VeriFone To Play Key Role in Egypt’s Retail Petroleum Market

verifone“e-finance selected VeriFone’s superior consumer-facing payment acceptance solutions in part based on the company’s experience in the petroleum distribution channel,” says CEO, e-finance.

VeriFone Systems Inc. announced that its portable payment acceptance systems, the VX 680 and VX 675, have been deployed by e-finance to facilitate the state-sponsored transition of Egypt’s entire gasoline and petroleum products retail market to an electronic payment system.

e-finance, Egypt’s first and largest payment gateway service, was awarded the modernization contract in May and has deployed one-third of an estimated 18,000 VeriFone portable payment solutions at gasoline stations throughout the country.

The development of an electronic payment system is intended to help the country regulate the distribution and consumption of petroleum products and reduce smuggling. The smart card-based system being implemented by e-finance ensures that Egypt’s Petroleum and Finance Ministries can control the quantity and value of gasoline being consumed. e-finance purchased the VX 680 and VX 675 from Systems Engineering of Egypt (SEE), VeriFone’s local distribution partner. The portable, handheld devices feature powerful processors and are designed for rugged environments where drops and spills are common and wireless connectivity options are required, enabling gasoline stations to reduce consumer wait times by quickly and reliably processing on the spot transactions, which are routed to e-finance’s gateway.

“e-finance selected VeriFone’s superior consumer-facing payment acceptance solutions in part based on the company’s experience in the petroleum distribution channel and its relationship with an experienced partner in the country,” said Ibrahim Sarhan, CEO and managing director, e-finance.

Ozgur Ozvardar, general manager, VeriFone Middle East and Northern Africa, commended e-finance and SEE in the implementation of the new electronic payment system. “VeriFone technology plays a crucial role in payment modernization efforts around the globe and we are extremely pleased to work with e-finance and SEE in the completion of this very important project,” he said.

e-finance provides state of the art electronic payment solutions and business integration services for Egypt’s government and financial sectors and operates a secure payment network infrastructure. Previously, the company developed a fully automated and integrated process for payments between the country’s Customs and Taxes authorities and banks.

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