China’s Tenpay, American Express Join For International Internet Payment Services
Tenpay, the Internet payment subsidiary of Chinese technology firm Tencent, and American Express have reached an agreement to jointly provide Internet payment services to Tenpay’s overseas users who purchase goods from American Express vendors.
With the cooperation, Tenpay’s users can reportedly go to the cross-border online shopping platform Globaleshop via American Express, and complete online shopping on websites in the U.S. and U.K.
Luke Liu, general manager for Tenpay, told local media that the cooperation with American Express will help accelerate Tenpay’s business expansion and its entry into the cross-border Internet payment sector. More importantly, Tenpay’s users will be able to enjoy global shopping discounts and stable shipping.
Dave Keung, senior vice president of American Express, also reportedly stated it is the first time for American Express to cooperate with a third-party online payments provider in China to boost users’ access to online shopping sites outside the country.
Owned by American Express, Globaleshop.com has provided many Asian countries and regions, including China, with credit card-based cross-border Internet shopping platform services.
At the end of May 2011, 27 companies, including Tenpay, gained the first batch of third-party payment licenses issued by the People’s Bank of China. So far, Tenpay has reportedly over 150 million registered users.