HONG KONG, June 9, 2009 (GLOBE NEWSWIRE) -- Sino Payments, Inc. (OTCBB:SNPY) was created in 2007 with the purpose of providing credit and debit card processing services to supermarket and retail chain stores in Asia with a particular focus on China. Sino Payments is deploying its proprietary SinoPay GPP (Global Processing Platform) in Shanghai and in Macau to service Asian regional retailers.
According to the Peoples Bank of China, in 2008, the volume of bankcard-based transactions in China stood at 16.7 billion, with the total value of approx. $18.6 trillion, up 22.5 percent and 14.1 percent respectively over 2007. By the end of 2008, the inter-bank bankcard payment system covered 1.2 million merchants, 1.8 million POS machines and a total of 1.8 billion (mostly debit) cards issued to date.
Key market opportunities for Sino Payments in Asia outside of China are regional chain store retailers with an international presence either based in Asia or based in Europe or America with growth aspirations in terms of store locations in Asia.
As ecommerce and online gaming grow in importance in Asia, Sino Payments will also be well positioned to provide card processing services to these merchants.
Matthew Mecke, Chairman & CEO of Sino Payments, stated, "As the conversion from old dial up Point of Sale credit card terminals to Internet Protocol integrated card processing terminals picks up in Asia as it has at most retail chain stores and supermarkets in Europe and America, Sino Payments is poised to become the market leader in Asia. The numbers of transactions and the size of the market in Asia are now huge with the growth in China debit card volumes since 2002 and now is the time for Sino Payments to begin providing IP card processing to Asia's leading retailers."
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a Nevada incorporated US Company with offices in Hong Kong. Sino Payments' proprietary IP transaction processing system (SinoPay GPP) was designed to convert transaction processing systems from old type dial up point of sale systems connected to sophisticated check out terminals to a modern seamless IP transaction process, thereby reducing credit and debit card transaction processing times by half at checkout. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains in China and throughout Asia including supermarket chains and large regional multinational retailers.
The Sino Payments, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6215
FORWARD-LOOKING-STATEMENT:
Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Sino Payments, Inc. results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release, and Sino Payments, Inc. undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.