Related News
China's online payment sector set to soar by 2014
By Ding Yining |
February 24, 2012, Friday
|
Print Edition
Print Edition
THIRD-PARTY payment firms that provide easy channels for purchasing goods or services online are proliferating, both in numbers and in the breadth of services they provide.
At the end of 2011, China's central bank licensed 101 payment-services operators, including big players like ChinaPay, Union Mobile Pay, Alibaba's Alipay and Tencent's Tenpay.
The overall online-payment market doubled last year to 2.16 trillion yuan (US$343 billion), according to research firm Analysys International. By 2014, transaction volume is forecast to reach almost 10 trillion yuan.
In 2011, Alipay and Tenpay dominated 67 percent of the market in terms of transaction volume. Shanghai-based 99Bill and China PnR each had about 6.1 percent.
ChinaPay e-Payment Service Co, the Internet payment arm of China UnionPay, the country's sole bank-card transaction firm, is seeking to extend its service to large institutions and merchants, using its extensive network in most domestic cities.
In early January, ChinaPay got a license from the China Securities Regulatory Commission to run open-ended fund trading and settlement on the Internet.
For financial funds, ChinaPay is new channel to offer products to customers without the need of their having to launch their own online transaction systems.
"Our monthly transaction volume in terms of fund settlements is over 1 billion yuan since the second half of last year," said Sun Zhanping, ChinaPay's general manager.
The company has partnered 48 domestic fund companies and 15 national and regional banks, covering more than 80 percent of the public funds now available on the market. New wealth management products, such as insurance, will be introduced soon, he said.
China UnionPay has also launched its own mobile payment application about one year ago. It is responsible for services such as the payment of utility and mobile phone bills.
Partnerships eyed
China TV Pay, a joint venture between China UnionPay and Shanghai-based digital TV program distributor BesTV, is also working with ChinaPay to launch payment services via smart TV sets.
It allows users to pay utility bills on smart sets installed with BesTV's system. The service is now available in more than 20 domestic cities. Industry watchers said an increasing number of online payment companies will seek to expand their businesses and establish partnerships with merchants instead of individual customers.
A good number of them will also integrate both online and off-line payment methods through the mobile Internet.
"It is crucial for them to cover a wider range of services in order to seek higher profitability," said Zhang Meng, a researcher with Analysys International.
Existing players see exciting prospects in payments using mobile phones and other portable devices.
It's a market targeting the nation's more than 900 million mobile phone users and the increasing popularity of smartphones.
China PnR said in November that it will invest 100 million yuan to expand its business into the mobile payment sector.
In the near future, it hopes to cover all smartphone platforms and a wide range of industry sectors, including e-commerce, ticket booking and online entertainment platforms.
The Shanghai-based company predicted it may handle mobile payment transactions of 100 billion yuan in 2012 through mobile phones, navigation devices and portable point of sales machines.
"China PnR is extending its advantage among merchants in insurance, logistics, education and other sectors to take an early lead in mobile Internet payments," iResearch analyst Wang Weidong said.
Shanghai-based 99Bill is also keen to move in that direction. At the end of last year, it launched a small plug-in module on the mobile phone's audio interface to serve as a credit card reader.
"We hope to target mid- and small-sized enterprises," said Guan Guoguang, chief executive officer of 99Bill. "We'll move towards larger enterprises eventually to try to assist in bill collecting when there's no cash register around."
For delivery staff of courier or e-commerce companies, this plug-in can serve as a replacement for a portable point-of-sales machine.
"It can be easily turned into a mobile sales device, and through a simple platform, it can manage all the sales staff, which is very convenient for smaller scale merchandise," said Guan.
At the end of 2011, China's central bank licensed 101 payment-services operators, including big players like ChinaPay, Union Mobile Pay, Alibaba's Alipay and Tencent's Tenpay.
The overall online-payment market doubled last year to 2.16 trillion yuan (US$343 billion), according to research firm Analysys International. By 2014, transaction volume is forecast to reach almost 10 trillion yuan.
In 2011, Alipay and Tenpay dominated 67 percent of the market in terms of transaction volume. Shanghai-based 99Bill and China PnR each had about 6.1 percent.
ChinaPay e-Payment Service Co, the Internet payment arm of China UnionPay, the country's sole bank-card transaction firm, is seeking to extend its service to large institutions and merchants, using its extensive network in most domestic cities.
In early January, ChinaPay got a license from the China Securities Regulatory Commission to run open-ended fund trading and settlement on the Internet.
For financial funds, ChinaPay is new channel to offer products to customers without the need of their having to launch their own online transaction systems.
"Our monthly transaction volume in terms of fund settlements is over 1 billion yuan since the second half of last year," said Sun Zhanping, ChinaPay's general manager.
The company has partnered 48 domestic fund companies and 15 national and regional banks, covering more than 80 percent of the public funds now available on the market. New wealth management products, such as insurance, will be introduced soon, he said.
China UnionPay has also launched its own mobile payment application about one year ago. It is responsible for services such as the payment of utility and mobile phone bills.
Partnerships eyed
China TV Pay, a joint venture between China UnionPay and Shanghai-based digital TV program distributor BesTV, is also working with ChinaPay to launch payment services via smart TV sets.
It allows users to pay utility bills on smart sets installed with BesTV's system. The service is now available in more than 20 domestic cities. Industry watchers said an increasing number of online payment companies will seek to expand their businesses and establish partnerships with merchants instead of individual customers.
A good number of them will also integrate both online and off-line payment methods through the mobile Internet.
"It is crucial for them to cover a wider range of services in order to seek higher profitability," said Zhang Meng, a researcher with Analysys International.
Existing players see exciting prospects in payments using mobile phones and other portable devices.
It's a market targeting the nation's more than 900 million mobile phone users and the increasing popularity of smartphones.
China PnR said in November that it will invest 100 million yuan to expand its business into the mobile payment sector.
In the near future, it hopes to cover all smartphone platforms and a wide range of industry sectors, including e-commerce, ticket booking and online entertainment platforms.
The Shanghai-based company predicted it may handle mobile payment transactions of 100 billion yuan in 2012 through mobile phones, navigation devices and portable point of sales machines.
"China PnR is extending its advantage among merchants in insurance, logistics, education and other sectors to take an early lead in mobile Internet payments," iResearch analyst Wang Weidong said.
Shanghai-based 99Bill is also keen to move in that direction. At the end of last year, it launched a small plug-in module on the mobile phone's audio interface to serve as a credit card reader.
"We hope to target mid- and small-sized enterprises," said Guan Guoguang, chief executive officer of 99Bill. "We'll move towards larger enterprises eventually to try to assist in bill collecting when there's no cash register around."
For delivery staff of courier or e-commerce companies, this plug-in can serve as a replacement for a portable point-of-sales machine.
"It can be easily turned into a mobile sales device, and through a simple platform, it can manage all the sales staff, which is very convenient for smaller scale merchandise," said Guan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
