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TMCNet:  Allied Wallet Acquires One of the Largest Chinese Payment Processors

[January 21, 2014]

Allied Wallet Acquires One of the Largest Chinese Payment Processors

LOS ANGELES --(Business Wire)--

Allied Wallet, a top provider of online credit card processing, multi-currency merchant services, and a PCI (News - Alert) Level 1 secured payment gateway, has acquired one of the largest Chinese payment processors in Hong Kong, CloudAsia.

Allied Wallet began its talks with CloudAsia in mid-2013 and took note of CloudAsia's exemplary growth in Asia. CloudAsia quickly picked up e-commerce merchants all over Asia with a service that Allied Wallet considers very similar to their own in quality.

Allied Wallet has acquired the fast-growing Chinese payment processor and believes this will stimulate their growth in Asia. Acquiring the Chinese payment processor will give Allied Wallet more access to consumers and local banks in all regions of Asia including Indonesia, Korea, Malaysia, and mainland China.

Allied Wallet has connected buyers and sellers globally by making it simpler for them to transact. With their global relationships, they've enabled users to securely spend or accept in 164 currencies. With this acquisition, Allied Wallet will now offer their solution to millions of new users throughout Asia.

"We're happy to acquire a company that has had the level of success of CloudAsia, and we are excited to bring our solution to millions of new merchants across Asia. There are over 538 million internet users in China alone and we will be giving them a safer, better way to pay online," said CEO Andy Khawaja.

With over 2.3 Billion China UnionPay cardholders in Asia and abroad, Allied Wallet is sure to see exponential success in this region with their recent acquisition and bring a state-of-the-art payment solution to new merchants and CloudAsia's previous clientele.

About Allied Wallet:

Allied Wallet continues to revolutionize the e-commerce industry by introducing new and innovative payment processing solutions for online merchants, enabling them to send and receive global payments. With PCI compliant merchant services for nearly any business size, Allied Wallet provides a state-of-the-art payment gateway to optimize online transactions. Please visit www.alliedwallet.com/acquires-cloudasia.


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