Business process and document management company Xerox Corp. (XRX - Free Report) recently introduced TAP-enabled Los Angeles County Metropolitan Transportation Authority (Metro) tickets in Southern California that are compatible with the smart fare payment system availed on other modes of communication facilities. Trains, buses, subway and light rail passengers can henceforth use this smart chip-embedded smart payment ticket to access Metro gates.
There are 118 Xerox-managed ticket vending machines (TVMs) across Southern California from where passengers can buy TAP tickets. The new TAP tickets include a smart chip and antenna through which passengers can access Metro gates and these are much more effective and competitive than the old payment system. Xerox’s innovative technology would save passengers’ time by providing easy and quick navigation.
This new system has generated a lot of customer attention in various regions and two dozen transit providers from San Bernardino to Santa Monica and Lancaster to Long Beach are expected to be a part of this payment system in 2014.
Headquartered in Norwalk, Conn., Xerox is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world. The company has three segments Technology, Services and Others. Xerox deploys approximately 50,000 smart card readers on buses, faregates, turnstiles, and other fare collection devices.
Xerox is looking forward to expand its offerings through inorganic measures and new acquisitions to add more clients to its portfolio. In the last reported quarter, Xerox reported total revenues of $5.4 billion.
Xerox currently has a Zacks Rank #3 (Hold). Other stocks that look promising in the industry and are worth a look now include Broadcom Corp , Marvell Technology Group Ltd (MRVL - Free Report) and NeoPhotonics Corporation (NPTN - Free Report) each carrying a Zacks Rank #2 (Buy).