Marking a promising entrance into the Chinese market, electronic payments provider Euronet Worldwide has secured an ATM outsourcing agreement with China’s Postal Savings and Remittance Bureau.
Euronet has established a joint venture in China, named Euronet China, with Ray Holdings. Ray Holdings has offices in key Chinese markets and business relationships with leading banks and telecom operators in the country.
Euronet explained that, under the agreement, Euronet China will initially deploy a total of 90 ATMs for the Postal Savings and Remittance Bureau (PSRB) in Beijing, Shanghai and the Guangdong province in a pilot project, and provide all of the organization’s day-to-day outsourcing services.
If the pilot project is successful, Euronet China may take over existing ATMs and install new ATMs.
Daniel Henry, Euronet Worldwide president and COO, said, 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. Our proven ATM outsourcing and deployment solutions will provide PSRB the speed to market they demand to expand their ATM network, along with centralized management of their ATMs to operate efficiently in a competitive market.