Sino Payments Inc. has received a five-year service agreement to provide electronic funds processing for Sogo Department Stores in Hong Kong.
The service order was received from venture partner TAP Group through the company's subsidiary Tap e-Payment Services (HK) Limited.
Sino Payments states that even with a 50% rise in year on year merchant locations accepting cards in China since 2002, the growth in the electronic transaction-processing sector remains significantly underserved. An estimated 10% of China's merchants accept credit and debit cards leaving room for unprecedented growth.
Sogo Department Stores is considered to be one of the largest and most preferred shopping destinations in Hong Kong and Shanghai. With estimated annual sales in Hong Kong in excess of USD335 million, Sogo represents a significant opportunity for Sino Payments Inc. to provide IP transaction processing for their credit and debit card sales.