ASCHHEIM, Germany, Nov. 14, 2019 /PRNewswire/ -- Wirecard, the global innovation leader for digital financial technology, continues to expand its business with major Chinese partners through a new cooperation with YeePay. As the leading independent mobile and online acquirer in China for the airline and travel industry, YeePay serves all Chinese commercial airlines and major travel agencies. Wirecard and YeePay will cooperate to provide payment processing services to these customers outside of China.
YeePay, a leading e-payment service provider in China, reported a transaction volume in airline and travel of EUR 34 billion in 2018, with nearly all transactions being online-based. By working with Wirecard, YeePay can now facilitate international payments with a potential transaction volume of more than EUR 17 billion which will be handled by Wirecard. The companies will leverage their payment technology and licenses to give current and new customers of YeePay a convenient and regulatory checkout process. Travel agencies, airlines and consumers outside of China will benefit from this improved service offering.
"We are proud to enter into a partnership with YeePay and leverage on their status and expertise in the Chinese airline and travel market," commented Jörg Möller, EVP Travel & Mobility at Wirecard. "Wirecard is already one of the largest international acquirers for airlines outside of China, working with more than 100 airlines globally. This cooperation with YeePay and its customers enables us to further expand our presence in this ever-growing market segment."
"As the acquiring partner of choice for China's airlines, we are constantly seeking new partnerships that can strengthen our service offering," added Bin Tang, CEO at YeePay. "With Wirecard we are extending our footprint on a global scale, and as a result can offer our customers a modern and innovative payment experience, no matter where in the world they are."
Wirecard (GER: WDI) is one of the world's fastest growing digital platforms in the area of financial commerce. We provide both business customers and consumers with a constantly expanding ecosystem of real-time value-added services built around innovative digital payments by using an integrated B2B2C approach. This ecosystem concentrates on the areas payment & risk, retail & transaction banking, loyalty & couponing, data analytics & conversion rate enhancement in all sales channels (online, mobile, ePOS). Wirecard operates regulated financial institutions in several key markets and holds issuing and acquiring licenses from all major payment and card networks. Wirecard AG is listed on the Frankfurt Stock Exchange (DAX and TecDAX, ISIN DE0007472060). Visit us on www.wirecard.com, follow us on Twitter @wirecard and on Facebook @wirecardgroup.
Established in 2003, YeePay is one of the leading payment service providers in China. The company provides total payment solutions for the enterprise, integrating multiple payment channels including online, mobile and offline in the frontend, and streamlining settlement processes in the backend. YeePay's key advantage is customized solutions and value-added services for industry verticals including airline and travel, new retail, Internet finance, administration and education, cross-border etc. YeePay holds the payment license from People's Bank of China and the cross-border license from State Administration of Foreign Exchange.
Bloomberg: WDI GY
These press releases may also interest you