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News Centre MoneySwap appointed as China UnionPay Online Merchant Acquirer

 

For immediate release: 9 May 2012
 
MoneySwap Plc
("MoneySwap", the “Group” or the "Company")
 
MoneySwap appointed as China UnionPay Online Merchant Acquirer
 
MoneySwap Plc (AIM:SWAP), the Asia focused prepaid card and online money services business, is pleased to announce that it has signed an agreement with China UnionPay, to act as an overseas merchant acquirer for UnionPay Online Payment (“UPOP”) programme (the “Agreement”). 
 
China UnionPay’s introduced UPOP programme provides secure, convenient and efficient online payment services for China UnionPay cardholders. Under the Agreement, MoneySwap will be responsible for cooperating with China UnionPay to expand the UPOP business in Europe by acquiring merchants who sell their goods and services over the internet and giving them access to the UPOP network. This will facilitate online purchases by China UnionPay cardholders on the merchant’s website.
 
China’s retail sales grew 14.8% year-on-year to RMB4.9 trillion (approximately £481 billion) in the first quarter of 2012 (source: figures released by the National Bureau of Statistics of China on 13 April 2012 on www.gov.cn). In 2011 the size of online shopping transactions in China exceeded RMB770 billion (approximately £75 billion), a year-on-year growth of 67.8% (source: iResearch data published on www.iresearchchina.com on  20 January 2012)
 
Against this background of growth, many Chinese nationals have experienced difficulty in obtaining credit cards which allow them to purchase goods online from overseas merchants. The Directors believe that by becoming a UPOP partner and through utilising MoneySwap’s online payment platform, MoneySwap will be able to facilitate the online purchase of, amongst other things, much sought after designer goods by Chinese nationals. MoneySwap will receive a fee for each purchase.
 
Richard Proksa, Chief Executive Officer of MoneySwap, commented:
“Consumer spending in China is growing at a fast pace and an increasing amount of this spending is carried out online. We believe that this Agreement with China UnionPay will further open up opportunities to online merchants outside China to access the Chinese retail consumer market whilst at the same time providing Chinese consumers more options to purchase international brands. We anticipate that this will also increase the merchant community using the online MoneySwap platform as merchants will use their MoneySwap accounts for receiving settlements, exchanging currencies and issuing remittances.
 
“We are delighted to extend our relationship with China UnionPay and to offer both merchants and consumers new payment opportunities. We view this Agreement as being complementary to our core money services across Asia and a key growth opportunity for the Company.”
 
- Ends –
 
For further information, please contact:
 

MoneySwap Plc
Allenby Capital Limited
GTH Communications
 
Nominated Adviser
Financial PR
Richard Proksa
Chief Executive Officer
Nick Naylor
Alex Price 
James Reeve
Toby Hall 
 
Suzanne Johnson Walsh
+852 3919 9888  
+44 20 3328 5656
+44 203 103 3900

 
About MoneySwap ( www.moneyswap.com )
MoneySwap Plc has its operational headquarters in Hong Kong. Primarily focused on the Asia market, the Group offers pre-paid card services and also operates an online peer to peer foreign exchange and payment platform. The Group's pre-paid card services are primarily aimed at Asian travellers and enable them access to local currencies from ATMs, point of sales and on line purchases in Europe and the United States. The Group's online money services platform facilitates peer to peer currency exchange and payments either between e-wallets or international money transfers through the global banking system. The Group has banking relationships with DBS Bank in Singapore as well as HSBC in Hong Kong together with various local domestic banks in other countries. Its shares are traded on the London Stock Exchange's AIM market (AIM:SWAP.L).
 
About China UnionPay
Established in March 2002, China UnionPay is a bankcard association established under the approval of the State Council and the People’s Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members. China UnionPay operates the national inter-bank clearing and settlement system, develops the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, to provide quality, efficient and safe payment services to cardholders. To date, the total number of the UnionPay Card issued both at home and aboard has exceeded 2.9 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, China UnionPay has enabled the UnionPay Card acceptance in over 125 countries and regions through extensive cooperation with about 400 institutions around the world. Additional information may be found at: www.unionpay.com.