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PayEasy Expands Global Online Bank Payment Option with InPay

Oct 1, 2009 (Manila, Philippines) — Mozcom PayEasy Online Payment System ("PayEasy") adds more banks to its portfolio as it continues its expansion for accepting direct bank debit payments worldwide. In partnership with InPay, real-time bank payments from countries such as Australia, Denmark, Estonia, France, Finland, Germany, Ireland, Latvia, Lithuania, Norway, Poland, Sweden, United Kingdom and the United States are now available. This means Philippine-based PayEasy merchants can receive payments from more customers worldwide. This brings to a total of 24 countries where realtime bank payments are accepted from by PayEasy.

Direct bank debit payments present several advantages to online merchants versus traditional online payments like credit cards or PayPal. With bank payments, once you get paid, you stay paid. It is not possible for abusive customers, or those with fraudulent intent, to arbitrarily reverse their payment and letting the merchant bear the cost. Because of this, PayEasy can accommodate high-risk merchants such as those offering prepaid electronic PIN’s, online gaming, or money remittance.

Internet banking is also easier to avail than getting a credit card. As a result, more young people who may not yet have the credit history that will allow them to apply for a credit card, can go into e-commerce with just their bank account.

"InPay's vision is complementary to our direction of providing the most comprehensive online payment solution for Philippine-based merchants," said Dick Chiang, Mozcom COO/CTO. "PayEasy will be focusing more on developing applications that will take advantage of our broad range of payment options."

"Our cooperation with Mozcom PayEasy is an important step in our strategy of becoming the preferred provider of online bank payment solutions to PSPs worldwide," said Thomas Warming, InPay Sales Manager.

Based on a study from Pew Internet, 75% of Internet users do not like to give out their credit card info. They are only forced to do so unwillingly because there is no other choice. A separate study by Forrester Consulting shows that more than 75% of online shoppers have access to online banking, thus making it a very variable channel for payments. Further studies and based on actual experiences from PayPal, Quality Research Associates, and UseMyBank, show that Internet retailers offering multiple payment options see a conversion rate increase of 10 to 20% versus those that just accept credit cards.

InPay is a Denmark-based company founded in 2007 whose vision is to become the preferred provider of real-time online bank payment solutions for internet retailers worldwide.

Mozcom PayEasy is the most comprehensive online payment system in the country today supporting all major credit cards (Visa, MasterCard, American Express, Discover, JCB, Diners Club), BancNet and MegaLink ATM cards, PayPal, China UnionPay, Globe G-Cash, Smart Money, Western Union, over-the-counter bank deposits, and direct online account debit with major banks in Asia, North America, Oceania and Europe. For more information, visit www.payeasy.ph or call +63(2)848-2606.