Sweden's Paynova Accepted in China

Published Thursday, March 12, 2009 - Online-Casinos.com

China began negotiations with Paynova early in 2005. Then in 2008 the payment services company started to make head way with the Chinese banking system and its partners. Paynova's payment process will make it possible for Western developers to sell virtual goods and other microtransaction items to Chinese residents.

Paynova was founded in 2000 and is headquartered in Stockholm, Sweden. The company offers its products to travel, retail, online gaming, and mobile payments markets in Scandinavia, Germany, France, the Netherlands, and Asia.

In an announcement from the company today by head of Paynova's operations in China, Karl Alberts stated, "A publisher or developer can perfectly well use Paynova to sell virtual currency and virtual goods to Chinese citizens," Mr. Alberts went on to say, "Government policy, restrictions and laws have changed the past years and are expected to keep changing in the future. We think it's a good idea to enter the market and gain experience and evolve with it."

Paynova's program is compatible with 940 million Chinese debit and credit cards, all web based banks in China and an astonishing 97% of online banking methods. The program automatically converts RMB payments into USD, EUR, or GBP currencies for the Western vendor.

Alberts reflected that while sellers of physical goods who use the Paynova solution must still work out shipping arrangements to China, the Chinese government currently does not regulate digital content delivery. Paynova expects this to change in the future, for now a dealer of online digital content such as virtual goods can expect to be able to use the solution to freely sell to Chinese customers. Adult Entertainment vendors and gambling sites are screened out by the evaluation process that potential customers are subject too. The door to electronic commerce in China is slowly opening to a new and vast market.

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