Beijing, China - December 31, 2005 - German merchants are now able to accept bank cards for payment by Chinese tourists as a result of close cooperation between Verifone Holdings, Inc. (NYSE: PAY) and China UnionPay. China UnionPay (CUP) is the only national bankcard payment network of China with 800 million CUP-branded cards issued.
Continuing its expansion of services to overseas markets, China UnionPay initiated card acceptance with German merchants as of 24th November, 2005 onwards. Verifone’s payment solution was used for this landmark project, and currently is the only POS solution vendor that supports the China UnionPay card in Europe.
"Verifone applauds China UnionPay’s success in expanding services to international markets," said William Nichols, Verifone vice president, Emerging Markets & International Marketing. “Verifone formed an international technical team to support this critical project. This effort showcased how Verifone’s global reach can help our customers internationalize their business operations.” Verifone operates in 97 markets worldwide.
Penetrating Germany, the largest economy of Europe, marked a historical success for China UnionPay in her international expansion. China UnionPay earlier in 2005 announced that it expected its bank cards to be accepted by several key markets in North America, Europe and Asia by the end of 2005.
Every year, more than 20 million Chinese tourists travel overseas, many to Europe. China is currently the third largest source of international visitors to Germany.
About Verifone Holdings, Inc.
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Verifone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. Verifone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.