Portland, Oregon — March 17, 2009 — Vesta Corporation, a global pioneer and leader in electronic payment solutions, recently announced that its Kuaipay Ltd. (KPay) division has begun processing consumer purchases in Beijing Wal-Mart stores. The service leverages stored value payment cards produced by the Beijing Communication Transit Card Company and allows cardholders to swipe their Transit Card to pay for goods at any of Beijing’s seven Wal-Mart stores. Each store has 40 to 50 cash registers and transactions are settled in seconds.
“Offering the Transit Card as a payment device will greatly increase convenience for Wal-Mart shoppers,” said Wal-Mart Vice President Barry Friedman. “With over 25 million Transit Cards in circulation in Beijing, we anticipate a profound impact on Wal-Mart sales.”
The contract with Wal-Mart stores furthers the commercial expansion of the KPay network and Beijing Transit Card alliance. Other KPay-supported retailers include bakery stores, drug stores, restaurants, bookstores, snack shops, and cinemas. The network was also used in hospitality events during the Beijing 2008 Olympic Games.
“This technology answers the Chinese Government’s call for increased convenience for customers,” said Lu Hong Fa, CEO of Beijing Kuaipay Ltd. “We are pleased to add Wal-Mart to the many Beijing retailers offering the contactless transit-based payment device in their stores.”
Kuaipay (KPay) is a division of Vesta Corporation, a worldwide leader in value-added payment solutions for a variety of industries. KPay’s business is a pre-paid scheme for retail in Beijing, where funds can be added to an IC stored value card for use in the transportation system and a variety of retail outlets throughout the city. The Beijing city government issues the cards for use by commuters in the city’s transit systems including buses, subways and taxis, and has granted KPay the first concession to extend use of the cards into retail and other services. KPay has built out a payment network of point-of-sale terminals (“POS”) to process card transactions at thousands of retail outlets in the city. For more information, visit www.kuaipay.com
Headquartered in Portland, Oregon, with operations in Europe and China, Vesta has been a pioneer and worldwide leader in electronic payment solutions since 1995. Vesta has established long-term, successful relationships with leading international companies including AT&T, Boost Mobile, China Mobile, China Unicom, Ericsson, Meteor Mobile Communications, Payzone, Sprint, T-Mobile, Tele2, and Verizon.
Scott Boucher
Manager, Corporate Communications
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+1 (503) 790-2500