Multi-currency payments launched by Chinese IPS company

International Payment Solutions, a Shanghai-based payments company announced about its introduction of a new online service to allow Chinese consumers to make purchases in several currencies.

Last week the company launched its GlobalPay service that enables the users to perform their transactions in yuan, dollars, euros, yen, and other currencies with cards from Visa Inc., MasterCard Inc., and JCB Co. Ltd. The company didn’t unveil the names of the participating merchants so far.

Currently the payments processing company handles about 10% of China's electronic payments as reported by Zhang Hua, a banking analyst at the market research company Celent LLC.

Earlier this month International Payment Solutions announced that it is going to process credit card transactions for China Southern Airlines.