ChinaPNR readies to compete with Alipay
By Rich Zhu |
October 30, 2012, Tuesday
|
Print Edition
Print Edition
CHINA Payment and Remittance Service (ChinaPNR), a Shanghai-based third-party payment service provider, will form a new international management team as it gears up to compete with Alibaba's Alipay.
The team with three new members will help ChinaPNR compete in a market boasting more than 1 billion user accounts, and which is dominated by Alipay, industry insiders said.
ChinaPNR has named Charles Fote, a 30-year veteran in the industry and former chairman and CEO of First Data Corp, to be senior consultant. It also appointed Ray Yi, former vice president of 360Buy, as senior vice president, and former SunGard official Patrick Lin as chief information officer.
"With their wealth of experience and excellent leadership, I believe they will help boost the rapid and stable development of ChinaPNR," Zhou Ye, the firm's president, said in a statement yesterday.
ChinaPNR said Fote's experience in FDC, a Fortune 500 company, and American Express will help it grow domestically and overseas.
By the end of the first quarter, China boasted over 1 billion online payment user accounts. Alipay had 48 percent of the 776 billion-yuan online market in the quarter while ChinaPNR took 7.5 percent, Shanghai-based iResearch said.
Founded in 2006, ChinaPNR's trade volume totaled 300 billion yuan (US$47.6 billion) in 2011. The company predicts the volume to double this year.
The team with three new members will help ChinaPNR compete in a market boasting more than 1 billion user accounts, and which is dominated by Alipay, industry insiders said.
ChinaPNR has named Charles Fote, a 30-year veteran in the industry and former chairman and CEO of First Data Corp, to be senior consultant. It also appointed Ray Yi, former vice president of 360Buy, as senior vice president, and former SunGard official Patrick Lin as chief information officer.
"With their wealth of experience and excellent leadership, I believe they will help boost the rapid and stable development of ChinaPNR," Zhou Ye, the firm's president, said in a statement yesterday.
ChinaPNR said Fote's experience in FDC, a Fortune 500 company, and American Express will help it grow domestically and overseas.
By the end of the first quarter, China boasted over 1 billion online payment user accounts. Alipay had 48 percent of the 776 billion-yuan online market in the quarter while ChinaPNR took 7.5 percent, Shanghai-based iResearch said.
Founded in 2006, ChinaPNR's trade volume totaled 300 billion yuan (US$47.6 billion) in 2011. The company predicts the volume to double this year.
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