Asia Payment Systems inks processing deal with Singapore's Nets

Source: Asia Payment Systems

Asia Payment Systems, Inc. (OTC Bulletin Board: APYM) announced today that it has concluded an agreement for online transaction processing for credit cards and debit cards in Singapore and China with Network for Electronic Transfers (Singapore) Pte Ltd. (NETS).

NETS, Singapore's leading electronic payments provider for the past 20 years, has extensive experience in operating networks that support nationwide direct debit and stored value payments, as well as providing payment solutions for online and mobile transactions via eNETS, Singapore's leading online payments provider for credit cards, direct debit and "virtual accounts".

eNETS' online payment services are used by local and overseas Internet merchants including: government agencies, airlines, MNCs and SMEs. The company handles more than 350,000 transactions a month and has more than 700 merchants signed to its payment gateway. Moreover, eNETS' influence now stretches far beyond Singapore's shores with merchants in Hong Kong, China, Japan and Europe who are benefiting by using the eNETS system. eNETS was also recognized as a trusted payment gateway as it earned the TrustSG seal in July 2005, which guarantees that a customer's personal data is protected and online payment is secure, part of an initiative by the National Trust Council and the Infocomm Development Authority of Singapore.

General Manager for eNETS and International Markets Raj Lorenz said: "We are pleased to welcome Asia Pay into partnership with NETS and believe that this will be the start of a rewarding and mutually beneficial relationship for both companies. Together with Asia Pay, our aim is to further extend NETS' products and services throughout the Asia-Pacific region and help our merchants gain a foothold in these markets."

Asia Pay's President and CEO Matt Mecke said, "In establishing this relationship, Asia Pay can leverage upon NETS' Southeast Asian coverage, and thus extend its reach within the region, gaining clear recognition as the premier, multinational payment gateway in Asia.

"When you add NETS' scope to our China and Japan links, we truly improve our geographical position and expect that during the coming months we'll be able to grow our regional client base over a much wider catchment area than before," added Mecke.

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