Beijing-based payment processor PayEase is partnering with KG Inicis, a South Korean payment provider on electronic payments in their respective markets.
The two firms aim to establish a cross-border settlement network of e-commerce payment services that will bring more convenient payment options to Chinese consumers and help bring international sellers to the South Korean market.
PayEase, an affiliate of mobile payments and commerce provider Mozido, processes debit and credit cards in China through 23 banks as well as China Union Pay, Visa, MasterCard and JCB. KG Inicis is supported by 33 banks and three international credit cards.
"This strategic partnership with KG Inicis provides more convenient and secure payment services for the many businesses and consumers within both China and South Korea," Michael Liberty, Mozido founder and chairman of strategic global initiative, said in a news release, adding that it would also "develop foreign markets, expand online and offline payment services, and provide customers within China and South Korea more options and better service."
Payment companies often face cultural, regulatory and currency challenges when entering new markets, leading an increasing number of companies to cooperate with local companies on the ground to share technology, compliance and other skills.