Shanghai-based China Union Pay has selected e-payments technology vendor VeriFone as its preferred payments terminal provider.
Formed in March 2002, China Union Pay was established by more than 80 financial institutions to provide a national electronic payments and interchange network to enable interoperability and encourage the further development of the bank card industry.
VeriFone's Omni 3750 is the first PoS terminal selected by China Union Pay for its nationwide card network.
Han Xi-wei, deputy general manager, Beijing POS China Union Pay Technical Development Company, says: "VeriFone is officially selected because of its satisfactory performance in terms of quality, production volume, technology and market share during the accreditation by our tender assessment team."
The vendor says it is anticipating tremendous business opportunities in China, especially after the country's accession to the World Trade Organisation.