iCash boasts more orders for Korean unit

Electronic payment company iCash Payment Systems (ASX:ICP) has revealed it is seeing an upswing in orders from a long-standing Asian customer.

iCash's Korean subsidiary, NeoICP, has orders in hand for 2,460 new ATM installations by 2012 from Japan-based convenience store chain FamilyMart.

FamilyMart has been a NeoICP customer since 2004, resulting in 3,890 installations. The rate of orders has recently increased substantially, iCash said.

Family Mart has been expanding rapidly, with plans to open 10,000 more stores by 2014. The company currently has over 15,000 stores worldwide.

It is Korea's largest convenience store chain, and has franchise stores in Thailand, Taiwan, China, the US, Bangladesh and Vietnam.

“The acceleration in sales to Family Mart is very encouraging and continues the positive momentum for our Korean operations,” iCash executive chairman James Murray said.

ICP shares rose 2.3% during Monday's trading to $0.445.