Partnerships / Acquisitions

Verifone’s Two Announcements: New Device, New Partnership

Two big announcements from Verifone today, both focused on ways for consumers to pay for items. One is a device — the Verifone V400m — and the other is a partnership with Alipay.

Payment and commerce solution provider Verifone unveiled the Verifone V400m, which is part of the fully integrated, Linux-based Verifone Engage family. The sleek and compact payment device is connected and commerce-enabled, meeting the consumer where they are. The device seeks to increase loyalty and revenue opportunities for merchants, while improving the real-time personalization of the consumer experience.

Where will this come into play? Tableside at restaurants, curbside in transportation and in lines waiting to get into a venue.

“As we continue to introduce next-gen products and services, software application delivery plays a leading role in driving an entirely new set of possibilities for consumer and merchant interactions. We’re saying ‘Hello Experience!’ to new shopping scenarios that bridge the gap between online and offline, increase the consumer fanbase and foot traffic and bring welcomed revenue opportunities to merchants,” said Glen Robson, EVP and global head of Verifone Solutions.

Meanwhile, consumers in China who use Alipay will be able to use Verifone when they travel abroad and connect with retailers in North America and Europe.

The Verifone e355 mPOS solution allows for acceptance of Alipay App payments at certain merchant stores, which, in turn, may help retailers increase brand visibility and ultimately drive traffic and sales through Alipay’s in-app marketing tool.

“Scale, security and speed are important to us as we look to enable our customers to walk into a store while traveling abroad and pay for purchases with the Alipay App — just like they do here in China,” said Douglas Feagin, SVP of Ant Financial Services Group and head of Alipay International.

Alipay is the most used payment method in China with 450 million active users and about 70 percent of the mobile payment market. Alipay has processed more than 160 million daily transactions as of June 2016.

Chinese tourists are very interested in visiting North America especially. In fact, First Data also announced a new partnership with Alipay, allowing Chinese consumers shopping at select retail locations in California and New York to pay with the service. The partnership uses First Data’s Clover Mini point-of-sale solution to accept Alipay.

The U.S. is a popular destination for Chinese tourists, and with Alipay available in the U.S., this reduces the need for tourists to carry large amounts of cash or to use international credit cards, which traditionally see high decline rates and involve foreign exchange fees.

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