Westwood, MA (PressExposure) December 24, 2011 -- Revosys Inc. has no illusions about immediately dethroning VeriFone Systems Inc. as the top provider of in-taxi payment systems. But it does believe payment and security upgrades to its in-taxi advertising system could measure up.
Boston-based Revosys last week began promoting its Interactive V5 payment, security and advertising system for taxis and other transportation vehicles, but the product will not be available until the second quarter of 2012, David Arustamian, Revosys chief operating officer, tells PaymentsSource.
Revosys plans to sell the system directly to cab drivers and cab or bus fleet owners, he says.
In addition, Revosys, which manufactures its products at a plant in Winthrop, Maine, would consider developing in-taxi or transportation payment systems for interested corporations, Arustamian suggests.
Interactive V5 supports credit and debit card acceptance without the need for an external PIN pad because its touchscreen for PIN-debit entry complies with Payment Card Industry data-security standards, Arustamian notes.
Interactive V5's 10.1-inch LCD screen supports sharp display of ongoing advertising video messages or banners, he adds.
"We're really looking to develop the Cadillac of in-taxi payment systems," Arustamian says. The system accepts magnetic stripe cards, contact smart cards, and contactless cards or mobile phones using Near Field Communication, Arustamian says.
Besides payment capabilities, the Interactive V5 features digital video recording to produce a live video stream from inside the taxi as a security measure, according to the Revosys website. A message on the screen alerts passengers they are being recorded for safety purposes, Arustamian adds.
If a crime were to occur inside the cab, a fleet administrator can access the video from any remote location through a wireless network system, the website notes.
Revosys has not secured a card processor or established pricing for the system installation, and it has yet to set transaction fees, Arustamian says.
"We have some time before the second quarter to establish pricing, but we really just wanted to get the information out there right now and start creating some interest," Arustamian adds. The company has received some verbal commitments for future purchases, he notes.
Revosys plans to market the PCI-compliant, EMV-capable system in North and South America, the United Kingdom and Dubai, Arustamian says.
"We haven't really targeted a specific top market, but Brazil is a location we are looking at in hopes of being prepared to get the system in taxis for future World Cup soccer events," he adds. Brazil hosts the next World Cup soccer competition in 2014.
Arustamian acknowledges the second-quarter launch makes it difficult to project a sales goal, but he hopes to see his company install between 2,500 and 5,000 systems by the end of next year.
Because the technology driving payments through video screens continues to advance, Revosys could succeed by delivering a high-quality product, Adil Moussa, a senior analyst at Aite Group, a Boston-based consulting and research company, tells PaymentsSource.
Payments capabilities represent a small part of a bigger cluster of business and advertising software designed to improve customer experiences, whether it is in a taxi or other setting, Moussa says. "It make sense to integrate payments into these other media offerings, and paying on a screen makes the payment easy, and consumers like that," Moussa suggests.
Moussa agrees Revosys can't compete with VeriFone right out of the gate but could build market share slowly by getting the Interactive V5 into taxicabs in its home base of Boston as a start.
Meantime, VeriFone continues to push its in-taxi payment systems in London for the 2012 Olympics after a successful launch in New York, which included a deal last year to install systems on Staten Island buses.
In addition, VeriFone expanded its in-taxi payment system market by securing a deal to provide systems for the largest taxi fleet in Singapore last summer.
And on Dec. 19, VeriFone said about 12,000 taxicabs will be receiving new video content as part of a content partnership with NBCUniversal Inc.