Payment services provider Vesta Corporation's Chinese subsidiary, KPay, has officially launched retail payment services for the Beijing transit card.
The stored value transit cards use contactless IC technology. This intelligence eliminates the need for cards to be swiped. Instead, cards are simply placed near sensors at checkout facilities. Over 12 million transit cards have been issued to commuters in Beijing for use in buses, subways and taxis. Now, the Beijing city government has contracted with Vesta's Chinese subsidiary KPay to extend the transit card payment network into retail payments.
"Our experience during the test phase indicates that commuters will readily adopt the transit card for non-cash retail payments, which are convenient, fast and secure," said Doug Fieldhouse, CEO and president of Vesta Corporation.
KPay leveraged its existing merchant relationships with major convenience stores, supermarket chains and restaurants in Beijing, including Lianhua, Hao Ling Zhu, Jingkelong, and Huapu, to install the new payment system. The new system is fast, reliable and simple to use, allowing these Beijing merchants to offer a more convenient means of payment to their customers. And with 12 million transit cards already issued, retailers expect that this new payment option will be very popular with consumers.
"KPay's point-of-sale network can also offer value-added services for merchants, including loyalty and discount programs and other card payments options," said Lu Hong Fa, General Manager of KPay. "Our versatile point-of-sale terminals are capable of accepting not only contactless cards but also bank debit and credit cards."