Hypercom Joins Visa Smart Breakthrough Acceptance Device Program, Driving Move to EMV Migration
CARTES 2004, PARIS, 2 November 2004–Visa International announced today that Hypercom Corporation (NYSE: HYC), a leading global provider of electronic payment solutions, has joined the Visa Smart Breakthrough Acceptance Device program. Hypercom will offer their T7Express Breakthrough terminal aimed at facilitating and accelerating worldwide EMV migration and improving the chip business case for Visa member banks.
Visa selected Hypercom based on several factors, including product features that conform to the global EMV standard for chip credit and debit cards, customer focus, and worldwide presence. The T7Express Breakthrough terminal is being offered to Visa members at an attractive price that includes a full EMV core library, as well as support and service warranties.
“Hypercom’s worldwide presence and proven experience in EMV installations will be a tremendous asset in continuing the growth of chip-reading point-of-sale devices that meet EMV functional requirements,” said Denny Jensen, senior vice president of Smart Card Readiness and Implementation at Visa International. “Hypercom has always been dedicated to the highest standards of technological excellence, which aligns well with Visa’s philosophy of providing the highest quality, efficient chip solutions to our member banks.”
“Visa International’s selection underscores Hypercom’s in-depth experience, commitment and leadership in delivering fast, easy-use, EMV smart card-capable transaction technology and products that add value at the point-of-transaction globally. This is win-win for financial institutions and merchants worldwide, and we are pleased to have our technology selected as an integral part of Visa’s Smart Breakthrough Acceptance Device program,” said Chris Alexander, Chairman and CEO, Hypercom Corporation.
Since the introduction of the Visa Smart Breakthrough Acceptance Device program in 2002, the migration of POS terminals has increased more than 100 percent, from 750,000 to more than two million in 2004. Meanwhile, the number of Visa EMV smart cards has continued to grow significantly from 52 million two years ago to 106 million today.
The terminal products offered under the Visa Smart Breakthrough initiative provide advanced functionality at the point-of-transaction and form an important part of Visa’s strategy for infrastructure migration. They are aimed primarily at geographic markets outside the U.S. and banks that are migrating to Visa Smart Debit/Credit. Visa has also made available a smart card add-on product for those member banks that wish to upgrade their existing magnetic stripe terminals.