American Express Partners with Chinese Firm for Online Payments
Oct. 3, 2011
American Express Company has partnered with a Chinese payment gateway for an online payment service. It is the New York City-based company’s first electronic payment partner in China. According to the agreement, Tencent Holdings Ltd. and American Express will develop a way for users of Tencent’s online-payments service to buy goods on websites outside China, the companies said recently. Users of Tencent’s Tenpay payments service will be able to buy goods on sites in the U.S. and the U.K. that accept American Express payments. The payments will be made using an American Express online shopping service called “globaleshop.” The partnership with Tencent will provide a “strong” boost to American Express’s operations in China, according to Dave Keung, vice president of the New York-based company’s global network division. The deal will allow Tenpay “to rapidly expand the scope of our business and accelerate our move into offering cross-border, online payment services,” said Tenpay general manager Luke Liu. Financial details were not disclosed.