From the Wires
The Official Launch of Tenpay American Express(R) Virtual Pay
By: PR Newswire
Nov. 19, 2012 11:11 PM
BEIJING, Nov. 19, 2012 /PRNewswire/ -- Tenpay, a leading third-party online payment platform in China, announced the launch of "Tenpay American Express® Virtual Pay" – the first virtual pay product introduced by Tenpay on its platform with state-of-the-art security features supported by the American Express network, making overseas online shopping more secure than ever.
Tenpay American Express Virtual Pay comes with a "one time password" security function which automatically generates a different password for each online transaction made by Tenpay customers. Customers need not worry about their passwords being compromised as the password can be used only once thus safeguarding their Tenpay accounts when doing overseas online shopping.
Tenpay American Express Virtual Pay also enables Tenpay customers to shop for fashion, electronics, cosmetics, books and audio & video products, and other retail goods at many overseas online merchants accepting American Express, such as Bloomingdales, Beautyexpert.co.uk., Apple AppStore. They can also shop at international airlines and hotels websites, such as Finnair, Agoda, for air tickets and hotel accommodations.
Jim Lai, General Manager, Tenpay, said, "Tenpay American Express Virtual Pay customers can settle in RMB when they shop at overseas online merchants to enjoy the same settlement experience that they are used to with domestic online merchants."
Shopping at online merchants that require U.S. shipping addresses will no longer be a problem for Tenpay American Express Virtual Pay customers. With globaleshop from American Express -- a transshipment service for Tenpay American Express Virtual Pay customers, customers would be designated a U.S. address to complete their purchases, and have the goods forwarded to their home address in China.
To encourage Tenpay customers to use this new service, Tenpay is offering multi-promotional offers including Tenpay Points and Q coins for customers who activate their Tenpay American Express Virtual Pay. The first 1000 customers who use their Virtual Pay privilege will also stand a chance to win cash vouchers. Customers can also enjoy exclusive offers provided by Finnair, Agoda, Beautyexpert.co.uk, Bloomingdales and comGateway. More offers and benefits will be added in the future exclusively for Tenpay American Express Virtual Pay customers.
Kula Kulendran, Executive Vice President and Head of Global Network Services, Japan, Asia Pacific, Australia, American Express, said, "The partnership with Tenpay is a milestone for American Express' development in China. The "one time password" security function provides Chinese consumers with peace of mind in terms of security. We believe this new product will drive further business opportunities for both Tenpay and American Express."
Jim Lai, General Manager, Tenpay, said, "Our partnership with American Express will not only strengthen our competitive edge against other third-party payment service providers in China, but also greatly accelerate our business development in cross-border online payment market segment by providing Chinese consumers great value and convenience with online shopping."
Tenpay, an integrated payment platform launched by Tencent to meet the needs of its 1.1 billion QQ users, has grown into one of China's leading online payment platforms. Tenpay commits to provide airlines, logistics, insurance, games, B2C business and other industries with professional and secure online payment solutions. As the end of 2011, the registered Tenpay users accounts amounted to 190 million.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Since 1996, American Express has been pursuing a strategy of opening its merchant network and card product portfolio to third party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide. American Express has now established 146 partnerships in 159 markets across the world. Learn more at www.americanexpress.com/gns.
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