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Asia Pay signs with e-Lux Corp for credit card processing services

22 April 2004  |  777 views  |  0

Asia Payment Systems, Inc. (Asia Pay) (BULLETIN BOARD: APYM) is pleased to announce today that it has signed a credit card processing services agreement with e-Charge Processing Services Corporation, a partially owned subsidiary of e-Lux Corporation (JASDAQ #6811) of Japan.

e-Charge's clients will be able to take advantage of Asia Pay's state-of-the-art and cost-effective credit card transaction processing systems. In addition to benefiting from enhanced efficiency, processing, reporting, and settlement features of the Asia Pay system, e-Charge will also be able to accept additional card types with a greater degree of transaction flexibility for its clients and customers.

Asia Pay is an Asian-based credit card processing merchant services company, which is developing a network to provide credit card clearing services to merchants and financial institutions in China. Asia Pay is in the final stages of negotiation with several Asian clients to provide processing services. The primary focus of development efforts will be the rapidly growing Chinese credit card market. Asia Pay's mission is to become a leading provider in China of third-party processing services to bankcard accepting merchants, issuers of bank credit cards, of petroleum station retail cards, and to issuers of merchandise and other retail cards.

Matt Mecke, President & CEO of Asia Pay, announced, "We are extremely pleased to have such a strong relationship with e-Charge. We have been working with e-Charge for some time to develop a relationship involving credit card processing services. e-Charge's card sales volume is in excess of USD 3 million a month and we want to capture a significant portion of this business. The systems we have developed for the e-Charge processing business are 'Best in Class'. We will leverage this system to provide similar processing services to additional clients as they are brought onto the Asia Pay system."

Mecke added, "We believe that e-Charge will be able to use the new capabilities of the Asia Pay system to build greater card transaction volumes from their customers and generate additional revenue for e-Charge as well as for Asia Pay. We look forward to cooperating further with e-Charge."

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