House & Home
House and Home
House and Home 
Mon, January 12, 2009
Rahaxi, Inc.: Rahaxi Platform to Connect China Pay Clients With European Travel and Hospitality Sites Using China Union Pay
DUBLIN, IRELAND--(Marketwire - January 12, 2009) - Rahaxi Inc. (
In Todays economy, e-commerce merchants are seeking new revenue streams that were previously unavailable. Rahaxi, together with its Partner Chinapay, a subsidiary of China Unionpay(CUP), have created a platform that will enable European Banks and Merchants to connect its gateway to accept Chinese Credit Cards for the first time. All CUP card holders can now book online flights and make hotel and car reservations, prior to departing to Europe. Previously most CUP cardholders needed to use travel agents in China and were restricted to group tours. This lets the individual card holder make there own plans when visiting Europe on business or pleasure.
In recent news regarding China Unionpay and their partnership with Sumitomo Mitsui Financial, which will enable 100 Japanese companies to except CUP cards online... Reportedly expecting first year sales to reach 4 billion yen ($44.3 million US) purchasing cosmetic and clothes, Rahaxi and China Pay's offering to European Banks and Merchants should easily exceed this as the average traveler spends approximately 2900 Euro on an average for a four to five day visit. Analysts forecast as of Dec-2008 the number of cardholders reached over 1.8 billion, making China by far the largest card market in the world by card numbers.
Paul Egan, CEO and Chairman of Rahaxi Inc., explained, "We are expected to work with over 500 e-commerce travel and hospitality sites in our first year. This is a first for European Merchant sites being able to accept China Pay clients using CUP (China Unionpay) cards over the internet outside of China. We have been working with China Unionpay for the last four years and have now extended our Unionpay offering from the Retail terminal to the internet. We believe Banks and Merchants will embrace this new revenue stream. China's Card market now boost over 1.73 Billion credit and debit cards in Circulation up 18% from last year making it the largest growing card market in the world today. We believe the opportunity to purchases goods and services by CUP card holders over the internet will boost revenue as merchants and Banks begin the process. Together with our partner China Pay, Rahaxi's platform opened the door for European Merchants to the most lucrative online market in the world."
Link to related release:
About ChinaPay
Founded in 1999, ChinaPay, the online payment subsidiary of China UnionPay, is a government-backed, cross-bank bank card information switch network and professional internet payment service provider. Supported by People's Bank of China and China UnionPay, combining advanced electronic payment technology and professional financial service, ChinaPay is able to provide all cardholders and merchants with safe bank card payment and fund settlement services. Based on new channel such as internet, ChinaPay, which has a unified national payment platform, engages in online e-payment service, telephone payment, inter-bank transfer, online fund trade, self-service terminal and other alternative online payment methods and value-added services.[ http://www.chinaunionpay.com/ ]
About Rahaxi Inc.
Rahaxi Incorporation provides mission critical solutions to the financial industry worldwide. Working with merchants and acquires in over twenty countries, our product suite has empowered partners to focus on their core competencies, while our innovative driven approach has allowed them to benefit from first to market advantage and realize their true potential. Rahaxi Incorporation has adopted a partnership strategy for growth. Our partners are market leaders in their respective industries. These include IKEA, Finnair and Stockman. Our Subsidiaries Rahaxi Processing Oy Finland, Rahaxi Incorporation Ireland Limited and Rahaxi Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level our partners can offer customers. For more information, please visit [ http://www.rahaxi.com ].
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. When used in this press release, the words "expects," "anticipates," "believes," "plans," "will" and similar expressions are intended to identify forward-looking statements. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Rahaxi cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in Rahaxi Form 10-K filing and other filings with the U.S. Securities and Exchange Commission (available at [ www.sec.gov ]). Rahaxi undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. The summary financial information contained herein is qualified in its entirety by reference to the information contained in Rahaxi's Form 10-K filing.