CyberSource, a Visa company (NYSE Code: V) and one of the world's largest providers of eCommerce payment management services, today announced an agreement with Chinese payment service provider Tenpay, to provide fraud management services to support the development of Tenpay's payment services business.
The cooperation reflects growing demand for CyberSource's payment management solutions and, in particular, the fraud management services as Chinese payment service providers (PSPs) look to strengthen their fraud prevention capabilities. The CyberSource Decision Manager system is now being used by many of the larger PSPs in China to expand their online payment services business in a secure and more controlled manner.
"We're delighted to be working with such a strong brand as Tenpay. With CyberSource Decision Manager, Tenpay can detect fraud more quickly and accurately, allowing them to concentrate on delivering the best online shopping experience for its users and boosting returns for their merchants. Better fraud control will lead to fewer chargebacks and improve confidence in the overall industry," said Poon Khye Wei, Regional Director, Greater China & Korea for CyberSource.
CyberSource's fraud management technology, Decision Manager, features the world's largest fraud detection radar, enabling merchants to accurately assess the risk of fraud in about two seconds. Its global payment gateway and security services facilitate secure online payment services in multiple currencies, jurisdictions and transaction environments.
"As one of China's leading online payment platforms, transaction security remains a top priority for Tenpay and is the foundation for us in developing all kinds of payment services," said Lai Zhiming, General Manager at Tenpay. "To control and manage transaction risks, we have already put in place a sophisticated solution. The addition of CyberSource's fraud management technology will enable us to further enhance our risk management infrastructure and systems."
China, as a whole, is experiencing startling growth in the online shopping sector. Online retail sales in China have soared in recent years and are expected to hit US$360 billion by 2015, according to The Boston Consulting Group, up from around US$121 billion in 2011.
"We are pleased that the majority of PSPs in China recognize that CyberSource services do enable them to expand their footprint," said Michael Bradley, APAC Managing Director of CyberSource. "Their adoption of CyberSource services proves the security and scale of our services and helps explain why a growing number of banks, merchants and third-party payment service providers from within China, and throughout the region, are choosing CyberSource to enable their business expansion."