MasterCard and KG INICIS announce online payment services partnership
Date: Jan 30, 2013
Categories: Retail Banking, Technology & Operations
Keywords: MasterCard, KG INICIS
Seoul, January 25th 2013 - MasterCard Worldwide today announced a strategic alliance with Korea’s leading electronic payment gateway service company KG INICIS for online payment services in Korea. This alliance seeks to encourage cross-border online transactions in Korea – enabling overseas consumers to easily make purchases from Korean online merchants using a MasterCard card.
The signing of the strategic alliance, which took place on January 24 at the MasterCard Asia/Pacific Regional Headquarters in Singapore, will see MasterCard and KG INICIS work together on providing both global and local merchants with one-stop Payment Gateway (PG) services. When global merchants that use MasterCard’s PG solutions enter the Korean market, KG INICIS will process their online shopping mall transactions in Korea and when KG INICIS’ online merchants expand into overseas markets, the two companies will cooperate to provide one-stop PG services to the merchants.
As part of the collaboration with KG INICIS, cross-border shoppers will also have the option to pay for their purchases using MasterCard’s PayPass Wallet that will enable a hassle-free shopping experience no matter where and how they shop. Foreign PayPass Wallet users will be able to shop conveniently on KG INICIS online merchants including travel agencies, duty free shops, department stores, and fashion shopping malls. PayPass Wallet Services, a global offering for banks, merchants, and partners will make it faster and easier for their customers to make purchases in stores or online by allowing them to securely pay with a simple click of the mouse, touch of the tablet screen or tap of the smartphone. The two companies will also work together to seek various business opportunities in e-Commerce areas where two companies’ solutions can be leveraged.
Kyu Young Koh, CEO of KG INICIS, said, “Amid the rapidly changing e-Commerce market, the strategic alliance with MasterCard will be an opportunity for us to expand into the global market and strengthen our service differentiation based on our competitive advantages in the Korean e-Commerce market,” and added “we will work to maintain our leadership position in the electronic payment market via cooperation with global companies.”
“MasterCard is delighted to cooperate with KG INICIS, leader of the Korean PG market, in the e-Commerce industry,” said Dongchun Choi, country manager, Korea, MasterCard Worldwide. “Through the strategic alliance, we aim to contribute to the advancement of the Korean e-Commerce market by introducing MasterCard’s innovative payment solutions such as PayPass Wallet and virtual card number services that make online shopping safe and easy, as well as help Korean payment service providers expand into the global market.”
Re-disseminated by The Asian Banker