VeriFone Systems, Inc. announced that the millionth VeriFone payment acceptance system in Russia was installed this month in the city of Tyumen by VeriFone International Partner (VIP) INPAS Company together with the West Siberian bank of Sberbank. The one millionth system was installed at Eldorado, the federal network of electronics and home appliances shops.

VeriFone has been active in the Russian market in strategic partnership with INPAS since 1995 achieving close cooperation with the largest financial institutions of the country and growing market share.

“Congratulations to the INPAS team on this milestone achievement,” said Soner Casur, VeriFone Senior Vice President, Southern Europe & Russia. “We’re delighted that together with INPAS we have achieved a 60 percent share of the Russian and former Soviet Union market to become the definitive leader in the field of transaction solutions and electronic payments.”

INPAS General Director Ilya Korobov hailed the milestone achievement: “We have been working with VeriFone for the past 16 years and expect to achieve the next million much more quickly because the rate of development of the banks’ acquiring business is growing impressively. After installing the one millionth system, INPAS began its quest for the next milestone by installing a VeriFone system at the regional retail network Arsenal+, which is symbolic, because future growth lies in expansion in the regions.”

INPAS Company was founded in 1994 and today it is part of a large IT holding group - INLINE Technologies Group. It has the largest in-house software development center for payment systems in Russia and the CIS countries and branches in Moscow, Kiev, Alma-Aty, Tbilisi and Budapest.

Sergey Maltsev, chairman of West Siberian Head Office, Sberbank of Russia, predicts that bank cards will completely replace cash in the not-too-distant future. The bank plans a substantial increase in the numbers of cards issued and the expansion of its acquiring network in Western Siberia.