HONG KONG, Nov. 8, 2016 /PRNewswire/ -- Joint Electronic Teller Services Limited (JETCO) proudly collaborates with CyberSource, a Visa Inc. company (NYSE: V) and one of the world's largest providers of eCommerce payment management services, to capture the growth opportunity in eCommerce and reinforce JETCO as a one-stop provider of eCommerce payment solutions for consumers, businesses and merchants. This agreement helps financial institutions in Hong Kong and Macau to expand their merchant acquiring businesses for online merchants and offer them the latest popular payment options including digital mobile payment options like Visa Checkout and in-app purchase.
This agreement enables the two companies to leverage on one another's complementary strengths. As a result of coupling JETCO's extensive bank network and local industry expertise with CyberSource's world class eCommerce payment platform, the JETCO payment gateway service now caters to the largest range of Hong Kong and Macau online businesses by offering various types of card and alternative payment options in a fast and secure manner. This agreement will also allow JETCO to offer enhanced online payment security featuring CyberSource's payment tokenisation, as well as rich fraud analytics and real time fraud detection via CyberSource Decision Manager. These value added services will further ensure lower fraud risk and streamline the checkout process, while consumers can enjoy a quick, secure and hassle-free eCommerce online payment journey.
As part of the collaboration, JETCO's eCommerce merchants will eventually benefit from CyberSource Decision Manager, which features the World's Largest Fraud Detection Radar to screen transactions against insights from over 68 billion transactions processed by Visa and CyberSource annually.
Teresa Wong, Head of Market Development, CyberSource Asia Pacific, said: "Consumers in Hong Kong are tech savvy and more connected than ever with internet penetration standing at 79%[1], while eCommerce is on the rise with mobile shoppers making 23% more purchases on the go[2]. Hong Kong's digital commerce space has immense growth potential and merchants are increasingly looking to tap into the growth opportunity in this space. CyberSource is delighted to work with JETCO to enable an enhanced and secure online payment solution so as to support the company's member banks to achieve its business objectives."
| [1] Consumer Barometer 2015 |
| [2] 2015 Visa eCommerce Consumer Monitor Survey |
JETCO Chief Executive Officer Angus Choi described the collaboration as a significant development in JETCO's payment gateway offerings, saying: "Our collaboration with an industry leader like CyberSource will not only offer our member banks access to advanced payment gateway services, but also provide strong local support while they expand their merchant acquiring business. In order to make eCommerce payment processing easy for businesses, we are always striving to offer total payment solutions suited for the varied business needs of merchants, which will in turn provide consumers a seamless online shopping experience."
About Joint Electronic Teller Services Limited
Joint Electronic Teller Services Limited ("JETCO") was established in 1982 by five banks, namely, Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; OCBC Wing Hang Bank Limited (formerly Chekiang First Bank Limited); Shanghai Commercial Bank Limited and Wing Lung Bank Limited. In 2015, China UnionPay Co. Ltd. became a strategic investor of JETCO. Today, JETCO has over 30 member banks in Hong Kong and Macau and supports a range of banking services to these member banks covering both regions.
JETCO currently operates more than 3,000 ATMs in Hong Kong, Macau and over 20 cities across mainland China offering convenient and reliable local and cross-border ATM services. JETCO also provides a range of value-added services to help member banks deliver innovative and secure online and mobile banking services to their customers. In early 2016, the company launched the JETCO Pay P2P inter-bank platform in partnership with 12 banks, which allows customers of these banks to transfer funds directly to account holders of major local banks anytime and anywhere with just the recipient's mobile number.
For more details, please visit www.jetco.com.hk.
About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 475,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami/Sao Paulo and Reading, U.K. For more information, please visit www.cybersource.com/asiapacific.
Jareth Cheng
Ying Communications
+65-3157-5628
jareth.cheng@yingcomms.com
