VeriFone Payment Systems Selected for Key Role in Modernizing Egypt’s Retail Petroleum Market

  VeriFone Payment Systems Selected for Key Role in Modernizing Egypt’s Retail
  Petroleum Market

Egyptian services provider e-finance chooses VeriFone portable payment devices
              for government-sponsored electronic payment system

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Business Wire

PARIS -- November 19, 2013

(CARTES, Booth #4 J 062) – VeriFone Systems, Inc. (NYSE: 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.

VeriFone's VX 680 is one of two wireless payment acceptance devices being used
by Egyptian payment g ...

VeriFone's VX 680 is one of two wireless payment acceptance devices being used
by Egyptian payment gateway service e-finance to modernize the country's
entire gasoline and petroleum products retail market to an electronic payment
system. (Photo: Business Wire)

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.

“e-finance selected VeriFone’s superior consumer-facing payment acceptance
solutions in part based on the company’s experience in the petroleum
distribution channel and its relationship with an experienced partner in the
country,” said Ibrahim Sarhan, CEO and managing director, e-finance.

Ozgur Ozvardar, general manager, VeriFone Middle East and Northern Africa,
commended e-finance and SEE in the implementation of the new electronic
payment system. “VeriFone technology plays a crucial role in payment
modernization efforts around the globe and we are extremely pleased to work
with e-finance and SEE in the completion of this very important project,” he

e-finance provides state of the art electronic payment solutions and business
integration services for Egypt’s government and financial sectors and operates
a secure payment network infrastructure. Previously, the company developed a
fully automated and integrated process for payments between the country’s
Customs and Taxes authorities and banks.

Additional Resources

  *VX 675
  *VX 680
  *Petroleum and Convenience Store Solutions

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: our ability to
successfully roll out our solutions for the retail petro market in Egypt,
customer acceptance and adoption of our new solution 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 e-finance (

e-finance provides state of the art Electronic Payment Solutions and Business
Integration & Optimization services to the government and financial sectors in
a secure environment according to the international security standards.
e-finance is the First and Largest Electronic Payment and Collection Gateway
in Egypt. Being a national company, e-finance’s shareholders are National
Investment Bank (70%), National Bank of Egypt (10%), Banque Misr (10%), and
Egyptian Banks Company-EBC (10%).

About Systems Engineering of Egypt (SEE) (

Systems Engineering of Egypt (SEE) is a Cairo based system integrator with
activities all over Egypt and the region. It was founded in 1984 by a group of
university professors and professionals recognizing the need for offering new
technologies packed with excellent quality of support. SEE is the leading
Egyptian and Regional Marketer of Data Communication and Retail Banking
services/equipment. Maintaining the highest professional standards in customer
support is the philosophy that SEE follows to better serve its clients. A
dynamic and young team of professionals with strong academic background and
technical experience remains its primary and dominant strength (150
technicians out of 210 employees). SEE has been growing steadily from a small
private partnership Company (LE 21000) to a group of regional share holding
companies (Over LE 35 Million in capital and over LE .3 Billion in revenue).
SEE has gained a reputation for outstanding achievement and quality.
Maintaining the company’s national and regional reputation has been the
management’s main aim throughout the years of operation. So, it is not
surprising that over 70% of SEE’s annual revenue comes from ongoing projects
and loyal list of clients.

About VeriFone Systems, Inc. (

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.

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VeriFone, Inc.
Andy Payment, +1 770-754-3541