Munich / Hong Kong:, 30.10.2009

PAY.ON wins contract from Sino Payments for online payment processing in Asia

PAY.ON AG and Sino Payments, Inc. (OTCBB: SNPY) announced that they have concluded a referral agreement for physical IP credit and debit card e-commerce processing in Asia, in addition to a services agreement for international e-commerce servicing. Contracting partner of Sino Payments is PAY.ON Asia Ltd., headed by Dr. Tschangiz Scheybani. PAY.ON Asia is a fully owned subsidiary of PAY.ON AG, based in Munich, Germany.

Sino Payments will deploy the PAY.ON global payment platform PaySourcing for processing e-commerce transactions from its customers worldwide in multiple currencies including US dollar. PaySourcing is a fully PCI-certified payment platform that enables online payments by classical as well as alternative payment methods, thus enhancing the local market penetration rate for its clients.

The global payment technology and transaction processing of PAY.ON will enable Sino Payments to serve its merchants worldwide by integrating solutions that specifically meet domestic and international payment demands.

Sino Payments aims to further strengthen their position as a leading provider of IP payment services throughout Greater China and Asia by providing Chinese and regional merchants with new technologies and expertise to solve persistent issues with slow and outdated payment solutions. The cooperation with PAY.ON will enable Sino Payments to upgrade their merchants' infrastructure and to make online transactions and payment processing more efficient. Furthermore, merchants will profit from a global system that is easily deployable in Asia.

Robert Kuzelj, CEO of PAY.ON, stated: “We are delighted about the agreements between Sino Payments and PAY.ON. With Sino Payments, we were able to win an additional international partner for our payment technology and to further strengthen our position in the Asian market. We have once more shown that our technology is truly global, and meets local payment demands anywhere in the world.”

Sino Payments President and CEO Matthew Mecke added: "This agreement and the service relationship will enable Sino Payments to deploy e-commerce processing solutions worldwide without the need for Sino Payments to open offices and technical systems around the globe. I am looking forward to rolling out Sino Payments new processing services for our merchants as a result of this agreement with PAY.ON.”

Press Release regarding contract with Sino Payments - [51 KB]