Mozido, a cloud platform mobile payments and retail engagement solutions provider, has acquired PayEase, a technology and payments company, to introduce its products and solutions to China.
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Through the acquisition, Mozido will gain a cross-border payment gateway that allows foreign merchants to do business in China by processing RMB transactions and converting them to the merchants’ home currency, and remitting it to the merchants’ domicile countries.
Headquartered in Beijing, PayEase, will benefit Mozido with its network that can process 99.99% of debit and credit cards in China via its direct connections with 23 banks and connections to China Union Pay, Visa, MasterCard and JCB.
Mozido founder and chairman of global strategic initiatives Michael Liberty said: "China is an important geography in Mozido’s mission of providing the world with easy and accessible mobile financial services, and the addition of PayEase Corp positions Mozido as the leading US financial services provider to have operations inside of China."
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