BEIJING, Aug. 18, 2015 /PRNewswire/ -- CyberSource, a Visa Inc. company (NYSE: V), and one of the world's largest providers of eCommerce payment management services, today announced a partnership with Qunar, one of China's largest[1] travel search engine and booking sites. This agreement will allow Qunar to provide safe and secure payment services while extending its global customer reach.
Through this partnership, Qunar will utilize CyberSource's global payment gateway services to process international online and mobile payments from various card types and from multiple card brands and issuers. Qunar will also use CyberSource Decision Manager, a fraud management tool, to refine and enhance its automated fraud screening capabilities. These solutions will help Qunar to expand its business globally in a fast and secure fashion, while also helping to elevate buying experience for its customers.
China is known to be the largest travel market in Asia Pacific[2]. The country's rising middle-income class accounts for more than 70 percent of its population who use online services[3]. On top of that, tech-savvy travelers are shifting towards the online channel at an exponential rate[4], where they can plan and customize their trips from accommodation, flights, travel deals and packages that match their needs at the best prices. In the increasingly competitive online travel industry, companies that enable a wide spectrum of payment acceptance, while implementing effective fraud management practices, can enable a higher number of successful transactions while improving travelers' payment experience.
"As more travelers embrace the online and mobile channel for their travel bookings, we see great prospects for growth for our business," said Zhuang Chen Chao, Chief Executing Officer of Qunar. "As a one-stop online travel information source, we are committed to delivering end-to-end travel experience with top-notch quality to our customers. With CyberSource payment management services, we are able to enhance the end-user payment experience by allowing them to pay the way they prefer in a fast and secure manner. Furthermore, as we expand to reach customers globally, we are confident that with CyberSource's consolidated payment management platform, we can reduce our total costs of operations while scaling overseas. Ultimately, the cost-savings will help us improve the competitive advantage of our services as we expand our business."
In addition to the global payment gateway, Qunar will also have access to CyberSource's comprehensive fraud management tool, Decision Manager. The tool, which features the World's Largest Fraud Detection Radar, will allow Qunar to pinpoint fraud faster, more accurately and with less manual intervention. This is achieved by screening inbound orders against data and correlations from more than 60 billion transactions processed by Visa and CyberSource annually. The transaction data is supplemented by 260 validation and correlation tests, which enable the solution to effectively expand the depth and breadth of visibility in transaction patterns.
"In the global online travel sector, customers often look out for three main things -- comprehensive information, competitive prices and a frictionless buying experience. CyberSource recognizes that providing a hassle-free end-to-end online payment experience is intrinsic to building customer loyalty. We are delighted to work with Qunar to help achieve its business objective of global expansion with an efficient online payment environment using the CyberSource global payment gateway. On top of that, by implementing CyberSource Decision Manager, we also strive to help Qunar to further establish a secure and reliable presence as it expands into international markets," said Poon Khye Wei, Senior Regional Director, Greater China and Korea, CyberSource.
About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 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. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
About Qunar Cayman Islands Limited (Qunar)
Qunar, founded in May 2005 and headquartered in Beijing, is setting the pace in the home wireless and online travel market. Qunar is committed to establishing an ecosystem for the value chain of the tourism industry, and changing the way people travel by technology. Via its own technology platform, the company organizes the supply and demand of tourism effectively to meet the needs of travel suppliers and travelers. Qunar provides technology infrastructure for travel suppliers through mobile applications and online platform. For travelers，Qunar provides them not only domestic and international air tickets, hotels, vacations, tourism group-buying, and thoroughly travel information anytime and anywhere but also helps travelers find the highest cost-effective products, the best quality information and convenient book, arranging the travel smartly, by its own website and mobile client platform. As of the end of September 2014, its website had more than 44.74 million monthly unique visitors, topped the list, according to iResearch. By the end of March 2015, Qunar's search scope covers 9,000 or so online travel agencies, over 280,000 flight routes, 1.03 million hotels, 850,000 vacation routes, 10,000 tourist attractions, and more than 200,000 group-buying products. Qunar's mobile application was named as the best Chinese original travel app and has more than 80 million downloads by the end of the first quarter. Qunar is a mobile client that is the most installed and used by the users who want to query traveling information by mobile phone. For more information about Qunar, please visit http://www.qunar.com.
Sources:
[1] Tnooz, Qunar overtakes Ctrip as China's biggest travel site, booming on mobile sales, February 5, 2013
[2] Phocuswright, Asia Pacific Surpasses Europe to Become World's Largest Regional Travel Market, November 2013
[3] World Travel Fair, China online travel market and outbound destinations are driving the growth of tourism industry
[4] Phocuswright, Asia Pacific Surpasses Europe to Become World's Largest Regional Travel Market, November 2013
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