution and consumption of petroleum products and reduce smuggling. The smart card-based system being implemented by e-finance ensures that Egypt’s Petroleum and Finance Ministries can control the quantity and value of gasoline being consumed. e-finance purchased the VX 680 and VX 675 from Systems Engineering of Egypt (SEE), VeriFone’s local distribution partner. The portable, handheld devices feature powerful processors and are designed for rugged environments where drops and spills are common and wireless connectivity options are required, enabling gasoline stations to reduce consumer wait times by quickly and reliably processing on the spot transactions, which are routed to e-finance’s gateway.

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