VeriFone is taking its technical wherewithal to what is now the world’s second largest economy, China, and not only to banks. VeriFone is now “talking directly to large retailers” who should be a receptive audience for VeriFone’s story of payments technology and long experience in the payment terminal market. VeriFone expects its fortunes will grow as China’s economic policy shifts toward domestic consumption, precisely where payment terminals play.
VeriFone Systems Inc. aims to triple sales in China in the next four years as growing use of bank cards spurs demand for the company’s electronic payment products, Chief Executive Officer Douglas Bergeron said today.
“The more consumers with disposable income, clearly the more amount of electronic payments” there will be in China, Bergeron said in an interview at the World Economic Forum’s Summer Davos meeting in the northern port city of Tianjin.
China may overtake the U.S. to become the world’s largest credit card market by 2020, MasterCard Inc., the world’s second- biggest payment network, said this month. The Asian nation’s economy, which has expanded more than 90-times in the past three decades, passed Japan’s in the second quarter to become the world’s second biggest.