Once the APAYcard Pin Debit customization is complete, Asia Pay will be able to process all International Credit Cards as well as the 715+ million Domestic China Pin Debit Cards for merchants across China. The APAYcard platform is being built to include capability to process China Domestic Pin Debit transactions, which comprise the majority of card transactions in China today. In China, APAYcard is now being customized to provide China-specific processing for multiple merchant projects which are now underway, including the recently announced Railway Ticket Counter pilot project with SCRC Telecom (China Railcom). The APAYcard processing system is based on Asia Pays middleware that provides seamless connectivity to banks in China via taking XML messaging from the retail POS system and routing over IP to banks. Asia Payment Systems announced that the system development for Phase I of Asia Pays proprietary APAYcard platform is now complete and installed in Japan, and the development for Phase II of APAYcard for use in China is well underway and expected to be completed Q1 of 2005. With APAYcard now deployed and in use in Japan, Asia Pay is in the process of identifying additional merchants in Japan to either convert to transaction processing via Asia Pay or to provide processing for new Japan retail merchant locations.
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