Sino Payments, Inc., a provider of IP credit and debit card processing services to large retail chains in China and throughout Asia, including supermarket chains and large regional multinational retailers, recently announced that the company is deploying its proprietary SinoPay Global Processing Platform (GPP) in Shanghai and Macau to service Asian regional retailers.
SinoPay GPP converts transaction processing systems from dial up point-of-sale terminals to a modern seamless IP transaction process, which reduces credit and debit card transaction checkout processing times by half. According to the Peoples Bank of China, the volume of bankcard-based transactions in China reached 16.7 billion, totaling roughly $18.6 trillion in 2008, up 22.5 percent over 2007.
â€œAs the conversion from old dial up point-of-sale credit card terminals to Internet Protocol integrated card processing terminals picks up in Asia as it has at most retail chain stores and supermarkets in Europe and America, Sino Payments is poised to become the market leader in Asia,â€ stated Matthew Mecke, chairman and chief executive officer of Sino Payments. â€œThe number of transactions and the size of the market in Asia are now huge with the growth in China debit card volumes since 2002 and now is the time for Sino Payments to begin providing IP card processing to Asiaâ€™s leading retailers.â€