Mozido Leaps into China with PayEase Acquisition (Feb. 10, 2015)
Mozido today announced it’s acquiring PayEase Corp., a Beijing-based payments gateway and processor with direct connections to 23 Chinese banks. PayEase supports foreign merchants conducting business in China by processing payments online, in-app and via m-POS for 99 percent of China’s debit and credit cards, including those of China Union Pay, Visa, MasterCard, American Express and JCB. PayEase processes foreign merchants’ transactions in local currency, converts them to the merchant’s home currency and remits the funds back to the merchant’s base. Terms of the PayEase deal were not disclosed.
“Mozido customers, which include merchants all over the world, can now reach China’s growing and highly active consumer base,” Michael Liberty, Mozido founder and chairman of global strategic initiatives, said in an announcement.
The PayEase deal also creates opportunity for Mozido to market its mobile payments and retail marketing services to businesses in China, Liberty tells Paybefore. Mozido is first targeting Chinese businesses in urban centers, then expanding to rural areas. “There is an opportunity for Mozido to provide mobile financial and shopping services to consumers who live too far from metropolitan areas to get there easily and often,” he notes.
Mozido in December acquired a majority of CorFire, and this week the company invested $2.5 million in SimplyTapp, a key provider of host card emulation (HCE) services to merchants.
MasterCard is a Mozido investor. Mozido recently named Ron Hynes, a former MasterCard executive specializing in prepaid, its president of global markets.
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