China Postal Savings Bank Selects VeriFone

By Anuradha Shukla

TMCnet Contributing Editor

 

China Postal Savings Bank has selected VeriFone as the sole provider of electronic payment systems. The agreement has further strengthened VeriFone’s position in the Chinese market.

 

The Chinese lender will use VeriFone Vx 510, with dual dial and IP connectivity, and the wireless NURIT 8000 with GPRS connectivity. VeriFone's Vx 510 countertop system is ideal for payment and value-added applications, including data-intensive, EMV smart card transactions.

 

The lightweight, handheld system, NURIT 8000 enables fast, secure, error-free transactions. The system features a large touch screen and a wide range of options that enhance its value-added functionality.

 

The solution’s sophisticated multi-application platform can support several payment and value-added services such as credit, debit, EBT, smart cards, prepaid, loyalty, gift and proprietary cards.

 

“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,” said Yong Xiao, general manager of VeriFone China in a statement to the press.

 

“Our success with this emerging financial institution reflects the vision and industry leadership that VeriFone brings to China's electronic payments market,” added Xiao.

 

VeriFone made news earlier this month for launching an enhanced PAYware solutions suite for Europe, the Middle East and Africa.

 

The new product suite provides a comprehensive set of software tools designed for integrated retail environments. The enhanced PAYware solutions are part of a complete, end-to-end Integrated Retail Solutions offering, incorporating VeriFone’s countertop, wireless and unattended hardware solutions, back-end software, and supporting professional services.