Alliance boosts e-frastructure in Korea and China

Business-to-consumer payment systems will benefit from an alliance between a Korean and Chinese e-payment companies.

Payment gateway systems in China and Korea are set to benefit from a collaboration of two players in the payment solutions market. Korea's CyberNet Information System CIS and Shanghai-based Huateng Software Systems Co Huateng have formed an alliance to develop internet payment and integrated circuit IC card terminals and solutions for both nations.

IC card terminals are capable of various payment-processing functions, including credits and debits, electronic cash payments and loyalty programmes, explains Young Hye Song, marketing manager for CIS. The device stores data using encryption algorithm, making counterfeiting difficult.

The technology that Huateng created for Chinese online vendors will be used to develop the internet payment system for Korean...

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