ChinaPay Alliance with Eirth Systems Announced

July 23, 2012 - PRLog -- ChinaPay e-payment service Co., ltd, a subsidiary of China UnionPay Company Ltd., an association for China’s banking card industry announced they have solidified a strategic payment processing alliance with EIRTH (Electronic Information Retrieval & Transaction Handling) Systems, LLC, a payment processing platform headquartered in Houston, Texas.
The international bankcard processing alliance formed under the agreement further opens the Chinese market by allowing China’s merchants and businesses to accept credit and debit card transactions originating outside China.  The alliance is aimed to leverage ecommerce transactions thereby broadening China’s worldwide economic growth and further bolstering China’s status as a dominant global economy.  Recent estimates by the International Monetary Fund (“IMF”) have already forecasted that China’s economy will surpass that of the United States by 2016.  The new payment processing alliance formed with EIRTH Systems reinforces the IMF’s announcement by affording China the ability to attract top-tier international merchants that will soon be able to enter the Chinese market and conduct business to business and business to consumer transactions.
With potentially over 1.3 billion cardholders in China that have either a UnionPay credit card or China bank issued debit card, both ChinaPay and EIRTH Systems have teamed up to deploy a dynamic payment processing solution that will entice corporate leaders globally to enter the Chinese market and transact business with China branded cards.  Moreover, with Visa and MasterCard issuing and card acceptance being virtually non-existent in China today, the newly formed alliance will soon allow Chinese merchants to begin accepting the Visa and MasterCard brands in both the business to business and business to consumer demographics.
“With the EIRTH Systems payment processing platform supporting over 188 currencies (including RMB – the native China currency), reporting in 44 languages (including Mandarin – the native China language), dynamic currency conversion, and multi-currency and with a platform track record in existence over 20 years, combined with the ChinaPay e-commerce point-of-sale gateway linked to 1.3 billion Chinese cardholders for e-commerce transactions, it’s a perfect marriage,” stated Cathy Wang, Deputy General Manager for ChinaPay.
“We couldn’t be more thrilled to support China’s openness to expand economic trade to an apex competitive level.  With the international community evolving into a cashless credit and debit card society, and China’s competitive spirit to be the number one economic superpower, ChinaPay recognized it required a dynamic global payment processing platform.  Along with our partners at ChinaPay, we at EIRTH Systems look forward to supporting the incoming marquee corporations vying to compete in the Chinese market,” stated Jim Wilson, CEO for EIRTH Systems.

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