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| Technology
Innovation Award
ViVOtech
Receives “Technology Innovation Award” from the Electronic
Transactions Association
Payment
Industry Association Recognizes Outstanding Industry Achievements
and Accomplishments.
Mohammad Khan, President, COO, and Founder, receiving
the Technology Innovation Award at the ETA show.
Santa
Clara, CA, March 30, 2005 – ViVOtech, a leader in
lifestyle payment transactions, today announced it has been awarded
the first annual “Technology Innovation Award” by the
Electronic Transactions Association (ETA) in recognition of the
company’s success and leadership in the payment industry.
ViVOtech was selected for its significant contributions to product
innovation which have broken down many of the barriers which previously
held the industry from making Contactless payments a reality in
the marketplace.
“The
ETA’s Technology Innovation Award recognizes an organization’s
innovations which ultimately increase industry standardization,
enhance customer usability, improve profitability and significantly
advance the industry's use of technology,” said Carla Balakgie,
executive director for Electronic Transactions Association. “We
are proud to present ViVOtech with this recognition for their contributions
to the payments industry.”
ViVOtech’s
technology has made it possible for existing Point of Sale (PoS)
systems to easily adopt Contactless payments with minimum change,
eliminating the huge investments previously needed to replace the
millions of PoS systems already in place. ViVOtech’s pioneering
ViVOpay products enabled the industry’s first pilot programs
and are accelerating the deployment of Contactless payment solutions
across a variety of environments including fast-food restaurants,
convenience stores, movie theatres, general retail outlets, table
dining establishments, drive-thru's, vending machines and kiosks.
Multiple Contactless payment program roll outs are scheduled for
mid 2005.
“We
are proud to be honored by the ETA and pleased that our products
have helped paved the way for contactless deployments and overall
market acceptance of this valuable technology,” said Michael
Mullagh, CEO of ViVOtech. “The emerging Contactless payment
market is poised to reveal its full potential in 2005 and offer
merchants an array of competitive benefits including increased revenue,
faster transactions and overall improved consumer services.”
About
ViVOtech
ViVOtech provides breakthrough software and hardware solutions which
allow consumers to make contactless payments in a style that fits
their needs – with a radio frequency (RF) enabled credit or
debit card, with a key fob in various form factors, with an infrared/RF
enabled cell phone, PDA or with an access card - at an existing
point-of-sale (PoS) system. ViVOtech’s Contactless payment
technology is faster than cash, safer than checks and is backward
compatible with existing PoS infrastructure. Using the company’s
technology, banks, retailers, merchant acquirers and wireless operators
can offer customers a convenient, rewarding, secure and fast payment
experience, resulting in additional revenue and cost savings. With
more than 50, 000 of its Contactless payment readers deployed around
the world, ViVOtech products are found in Fast Food Restaurants
(QSR), Casual Dining, Convenience Stores, Grocery Stores, Specialty
Stores, Drug Stores as well as Corporate Cafeterias, Parking Garages,
and Movie Theaters. ViVOtech is headquartered in Santa Clara, Calif.,
with offices in Europe and Asia.
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