Rahaxi (OTC BB:RHXI.OB), an international card payments processor and technology company, today announced that it has entered into a cooperation agreement with ChinaPay to bring Europe's internet-based retailers to Chinese internet consumers.
The agreement lets Rahaxi's direct and partner-connected merchants accept Chinese-issued payment cards for payment of goods. This integration of the Chinese payment cards is a vast improvement for online commerce in China, permitting Chinese business and retail consumers to buy European goods and services in their own currency and using their Chinese payment cards and accounts.
This is the latest in a series of agreements designed to extend Rahaxi's strategic advantages in the Chinese payments business. Paul Egan, Chief Executive Officer of Rahaxi Inc., said, "This global agreement is the natural extension of our strategy to facilitate effective and efficient payment services between Chinese consumers and 'Western' retailers." He added, "Not only can Chinese visitors use China's only credit and debit cards, China Unionpay cards, with Rahaxi-linked retailers in Europe, they will now be able to shop with any Rahaxi-linked online retailer in the world from China with their China-issued cards."
The service opens the virtual doors to all Chinese online consumers. Rahaxi plans to market the product to its direct merchants, online retail service providers, and Rahaxi's partner banks to make the offering available to a wide and diverse audience of online retailers.
XiaoFeng Li, General Manager of ChinaPay, stated, "We are pleased to partner with Rahaxi; their commitment to expanding card acceptance to Chinese visitors in Europe made Rahaxi an excellent partner to introduce the world's top online retailers to the Chinese internet marketplace."
Paul Warren, Global Sales Director with Rahaxi Inc., said, "We are very excited to add ChinaPay to our products portfolio. At present, Rahaxi is taking the lead as the only service provider with this offering. We anticipate Rahaxi will experience substantial growth through this strategic agreement."