Cloud platform mobile payments and retail engagement solutions provider Mozido announced today that it has acquired PayEase Corp., a Delaware technology and payments company. The acquisition will not only allow Mozido to introduce its products and solutions to China, but also grant Mozido access to a cross-border payments gateway that “makes mobile payments processing possible for foreign merchants looking to expand business into China.”
Mozido founder and Chairman of Global Strategic Initiatives Michael Liberty said in the release that “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.” Mozido customers, he added, can now reach China’s growing and active consumer base.
Headquartered in Beijing, PayEase is one of 22 Chinese-licensed payment processing companies. It 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.
Foreign merchants can do business in China through PayEase via its processing of RMB (Renminbi) transactions, which the company then converts to the merchants’ home currency. Next, PayEase remits these transactions to the merchants’ domicile countries. 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. Apple, Amazon, iTunes, Burberry, H&M and Softword are some of PayEase’s customers, among others in media, travel, TV shopping, e-commerce, insurance, online gaming and more.
“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,” said Kino Kwok, general manager and COO of PayEase, in the release. Thanks to the acquisition, PayEase will be able to extend its international foothold and service offering, he said.
The news of Mozido’s PayEase acquisition follows Mozido’s December 2014 announcement of its acquisition of a majority of the mobile commerce company CorFire, which was previously owned by South Korean IT services provider SK C&C.