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Showing posts with label China UnionPay. Show all posts
Showing posts with label China UnionPay. Show all posts
Tuesday, January 18, 2011
MasterCard Banks on Ties with China UnionPay
Thursday, May 13, 2010
China Mobile Payment Players Form M-Payments Alliance
 |
| Want to accept Debit and Credit Cards at Card Present Rates? CircleSwipe Can Save You Big on Interchange Fees |
CHINESE PLAYERS FORM M-PAYMENTS ALLIANCE
Card network operator China Unionpay has signed up a group of the country's banks, wireless operators and handset manufacturers to a mobile payments industry alliance that will establish standards and a business model.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21387
Card network operator China Unionpay has signed up a group of the country's banks, wireless operators and handset manufacturers to a mobile payments industry alliance that will establish standards and a business model.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21387
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China Mobile Payment Players Form M-Payments Alliance
|
| Want to accept Debit and Credit Cards at Card Present Rates? CircleSwipe Can Save You Big on Interchange Fees |
CHINESE PLAYERS FORM M-PAYMENTS ALLIANCE
Card network operator China Unionpay has signed up a group of the country's banks, wireless operators and handset manufacturers to a mobile payments industry alliance that will establish standards and a business model.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21387
Card network operator China Unionpay has signed up a group of the country's banks, wireless operators and handset manufacturers to a mobile payments industry alliance that will establish standards and a business model.
More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21387
Wednesday, March 17, 2010
PayPal and China UnionPay Open the Global Marketplace to Chinese Consumers
“After years of being the export hub for the world, today marks the day that China is open for business as an import e-commerce market,” said Scott Thompson, president of PayPal. “PayPal’s partnership with China UnionPay removes an important friction point that exists across borders, and we are thrilled to eliminate the payments barrier so merchants can welcome millions of new Chinese customers to their sites.”
Chinese consumers have more disposable income than ever before and are starting to look for the best products the world has to offer. CUP card members will be able to use PayPal in the third quarter of 2010. This gives merchants the opportunity to spend the coming months preparing their Web stores for Chinese consumers, including adding Chinese translation and fast, cost effective shipping methods.
About China UnionPay
China UnionPay, established in 2002, is the national bankcard association in China. As the pivotal role of China’s bankcard industry, China UnionPay is responsible for operating unified inter-bank clearing and settlement system in China and developing the international acceptance network for CUP card. By collaborating with various parties, China UnionPay has greatly boosted the development of China’s bankcard industry.
To date, the total number of CUP card issued worldwide has exceeded 2.1 billion; in 2009, the number of CUP card inter-bank transactions reached 7 billion with an amount of USD 1.1 trillion; the overall merchants, POS terminals and ATMs reached 2.13 million, 2.88 million and 930 thousand respectively. China UnionPay has also established partnership with around 400 financial institutions all over the world.
As of now, CUP card international acceptance network has been extended to 90 countries and regions. Over 10 of them, including Japan, Korea, Singapore, Russia, Mongolia etc, have issued CUP card.
Relying on China, the world’s most vibrant emerging economy and the world’s largest cardholder group, China UnionPay not only provides quality, secure and efficient payment services for hundreds of millions of cardholders all over the world, but also brings brand new choices and values for partners as well as energy and opportunities for the global bankcard industry.
China UnionPay will further enhance international cooperation in the future, work hand in hand with partners to achieve mutual development and success, to build UnionPay into a major international bankcard brand with global influence, and to make greater contribution to the overall prosperity of the global bankcard industry.
About PayPal
PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 81 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay (NASDAQ:EBAY) company and is made up of three leading online payment services: the PayPal global payment service, the Payflow Gateway and Bill Me Later. The company's open payment platform, PayPal X, allows developers to build innovative payment applications on multiple platforms and devices. More information about the company can be found at https://www.paypal.com.
PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.
PayPal to Double Its Presence in Asia by End of 2010
SINGAPORE--(BUSINESS WIRE)--PayPal today announced that it plans to double the number of employees in Asia Pacific from 1,000 currently to more than 2,000 by the end of the year. The company plans to add more than 100 new jobs at its international headquarters in Singapore.
“While PayPal’s growth in Asia Pacific to date has largely been driven by our cross border business, we fully expect the domestic business in many of our Asian markets to explode in the coming years”
New jobs will be located at all seven offices in the region including Australia, China, Hong Kong, India, Japan, Singapore and Taiwan. For its Singapore business headquarters and development center, PayPal will be recruiting Singapore-based professionals with expertise in technology, product development, infrastructure design, risk and engineering.
PayPal processed more than $6 billion of total payment volume* in Asia Pacific in 2009, an increase of 38 percent from 2008. Since its establishment in the region in 2006, the company has struck dozens of strategic partnerships with Asian companies including announcements today with DBS, Singapore’s largest bank, and China UnionPay, China’s bankcard association.
“While PayPal’s growth in Asia Pacific to date has largely been driven by our cross border business, we fully expect the domestic business in many of our Asian markets to explode in the coming years,” said Farhad Irani, vice president of PayPal Asia Pacific. “Our success in the region will continue to rely on partnering with merchants, financial services companies and local governments to deliver the right services for our customers.”
