News

PayEasy Opens Philippine Market to 1.3 Billion Chinese

June 10, 2008 — Philippine-based online merchants can now tap onto the fast-growing Chinese economy through Mozcom PayEasy Online Payment System ("PayEasy"). PayEasy now accepts China UnionPay (CUP) ATM Debit Cards as a mode of online payment to any PayEasy-affiliated merchant. CUP is the official and only domestic inter-bank network in the People’s Republic of China. It is an association of China's banking card industry founded in 2002, and operates under the approval of the People's Bank of China.

CUP domestic member banks have issued more than 1.5 billion ATM cards in China. There are more than 740,000 merchants, more than 1 million POS terminals, and more than 120,000 ATM's accepting CUP cards. CUP has more than 200 domestic and overseas members serving China and other parts of Asia, Europe, America, Africa and Oceania.

"With China UnionPay as one of the payment modes available in PayEasy, we are enabling local online merchants to access 95% of Chinese consumers with a bank account and receive money from them faster and securely," said Dick Chiang, Mozcom COO/CTO. "The Chinese online customer (CUP user) will pay the merchant in Renminbi (RMB) and our system will apply the necessary currency conversion in real-time."

In the Philippines, some networks, such as BancNet, are already accepting UnionPay cards at the ATM level. Retailing giant, SM Prime Holdings Inc.'s Department Store, Supermarket, Hypermarket, Super Sale, Watson's, Sports Central, Appliance and Toy Kingdom also accept UnionPay at the POS level.

"The growing affluence of Chinese consumers is evident with the growing influx of vacationers and business people from mainland China. Local resorts and medical tourism facilities can tap on this huge market through online payments," Chiang added.

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 account debit with major banks in China, Malaysia, Thailand and Taiwan. For more information, visit www.payeasy.ph or call +63(2)848-2606.