Danal takes on payment processing for first Chinese online lottery site

17Wind has hired Danal’s BiltoMobile to handle payment on the Lottery website.

Legal adjustments in China have brought the lottery market (historically a government owned sector) into the private arena with 17wind as the first licensed website for such online services. The online lottery market was valued at USD 4.8 billion in 2012 but according to those who know, policy changes will bring this number up to USD 13 billion in 2013.

“Danal’s diverse mobile and alternative payment solution caters really well to the Chinese market and is therefore very well-received by all local companies,” said Jin Gon Jo, Head of Danal China. “Bringing mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to 17wind’s online lottery service is an exciting new segment and we are looking forward to an accelerated growth in the coming months.”