Source: Retail Decisions
Retail Decisions (ReD), the payment card issuer and world leader in card fraud prevention and payment processing, is pleased to announce the signing of a five year reseller agreement with ChinaBank Payment, a leading electronic payment processor in China.
ChinaBank Payment will be offering ReD Shield, ReD's world re-knowned Card-Not-Present (CNP) fraud prevention service.
China's e-payment market is growing fast and is expected to triple reaching 280 billion Yuan (US$36 billion) by 2010*. The biggest challenge facing e-commerce businesses, as they grow, is the increasing high levels of CNP card fraud losses and larger operating costs associated with managing fraud. ReD Shield protects e-commerce businesses against fraud by providing a real-time risk assessment recommendation designed to allow retailers to sell goods and services online safely, while maximizing good transactions.
Carl Clump, CEO of Retail Decisions said, "It is exciting to see that Chinese e-commerce businesses are growing and changing at such an incredibly fast pace. The eyes of the world's consumers and the world's fraudsters will be turning to China even more so as they prepare for and host the summer 2008 Olympic Games in Beijing. It's inevitable that the anticipated sharp increase in online payment transactions will unfortunately include a rise in online fraud. Wise online merchants are looking for fraud prevention experts to step in and protect their businesses. We're very excited to be partnering with ChinaBank Payment, one of the most successful online payment processors in China, to offer ReD Shield as a fraud prevention service to these e-commerce merchants in China."
Zhao Guodong, CEO of ChinaBank Payment Ltd. noted, "We're pleased to be partnering with ReD, the global leader in card fraud prevention with many years' experience. ReD Shield will control credit card fraud and help reduce the risk of accepting international card payments. I believe that the cooperation between ChinaBank Payment and ReD will give a remarkable enhancement to payment security in China."
*Source; iResearch Inc., 'China Payment Online Report'