Chinese payment-service PayEase has signed a new agreement with CyberSource, a company which provides e-commerce payment management services, for the provision of fraud management services to protect Chinese domestic online payments.
For CyberSource, the agreement builds on a business relationship with PayEase, started back in 2009 when PayEase became the first mainland China payment service provider to use CyberSource’s ‘Decision Manager’ for cross-border transactions. The significance of this expanded deal is that it will cover PayEase’s domestic China business.
“PayEase has successfully used ‘Decision Manager’ for cross-border fraud control over the past few years and recognises the value it brings to their growing and expanding business, ” said Poon Khye Wei, regional director of CyberSource, Greater China and Korea.
Decision Manager helps detect fraudulent behavior using a wide array of tests. PayEase will continue to benefit from this powerful feature when it starts to use Decision Manager for managing domestic fraud. This will enable PayEase to provide a more convenient, safer method of payment in the domestic market.
“We enable merchants and third parties to convert more sales into revenue, with increased security and reduced payment risk. It means our customers, such as PayEase, are able to capture and keep more revenue worldwide,” said Michael Bradley, APAC MD, CyberSource.
PayEase is one of the leading PSPs in China, with offices worldwide. It provides a service and goods purchase confirmation platform that delivers immediately following the completion of the payment, anywhere, anytime throughout China. It processes payments from a variety of different channels, including mobile payments via SMS, RFID eWallet payments, mobile dongle POS, internet banking, call centers and point of sale terminals.
By mid-2012, China’s internet population numbered 538 million. According to the China Electronic Commerce Association, in the year to June 30, 198 million internet users in China shopped online.
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.
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