Cadmus Adds EMV to SmartTaxi
FOR IMMEDIATE RELEASE
Cadmus Adds EMV to
Company to Target Asia Pacific Opportunities
Payment solutions company, Cadmus Technology Limited (NZX: CTL), today announced that it has received 1,000 orders for the EMV upgrade to its SmartTaxi system, with installations underway into taxi companies in Auckland, Wellington, Christchurch, Queenstown and Dunedin. In addition, the company has received orders for the full EFTPOS option from taxi companies in Wellington and Dunedin, and further orders are expected within the next few months.
The system, originally developed to meet New Zealand taxi operators’ need to electronically process credit cards and vouchers, now operates on the Cadmus EMV certified platform and also includes an additional option for full EFTPOS functionality.
“With the recent requirement to use EMV compliant terminals, we expect an increasing number of our existing taxi customers to either upgrade their SmartTaxi system or implement the full EFTPOS system option over the next 12 months,” says Cadmus Managing Director, Ian Bailey.
“The potential market segment for the industry totals approximately $4-8 million. We expect with our unique offering to achieve a substantial share of this, along with an additional regular monthly income from the provision of transactional processing support.”
The SmartTaxi EFTPOS system, which is based on Cadmus’ CP02SCR platform, can interface into both the Vodafone GPRS and Telecom CDMA networks.
“SmartTaxi is an extremely cost effective method to manage debit card, credit card and corporate voucher taxi payments,” adds Mr Bailey. “In addition to being the only offering of its kind in the market, SmartTaxi also helps improve service to corporate customers by ensuring management reports are more accurate and comprehensive.”
“Organisations using this service are also able to more effectively track who, when and where taxi vouchers are used over a specific period. In addition, credit cards can be processed by the same system enabling faster approvals and more comprehensive receipts for the customers,” adds Mr Bailey.
According to Bailey, while the company continues to increase its presence in the local market, the primary opportunity lies in exporting this proven payments technology into high growth Asia Pacific markets. This includes Australia and Malaysia – where it has distribution arrangements in place – and Singapore where it has a strategic relationship with CET Technologies Pte Limited, one of the region’s leaders in mobile and mobility solutions including retail and remote mobile payment and advanced fleet management systems.
In October 2003 CET Technologies Pte Limited, a wholly owned subsidiary of Singapore Technologies Electronics Limited, became a cornerstone shareholder (9.9%) in Cadmus Technology.
“The combination of developing, manufacturing and proving this innovative end-to-end payments technology locally will enable us also to gain a first-to-market advantage for the growing APAC region,” adds Bailey. “Currently, we are discussions with a number of companies in the Asia Pacific region who are keen to rollout the Cadmus payments technology for their markets – and we expect to be in a position to announce this shortly.”
Cadmus Technology Limited (NZX: CTL) designs, develops and implements innovative point-of-sale payment solutions for merchant businesses worldwide. The company is New Zealand’s largest manufacturer and exporter of payment terminals, with an increasing customer base developing internationally. The company offers payment and data management solutions, including EFTPOS and data capture terminals, loyalty programs and customer relationship management solutions. Cadmus also provides end-to-end payment solution and data management services for retail, business payment and transactional processing requirements.
Clients include Bank of New Zealand, TAB, Wellington Combined Taxis, Bartercard Australia Pty Ltd, On-Q Business Systems Pty Ltd, eScience Systems Malaysia, Paysys (M) SDN BHD, Coles Myer Australia, Caltex Australia, Harvey Norman Australia, Bi-low, Priceline and Franklin's.
For more information, please visit www.cadmustechnology.com