E-payments outfit Verifone has won a contract to supply its payment terminals to China Postal Savings Bank (CPSB), the fifth largest bank in the country.
US-based Verifone says it has been selected as the sole provider of electronic payment systems for CPSB, which was chartered as a lending institution in 2006.
CPSB was formerly a depository-only postal savings service that was established in 1986. Since its inception the bank had accumulated savings deposits of US$190.8 billion, making it China's fifth largest bank. CPBS now operates 36,000 branch offices across the country.
Under the new agreement Verifone will provide the bank with its Vx 510 countertop payment terminals, which feature dual dial and IP connectivity. the venodr will also supply its wireless NURIT 8000 terminal - a handheld system that upports a range of payment and value-added services - including credit, debit, EBT, smart cards, prepaid, loyalty, gift and proprietary cards - and features GPRS connectivity.
Commenting on the deal Yong Xiao, general manager of VeriFone China, says: "In choosing VeriFone to supply all payment systems at such a momentous time in its history, China Postal Savings Bank has laid the groundwork for a sound working partnership as well as mutual growth."