Elavon Markets VeriFone’s PAYware Mobile Solution

What's Next In Payments®
8:10 AM EDT November 17th, 2010

Elavon, a wholly-owned subsidiary of U.S. Bancorp (NYSE: USB) and leading global payments provider, will market and support VeriFone Systems, Inc.’s (NYSE: PAY) PAYware Mobile secure card payment system for iPhone™. The solution transforms the iPhone into a mobile payment device with a card encryption sleeve that allows merchants to capture data via card swipe, a more secure, cost effective method than manually entering data.

PAYware Mobile will be marketed through Elavon’s established sales channels including bank relationships, telesales, third-party providers and associations. It extends the flexibility of accepting card payments wherever and whenever a merchant requires, and offers real-time reporting including extensive transaction search capabilities. The PAYware Mobile app is PCI compliant, and the card encryption sleeve is compatible with the iPhone 3G and 3GS.

“VeriFone’s PAYware Mobile is a simple, secure and convenient solution ideal for our small business customers,” said Mike Passilla, president and CEO of Elavon. “Technology is rapidly changing the payments landscape, and mobile applications are leading the evolution. The ability to deliver secure, innovative solutions is a cornerstone for driving customer satisfaction and generating new business among merchants that have yet to adopt payment technology.”

“Elavon’s agreement to support PAYware Mobile reflects growing industry excitement over the leading card payment solution for iPhone,” said Paul Rasori, VeriFone senior vice president of marketing. “Elavon’s sales force will significantly expand the marketing reach for this innovative system.”

PAYware Mobile incorporates a stylus for signature capture and a mini-USB port for charging the iPhone while the ergonomic card encryption sleeve is attached. PAYware Mobile incorporates VeriFone’s VeriShield Protect end-to-end encryption technology for secure card payments.

About Elavon (www.elavon.com): Elavon’s Global Acquiring Solutions organization is a part of U.S. Bancorp (NYSE: USB). Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada, Mexico and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon’s services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector.

About VeriFone Systems, Inc. (www.verifone.com): 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.

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: the successful rollout of PayWare Mobile to Elavon merchant customers, customers’ acceptance and adoption of VeriFone’s new security solutions and other new product and service 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.

iPhone is a trademark of Apple, Inc.

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