Mozido, a cloud platform mobile payments and retail engagement solutions provider, today announced it will introduce its products and solutions to China through PayEase.
Mozido has acquired PayEase Corp., a Delaware technology and payments company previously owned in part by CapInfo Company Ltd. (1075.HK). Mozido also gains a cross-border payment gateway that makes mobile payments processing possible for foreign merchants looking to expand business into China.
Mozido’s PayEase Corp acquisition comes on the heels of its December 2014 announcement that it is acquiring a majority of CorFire, a mobile commerce company previously wholly owned by South Korean IT services provider SK C&C. 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.
“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.”
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. PayEase customers include Amazon, Apple, iTunes, Burberry, H&M and Softworld, among others in the media, travel, TV shopping, e-commerce, insurance, mobile carrier and online gaming space.
“PayEase’s established relationships with a number of major banks and financial institutions in China and its high profile customer base give Mozido a strong position in China that no other mobile financial services company can match. This acquisition will allow PayEase to extend our international foothold and service offering. More significantly, merchants and users in China could now access Mozido’s payment solution throughout the world, making Mozido a truly global payments player,” said Kino Kwok, General Manager and COO of PayEase.