Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA) today announced that it has received a contract to supply $7 million of customized NURIT 8320 and 8000 Point of Sale terminals and NURIT 222 PIN Pads to the Industrial and Commercial Bank of China (ICBC).
These terminals will be used in a joint project between ICBC and China National Petroleum Corporation (CNPC) to equip more than 8,000 CNPC petrol stations with Lipman terminals, allowing CNPC customers to enable payment at the pump for the first time in China's history. This project, which comes following a successful 12 city pilot program, is one of the largest POS terminal deployments in China to date. Product shipments began during the second half of 2005, with deliveries expected to continue through the first quarter of 2006.
Through this program, CNPC is deploying customized versions of Lipman's NURIT 8000 utilizing Wi-Fi technology and NURIT 8320 with Ethernet and modem connectivity, as well as Lipman's NURIT 222 PIN Pad. Utilizing a form of Wi-Fi technology that is new to the electronic payment industry, Lipman's devices will allow CNPC customers to pay for fuel from their vehicles, both quickly and securely.
Lazy Yanay, Executive Vice President Sales and Marketing of Lipman said, "We are very pleased to be a part of this major deployment in the Chinese market and to be working with leaders in the banking and petrol industries. This order is a testament to Lipman's ability to develop and support new business opportunities in new market segments in which the use of electronic payment is undeveloped, as well as our ability to provide customers with highly reliable, advanced technology solutions completely customized to meet the specific needs of the project. China has long been a primary area of focus for Lipman and we are excited to be at the forefront of the emergence of this important market."