Mozido has acquired a Delaware-based payments company PayEase in order to take advantage of the organisation’s links with Chinese banks.
The acquisition of PayEase Corp, which was previously owned in part by CapInfo Company Ltd, will provide Mozido with a cross-border payment gateway that makes mobile payments processing possible for foreign merchants looking to expand business into China. PayEase can process 99.99 percent of debit and credit cards in China via its direct connections with 23 banks and connections to China Union Pay, VISA, MasterCard, and JCB.
Headquartered in Beijing, PayEase is one of 22 Chinese-licensed payment processing companies and provides payment services including nationwide in-app mobile payment solutions, nationwide online payment solutions, Internet banking, call centers and mobile point of sale (POS) terminals. PayEase allows foreign merchants to do business in China by processing RMB (Renminbi) transactions, converting them to the merchants’ home currency, and remitting it to the merchants’ domicile countries.
“China is an important geography in Mozido’s mission of providing the world with easy and accessible mobile financial services, and the addition of PayEase Corp positions Mozido as the leading U.S. financial services provider to have operations inside of China,” said Michael Liberty, Mozido founder and Chairman of Global Strategic Initiatives. “Mozido customers, which include merchants all over the world, can now reach China’s growing and highly active consumer base.”
Mozido’s PayEase Corp acquisition comes on the heels of its December 2014 announcement that it is acquiring a majority share in CoreFire, a mobile commerce company previously wholly owned by South Korean IT services provider SK C&C.
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