18 February 2018
visit www.ebaday.com

Euronet enters Chinese market with PSRB ATM outsourcing deal

26 January 2006  |  4105 views  |  0 Euronet

E-payments processor Euronet Worldwide has inked an ATM outsourcing deal with China's Postal Savings and Remittance Bureau (PSRB), the fifth-largest financial institution in the country.

Euronet says it has established a joint venture to support its new Chinese operations. The JV, in which Euronet holds a 75% stake, has been formed with local firm Ray Holdings which has offices in key Chinese markets and business relationships with leading banks and telecom operators.

PSRB, the savings arm of the China State Postal Bureau, provides basic deposit and remittance services in 30,000 branches across China, servicing 270 million customers and currently has over 6000 ATMs.

Under terms of the agreement, Euronet China will initially deploy 90 ATMs across Beijing, Shanghai and the Guangdong province and provide day-to-day outsourcing services for PSRB as a pilot project. If the trial is successful, Euronet China will take over PSRB's existing ATMs and install new units.

Euronet says it has set up a state-of-the-art data processing centre in Beijing from which it will drive PSRB's ATMs and has already gone live with the first unit. The remaining terminals are scheduled to be rolled out over the next several months.


Daniel Henry, president and COO, Euronet Worldwide, says: "Though a new market, China's rapidly growing economy and ongoing banking reforms to build a modern banking system provide us with an excellent opportunity to assist domestic and foreign-funded banks to expand and manage their ATM networks."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Euronet switches ATMs in CEE to NCR's Aptra

Euronet switches ATMs in CEE to NCR's Aptra

04 August 2005  |  7011 views  |  0 comments
HDFC Bank joins Euronet ATM network in India

HDFC Bank joins Euronet ATM network in India

18 May 2005  |  10615 views  |  0 comments
Euronet acquires pre-paid companies

Euronet acquires pre-paid companies

23 March 2005  |  4916 views  |  0 comments
Euronet inks Indian ATM outsourcing deal

Euronet inks Indian ATM outsourcing deal

18 February 2005  |  4365 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit http://info.nice.comVisit www.vasco.comvisit www.ebaday.com

Who is commenting?

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
10463 views comments | 16 tweets | 11 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8250 views comments | 15 tweets | 41 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
7737 views 10 comments | 21 tweets | 26 linkedin
hands typing furiouslyHow can Blockchain Help with AML KYC
7613 views 3 | 9 tweets | 4 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job