Infotech Lead Asia: VeriFone Systems has signed a two-year contract to provide managed services for 100,000 POS payment devices operated by ChinaPnR.
ChinaPnR is outsourcing the management of increasingly complex payment devices to VeriFone to focus on its core business.
VeriFone is providing installation, training, and maintenance services for all existing payment devices and new installations over the course of the agreement.
China PNR provides payment services to customers in the air-ticketing, commercial distribution, digital entertainment and other markets, with an annual settlement amount exceeding hundreds of billions Yuan.
“VeriFone is providing managed services that shield China PnR and other customers from the complexity of payments technology so they can focus on core business issues,” said Zvi Mitlanski, president, VeriFone ASPAC.
China’s payment market has experienced rapid growth as banks and third-party service providers compete to offer conventional and innovative payment services to their customers.
Between 2006 and the end of 2012, POS devices installed in China have grown 7.1 million, a 43 percent compound annual growth rate, and 3.5 billion bank cards are now in circulation, according to the Peoples Bank of China.