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Telco boosts income with BestPay
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CHINA Telecom had attracted more than 100 million users to its third-party payment service BestPay by the end of October, helping the telco diversify its income stream, Shanghai Daily learned yesterday.
The users were drawn to BestPay as it allows them to pay for supermarket purchases, telecommunications fee and filling gas. BestPay also offers personal wealth management products with an expected annual interest rate of nearly 5 percent, above banks and Alipay’s rates.
“The payment offers users customized services and discounts in different regions, based on China Telecom’s national network and resources,” said Chen Jianli, vice general manager of BestPay Shanghai branch.
In 2013, BestPay’s transactions hit 150 billion yuan (US$24.3 billion), triple the previous year’s.
China Telecom, the country’s biggest fixed-line telco, has 130,000 enterprise users and 60,000 merchants supporting BestPay.
China Unicom is working with Baidu and fund firms to offer telecom and personal wealth management packages under a new “data bank” service.
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