China Postal Savings Bank has selected VeriFone Holdings Inc. of San Jose as its exclusive provider of electronic payment terminals.
VeriFone said Wednesday that it would provide two point of sale products to China Postal: the Vx510, which offers dial-up and Internet connectivity, and the Nurit 8000, which uses wireless connections.
China Postal has $190.8 billion of deposits, making it the country's fifth-largest bank, and 36,000 branches. When it was established in 1986 as the China Post Savings and Remittance Bureau, it only accepted deposits; it added lending services and changed its name this year.
VeriFone acquired the Nurit system as part of its $795 million November purchase of Lipman Electronic Engineering Ltd. of Rosh Haayin, Israel. The purchase made VeriFone the world's top payment terminal vendor.
