Gemalto (Amsterdam, Netherlands) has announced the handover of its point of sale (POS) solutions business to VeriFone (San Jose, California, USA) as part of their strategic partnership. First announced in October, the partnership also entails cooperative efforts in Europay, MasterCard, and Visa (EMV) chip card solutions, and Gemalto's appointment as the preferred supplier of M2M wireless modules and related solutions for VeriFone payment systems.
The companies say they have discussed initial plans for joint introduction of EMV chip and pin solutions for the U.S. market, and hope to introduce EMV smart card solutions that provide a superior cardholder experience and complete data protection at the point of sale. The goal is to combine the two company’s expertise at issuing and accepting smart cards, which will provide an infrastructure to advance the U.S. market toward acceptance of this payment method.
The parties have finalized the transfer of the POS solutions business, with closing effective December 31, 2010, and VeriFone has assumed the fulfillment of existing customer relationships and product requirements for Gemalto POS customers, who are mainly located in the Middle East, South Africa and India. Gemalto has been designated VeriFone's preferred supplier of M2M wireless modules and related solutions. No financial terms were disclosed.