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MoneySwap says its QuickPayIT platform will be launched in Hong Kong this month

MoneySwap says its QuickPayIT platform will be launched in Hong Kong this month

Online currency processing specialist MoneySwap PLC's (LON:SWAP) new product - QuickPayIT - will be launched later this month in Hong Kong, the firm told investors today.

The product, which is not unlike payment processing services such as PayPal, enables its users to pay merchants for goods and services online without the respective parties having to exchange banking information.

MoneySwap will then receive a fee from the merchant per transaction, as well as generating revenues from associated foreign currency exchange transactions and money transfers between users.

Chief executive of MoneySwap Richard Proksa said today: "We are pleased to be able to confirm the anticipated launch of QuickPayIT within the deadline we had set ourselves and look forward to developing QuickPayIT as the payment solution of choice across a range of key markets in the Asia Pacific region."

Meanwhile, the firm announced it has entered into an exclusive revenue sharing agreement with CasaPayer Limited, which is a wholly owned subsidiary of PCG Entertainment Plc.

CasaPayer's parent company has already established a significant online player base in the region through its Fugelman and Pilotman game playing and games development platforms.

The deal allows CasaPayer to market the company's newly launched QuickPayIT, to the online Asian gaming market under the CasaPayer brand.

It replaces the potential agreements in relation to Kolarmy Technology Inc and CasaPayer will now perform the obligations that had been expected to be performed by Kolarmy, said MoneySwap.

CasaPayer is expected to be launched locally in Hong Kong in the last quarter of this year and rolled out across the region in the following year.

The company says it does not expect that significant revenues will be generated for MoneySwap under the agreement with CasaPayer or under QuickPayIT in the immediate future.

The initial term of the agreement between the MoneySwap and CasaPayer is for five years, it added.

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