SYSCAN Technology has been dedicated to developing barcode and laser reader equipment in different fields of business since 1996. It has adopted 2D barcode technology in bank card, ID card identification device, as well as sourcing and tracking system for food and medical products. The Group plans on leveraging its 2D barcode technology to tap the prepaid card market in Mainland China, and capture enormous opportunities in the fast growing electronic payment service industry and domestic consumption demands in Mainland China.
Currently, the prepaid card business in Mainland China is becoming increasingly mature. The cards are widely accepted in department stores, supermarkets as well as by the food & beverage, telecommunication, entertainment and medical industries. The convenience offered in terms of conducting transactions and promoting discounts make them a handy everyday electronic payment tool. The "2009 China Pre-paid Cards Industry Report" released during the first Prepaid Card Forum held in Mainland China in June 2010 stated that, as at the end of 2009, the monetary amount of prepaid cards used in the country reached RMB 1,092.5 billion and number of transactions topped 1.75 billion, involving approximately RMB 39.7 billion in capital. Since August 2008, Country Praise has issued over 240,000 prepaid cards and there are more than 4,500 stores throughout China accepting its prepaid cards for payment of goods and services from cardholders.
Mr. Cheung Wai, Chairman and Executive Director of SYSCAN Technology, said, "The 2D barcode technology developed by SYSCAN Technology can be used as an effective identification device for electronic payment as it can transfer and record data effectively, reliably and safely. The acquisition marries the Group's 2D barcode technology with Country Praise's prepaid card business network to generate strong synergies. In particular, Country Praise's prepaid cards are mainly used for the payment of consumer goods and services. With the increasing consumption power from the mainland Chinese under the thriving economy, the Group will capitalize on the enormous opportunities that the electronic payment service sector and domestic consumption market offer in a bid to take its business to new heights."
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