The terminal maker VeriFone Systems Inc. has signed a two-year contract with China Payment and Remittance Service to provide managed services for up to 100,000 of the company's point of sale devices.

Shanghai-based ChinaPnR provides online, mobile and point of sale payment services to financial institutions and businesses.

The new contract stipulates that ChinaPnR will outsource management of its "increasingly complex payment devices" to VeriFone so it can better focus on its core business, VeriFone states in an April 23 press release.

VeriFone will provide installation, training and maintenance services for all existing ChinaPnR payment devices and new installations for the next two years.

VeriFone previously worked with ChinaPnR's air travel business units in 2012. ChinaPnR serves customers in markets such as air ticketing, commercial distribution and digital entertainment. Its annual settlement amount exceeds hundreds of billions yuan.

The company's current payment transaction volume exceeded 600 billion yuan (U.S. $96.7 billion) in 2012, double its volume from a year earlier, VeriFone says.
"VeriFone is providing managed services that shield ChinaPnR and other customers from the complexity of payments technology," Zvi Mitlanski, president of VeriFone's  Asia-Pacific business, states in the release. "VeriFone's track record in establishing service coverage across China, has proven our ability to meet the growing demands of Chinese customers." 

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