VAUGHAN, ONTARIO, July 01, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Comepay, Inc. (OTCPINK: CMPY) (“the Company”) is pleased to announce that Chek-online LLC, a subsidiary of Comepay, Inc., and the manufacturer of the smart terminal and fiscal cash register line “Cassatka”, has commenced a cooperative project with Zolotaya Korona, the operator of “KoronaPay”, the largest payment system in Russia offering simple and convenient cash money transfer services used by millions of customers in Russia, CIS and around the world (1) to integrate use of Zolotaya Korona transport cards with the Cassatka smart terminal, making the transport cards fully compliant with recent Russian tax legislation.
Over the past nine years Center of Financial Technologies Group (CFT Group) has been actively developing social and transport card projects in 28 regions of Russia, a project based on Zolotaya Korona bank card technology. Using the convenient Zolotaya Korona “e-ticket system”, travelers can make cashless payments for fares in-transit on public transport. Users purchase their universal transport cards at special points of sale across Russia.
Use of the “e-ticket system” requires a one-time deposit via the app or at the transport service ticket office. Once the transport card is loaded, users simply tap their card against the conductor’s terminal or the subway validation stand for easy and convenient fare payment.
The ready-made technology offered by the Zolotaya Korona system allows for loading cash onto all types of transport and social cards including: bank-transport cards, freight-discount cards, corporate transport cards, travel cards for single or multiple trips, holiday transport cards, and cards with flexible or discounted travel rates depending on the recharge amount.
As outlined in Russian Federal Law No. 54, all public transport is now required to have appropriate cash register equipment for the on-line monitoring and reporting of passenger ticket transactional payments, including compliant on-line cash registers and service points which accept ticket proceeds.
Comepay, Inc. and CFT Group have recently agreed to cooperate on the integration of the Zolotaya Korona transport card payment processing technology with the Cassatka Mini smart terminal.
On completion of final testing and upon launch of the integration process which is currently under development, transport companies serviced via the CFT Group will be able to install Cassatka Minis ready-made with processing support from Zolotaya Korona. Passengers will be able to pay their fare with a simple touch of the card and top up their transport card balance while on the bus, tram or subway via the Cassatka payment terminal.
The Comepay group of companies including Comepay, RP Systems, M-NN LLC and Chek-Online have been operating for over 11 years providing internet acquiring services and support, facilitating instant payments and internet-based payment transactions via kiosks, mobile interfaces and web-based applications such as electronic wallets. The Company also leases and sells cash registers and Point of Sale (POS) systems, including its recently developed proprietary multifunctional smart POS fiscal cash register system. The companies are currently focusing their planned business expansion on their family of smart POS fiscal cash register systems called “Cassatka” in order to help businesses comply with newly released Russian taxation legislation, 54-FZ which requires a further 3 million businesses in fiscal 2019 to install new, federally compliant on-line cash registers. The Cassatka, Comepay’s family of multifunctional smart POS online fiscal cash registers can process payments and meet fiscal data storage requirements for participating businesses, including web-based businesses. The product line is convenient and a cost competitive solution for businesses to meet the current federal taxation requirements in Russia and is currently being sold by a series of marketing partners across Russia. As the companies expand their business model, we expect to offer blockchain acquiring services and also to accept payments in multiple crypto currencies on the Cassatka. The Comepay companies are looking to expand rapidly in fiscal 2019 and beyond in the fiscal cash register and payment processing space as we continue to market the Cassatka smart terminals, along with a suite of enhanced user features and complementary fiscal data center services. The Company recently determined to reduce overhead costs and streamline its kiosk-based payment processing business through a restructure and divestiture plan which is currently under negotiation between Comepay Inc. and one of its major competitors in the kiosk space. Please see our corporate websites below:
CONTACT: Contact: Dmitry Solomovich [email protected]