Page 41 - GS140601
P. 41
CoverStory
China express What Fisher observed was that larger banks and
processing networks in China were inaccessible for
As the most populous BRIC nation, China also enjoys the partnership with smaller players at the time, which may
largest e-wallet usage. According to WorldPay, 44 percent have changed since then, he said. He also noted that to
of transactions in China are made using e-wallets. With register with the Chinese government, a substantial
an estimated 618 million Internet users, China recently financial commitment was required. As a consulting
surpassed the U.S. market in online commerce. And company, a minimum investment of $250,000 over a two-
China UnionPay debit cards became the most popular year period was required; for an ISO, the investment was
payment method in the world based on purchase volume closer to $2 million.
in 2013, according to The Nilson Report.
Total System Services Inc. (TSYS) did form a successful
California-based Acquiring Solutions International Inc., joint venture with China UnionPay in 2005, creating
which specializes in card-not-present and business-to- China UnionPay Data Services Co. Ltd. According to
business payment processing, established partnerships TSYS, this is the only payment network sanctioned by the
in Europe and Japan before targeting China in the mid- People's Bank of China. From May 2011 to July 2013, the
2000s. People's Bank of China issued 250 payment licenses, with
offline acquiring, Internet payment and mobile payment
"We opened what is known as a Wholly Foreign Owned businesses topping the list.
Enterprise, or a WFOE, and registered as a consulting
company in the Shanghai bankcard industry market," "It remains difficult to predict the future direction for
said Michael Fisher, President of ASI. "I was spending Chinese payments, given the incredible speed of change
about half my time there for a period of nearly two years." and the need for the legal and regulatory landscape to
Although fluent in Mandarin, Fisher hired a full-time catch up with the market," said WorldPay's Owen. Even
interpreter to assist administratively. so, the BRIC bloc holds tremendous potential for anyone
willing to navigate rocky waters.
"We were looking ultimately to enter into a joint venture
with a local business to set up an ISO to acquire Chinese
merchants," Fisher said. "We never got to that stage."
Instead, they sold their interest in the company.
China express What Fisher observed was that larger banks and
processing networks in China were inaccessible for
As the most populous BRIC nation, China also enjoys the partnership with smaller players at the time, which may
largest e-wallet usage. According to WorldPay, 44 percent have changed since then, he said. He also noted that to
of transactions in China are made using e-wallets. With register with the Chinese government, a substantial
an estimated 618 million Internet users, China recently financial commitment was required. As a consulting
surpassed the U.S. market in online commerce. And company, a minimum investment of $250,000 over a two-
China UnionPay debit cards became the most popular year period was required; for an ISO, the investment was
payment method in the world based on purchase volume closer to $2 million.
in 2013, according to The Nilson Report.
Total System Services Inc. (TSYS) did form a successful
California-based Acquiring Solutions International Inc., joint venture with China UnionPay in 2005, creating
which specializes in card-not-present and business-to- China UnionPay Data Services Co. Ltd. According to
business payment processing, established partnerships TSYS, this is the only payment network sanctioned by the
in Europe and Japan before targeting China in the mid- People's Bank of China. From May 2011 to July 2013, the
2000s. People's Bank of China issued 250 payment licenses, with
offline acquiring, Internet payment and mobile payment
"We opened what is known as a Wholly Foreign Owned businesses topping the list.
Enterprise, or a WFOE, and registered as a consulting
company in the Shanghai bankcard industry market," "It remains difficult to predict the future direction for
said Michael Fisher, President of ASI. "I was spending Chinese payments, given the incredible speed of change
about half my time there for a period of nearly two years." and the need for the legal and regulatory landscape to
Although fluent in Mandarin, Fisher hired a full-time catch up with the market," said WorldPay's Owen. Even
interpreter to assist administratively. so, the BRIC bloc holds tremendous potential for anyone
willing to navigate rocky waters.
"We were looking ultimately to enter into a joint venture
with a local business to set up an ISO to acquire Chinese
merchants," Fisher said. "We never got to that stage."
Instead, they sold their interest in the company.
