VeriFone Systems, Inc.
(PAY - Analyst Report
) recently entered into a strategic partnership with one of the leading banks in Australia, National Australia Bank (NAB).
Per the agreement, VeriFone will help NAB to provide Australian businesses with access to the latest payments technologies on Apple, Android and BlackBerry devices. VeriFone will also be the sole provider of point-of-sale card acceptance solutions for NAB’s business customers.
VeriFone will provide card acceptance technology and enhanced mobility to NAB’s 130,000 merchant customers. Equipped with mobile payment solutions from VeriFone, merchants will be able to use tablets or smart phones as payment acceptance devices from anywhere and anytime.
In addition, the secure payment network from VeriFone will be used to roll out updates and innovations as technology evolve, thereby eliminating the need for additional infrastructure.
Moreover, VeriFone’s mobile and tablet payment solutions are compatible with Apple, Android and Blackberry smart devices, providing merchants with greater flexibility while reducing costs. VeriFone’s open platform also enables retailers to develop their own applications without bank certification leading to speedy innovations.
VeriFone remains upbeat regarding its association with NAB as it will help to expand its secure and reliable payment systems to customers in Australia.
Over the last two years, VeriFone has been focusing on transforming its business in response to the rapidly evolving needs of customers, retailers and payment innovators across the world. The company aims to offer its retailers a managed service that can easily accept all existing payment types, including the alternative and mobile payment methods being offered by Google and PayPal, Groupon, Isis, Visa, MasterCard and American Express.
Earlier, Indiana-based retailer The Finish Line
(FINL - Snapshot Report
) deployed VeriFone’s mobile checkout and multimedia-driven countertop payment solutions to improve the shopping experience of its consumers, following a successful trial.
Headquartered in Indianapolis, Indiana, The Finish Line retails performance and athletic casual shoes, as well as apparel and accessories for men, women, and kids in the United States.
The Finish Line will deploy VeriFone systems across 638 locations by mid-November, prior to the holiday buying season. The Finish Line will install 1,600 countertop multimedia MX 915 systems and 3,200 PAYware Mobile Enterprise secure mobile card acceptance devices for the iPod touch.
We continue to maintain our Neutral recommendation on VeriFone in the long run. Our recommendation is supported by a Zacks #3 Rank, which translates into a short-term rating of Hold.