Wirecard AG and Verifone have entered into a strategic alliance to rapidly expand the point-of-sale market in Asia Pacific beginning with Indonesia. As the world’s fourth most populous country, Indonesia is considered one of the largest and fastest growing markets for payment solutions according to analysts.
The five-year strategic alliance brings together the technology portfolio and geographic strengths of both companies through in-country companies like Wirecard’s PT Prima Vista Solusi and locally established Verifone teams, to enable financial institutions, retailers and various industry verticals to benefit from best-of-breed payment solutions.
“Working as a strategic development partner to Verifone, Wirecard will provide software platforms for payment acceptance and processing that run on Verifone terminals, as well as in-depth market expertise, said Rudy Khowara, managing director of Wirecard Global Point-Of-Sales. “Furthermore, unique segment-specific features will be created through collaboration with our extended ecosystem of clients and partners.”
Though Indonesia is largely a cash-dominated society, the payment cards market is developing significantly with payments card transaction volume increasing by about 124 percent in 2015 as compared to 2010 according to the Lafferty Group.
“We are delighted to partner with Wirecard to spur the growth of new payment solutions and electronic commerce in Indonesia, where we are establishing a local team and permanent presence,” said Steve Aliferis, president of Verifone Asia Pacific. “With Wirecard as our preferred partner, we are working to offer banks and merchants access to the best technology solutions available and drive payment acceptance of all forms across diverse environments.”
Through their respective subsidiaries in Asia, PT Prima Vista Solusi and Verifone Systems International, the two companies will collaborate to deliver a complete suite of payment commerce services. Wirecard will provide software platforms for payment acceptance and processing as well as in-depth market expertise.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs and on currently available competitive, financial and economic data 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., including many factors beyond our control.
These risks and uncertainties include, but are not limited to, those associated with: successful collaboration with Wirecard to spur the growth of payment solutions in Indonesia, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees.
For a further list and description of the risks and uncertainties affecting the operations of our business, 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. The forward-looking statements speak only as of the date such statements are made. 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.
