PayEase has signed a new agreement with CyberSource for the provision of fraud management services to protect Chinese domestic online payments, announced Chinese payment-service pioneer today.
CyberSource is a Visa company and one of the world's largest providers of eCommerce payment management services.
The two companies have been in a business relationship since 2009 when PayEase became the first mainland China payment service provider (PSP) to use CyberSource's Decision Manager for cross-border transactions.
The significance of this expanded deal is that it will cover PayEase's domestic China business - another first, said the company in a media statement.
"PayEase has successfully used Decision Manager for cross-border fraud control over the past few years and recognises the value it brings to their growing and expanding business," said Poon Khye Wei, regional director of Greater China and Korea for Cybersource. "Decision Manager helps detect fraudulent behaviour using a wide array of tests. PayEase will continue to benefit from this powerful feature when it starts to use Decision Manager for managing domestic fraud. This will enable PayEase to provide a more convenient, safer method of payment in the domestic market."
The add-on development work has been completed and the enhanced service is now available, said the service provider.
Online retail sales in China have soared in recent years and are expected to hit US$360 billion by 2015, according to The Boston Consulting Group, up from around US$121 billion in 2011.