Today’s announcement was made at PayPal’s new international headquarters in Suntec City, Singapore’s technology hub in the middle of the nation’s central business district. PayPal’s international headquarters (PPPL) represent all of PayPal’s business outside of the USA. Singapore serves as an excellent operational hub for PayPal’s international operations due to its economically strategic location, its friendly business environment, political stability and world-class infrastructure.
Mr. Leo Yip, chairman of the Singapore Economic Development Board (EDB), said, “We are excited that PayPal has chosen Singapore as the center from which to double its business in Asia. This is another example of how Singapore plans to stay at the forefront of technology and innovation.”
Opportunity for Developers in APAC
As part of PayPal’s plans to help grow the e-commerce ecosystem across Asia Pacific, the company also announced that the PayPal mobile payment software development kit (SDK) will be made available to developers in the region.
With just a few lines of code, developers can add a checkout button to accept mobile payments without the need to collect financial information from customers. The mobile SDK, which will initially support iPhone app development, will be available in the second quarter of 2010 to developers in the region.
As part of the launch of the SDK, PayPal president Scott Thompson will be meeting several of Singapore’s top Web developers at a roundtable tomorrow at PayPal’s offices.
* Total Payment Volume numbers at spot rate
Note to Editor: This is part of several announcements PayPal made today on its growth in Asia. Other announcements include a partnership agreement with China UnionPay and DBS Bank. For more information, please refer to the press releases titled ”PayPal and DBS Partner to Make Online Shopping Easier” and “PayPal and China UnionPay Open the Global Marketplace to Chinese Consumers.”
About PayPal
PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 81 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay (NASDAQ:EBAY) company and is made up of three leading online payment services: the PayPal global payment service, the Payflow Gateway and Bill Me Later. The company's open payment platform, PayPal X, allows developers to build innovative payment applications on multiple platforms and devices. More information about the company can be found at https://www.paypal.com.
PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.
Wednesday, July 29, 2009
TSYS Loving China
TSYS success in China continues
Columbus, Ga., July 28, 2009 -- TSYS today announced that China UnionPay Data Services Co., Ltd. (CUP Data), TSYS' joint venture with China UnionPay (CUP), has signed five new long-term bankcard processing agreements, and won several major domestic and international awards during the last six months.
The new agreements include credit card processing contracts with Yaodu Credit Cooperative; Shandong Provincial City Commercial Banks Alliance, an alliance of 14 city commercial banks; Yunan Rural Credit Union and Guangxi Beibu Gulf Bank. The new agreements also include a prepaid processing contract with KargoCard, a Malaysia-based retail marketing company that will be introducing innovative stored-value and reloadable gift card programs to retail brands and merchants in Asia.
In February of this year, three systems owned by CUP Data were all recognized as "Most Excellent Software Products" by the Shanghai Software Industry Association. These awards fully demonstrate that CUP Data is one of the most sophisticated, flexible and adaptable third-party payment providers in China. Systems mentioned in the awards included CUP Data Issuing System Software V1.0, CUP Front-end Interface System V1.0 and the CUP Data Customer Services System V1.0.
In May, the debit card project CUP Data implemented for Citibank won "Best Retail Payment Project Award 2009" from Asian Banker for its outstanding integration of the bank's debit card technology infrastructure with the processing system of CUP Data. The publication cited the collaborative approach, which enabled Citi China to "enhance banking experience and convenience by providing customers with access to ATM and POS facilities, as well as mobile payment capabilities." Asian Banker also highlighted that Citi China was the first foreign bank in China to offer debit and mobile payment services, which increased "customer satisfaction, loyalty and cross-selling prospects for the bank."
"While the Chinese financial industry has remained relatively stable during the current economic crisis, we believe that now more than ever, it is important to bring reliability, agility and innovation to the clients we serve," said Yan Fang Wang, president of CUP Data. "We help our clients thrive through the excellence of our technology, the expertise of our people and the dedication of our services."
"CUP Data is not only recognized as the strongest outsourced payment solutions provider in China, but also as one of the best bank IT service providers in the Asia Pacific Region," said David E. Duncan, managing director of TSYS Asia-Pacific.
"CUP Data has signed ninety-six percent of the banks in China that have outsourced the processing of their credit cards, including three of China's largest banks, China Minsheng Bank, Industrial Bank of China, and China Postal Savings Bank," said Gaylon Jowers, president of TSYS International. "CUP Data also processes for Bank of East Asia, the first foreign bank to issue credit cards in China."
About CUP Data
China UnionPay Data Services Co., Ltd. (CUP Data) is China's largest third-party processor of bankcard payments providing transaction processing, disaster recovery and other services for issuing banks in China. CUP Data was established in 2003, and has signed more than 60 credit-, debit- and prepaid-processing client banks at year-end 2008.
TSYS owns a 44.5-percent equity stake in CUP Data, a subsidiary of China UnionPay (CUP). CUP is the only payments network sanctioned by the People's Bank of China, China's central bank, and has become one of the world's largest and fastest-growing payments networks.
About TSYS
TSYS (NYSE: TSS) is one of the world's largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, debt management, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information, contact news@tsys.com or log on to www.tsys.com . TSYS routinely posts all important information on its website.
Source: Company press release.
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