ChinaPay, an electronic payment service company under China UnionPay, has signed a letter of intent with INICIS from South Korea and Econtext from Japan on possible future cooperation.

The three parties have agreed to set up a one-stop online payment alliance called "One Payment Alliance".

A representative from ChinaPay says that the foundation of this alliance will help international businesses speed their capital turnover. With this cooperation among the three parties, international clients only need to access the gateway of the alliance before they can easily handle the transactions in the three countries, which can reduce overall administration costs.

ChinaPay is the first online payment company in China that started cooperating with foreign companies. INICIS is the largest online payment company in South Korea and it was listed on KOSDAQ in 2002. Econtext is a leading online payment company in Japan.