SHANGHAI, May 26, 2011 /PRNewswire-Asia/ -- Shanghai SmartPay Information Technology Co., Ltd. ("SmartPay" or the "Company") today received a payment license issued by the People's Bank of China ("PBOC"), authorizing the Company to engage in China-wide mobile, internet and network payment services, prepaid card issuance and acceptance and bank card acquisition. The PBOC issued SmartPay the license along with 26 other companies after an extensive evaluation process, which had begun with the issuance of [Decree of the People's Bank of China No.2 (2010)]. SmartPay is the only electronic payment company focused on mobile payments to receive a payment license, and one of the few that is not government or state-owned enterprise affiliated.
Established in 2002 and headquartered in Shanghai, SmartPay business covers all major provinces and cities in China. In August 2002, SmartPay launched the first mobile payment transaction-utility bills payment-in China, cooperating with seven banks. Throughout the 9 years since the establishment, SmartPay has been the recognized pioneer and leader of the emerging Chinese mobile payment industry by remaining exclusively focused on mobile payment services.
In the nine years since SmartPay's formation, China's mobile user base has grown from under 200 million subscribers to over 900 million, and the mobile user base has overtaken that of fixed line and traditional Internet. Given the rapid adoption of mobile phone and service usage in China, SmartPay believes that payments conducted using mobile devices will both become a natural extension, and convenient alternative, to traditional payment systems. Popular emerging mobile payment services include bill collection, top up, electronic ticketing, utility bill payment and remittances.
SmartPay also believes that Mobile payment services are particularly important for the more geographically disperse rural regions of China, particularly Central and Western provinces. SmartPay was the first company to launch mobile payment services in rural regions in China beginning in 2005 in order to fill the gaps in the rural financial network. The Company believes that these services will be particularly important for China's development given the importance of national policies related to addressing the growth of Central and Western China, and the rising prosperity of these regions which already account for 42% of China's overall GDP.
Edward Wu, President of SmartPay, said that obtaining a license from the means that the Company has reached a new starting point in SmartPay's 'Hundred Year Plan'. "SmartPay is well positioned to assume more responsibilities and lead the development, market cultivation and promotion of the mobile payment business in China. With the inherent advantages of being 'anywhere and anytime', SmartPay mobile payment services provide a safe and convenient alternative for payments while reducing time, travel and social costs," according to Mr Wu.
SmartPay consistent business strategy is focused specialization - mobile payment services, independent of telecommunications carriers, banks or captive merchants. This 'unaffiliated' business model will be increasingly important to a wide audience of bank customers, mobile users and merchants given the inherently fair platform SmartPay offers for conducting transactions. SmartPay's model has allowed the Company to achieve becoming the first independent payment service provider to achieve break even. As the Company develops over the coming 10 years, SmartPay anticipates large-scale business expansion through development of its network and partnerships, as well as the potential for vastly expanded applications. As part of SmartPay's 'Hundred Year Plan', the Company seeks to become the leading nationwide mobile payment brand in China.
For further information, please contact | |
Merenda Gao at SmartPay: | |
Email: merenda.gao@smartpay.com.cn | |
Tel: +86-21-6390-0999 ext.160 | |
Fax: +86-21-6390-0535 | |
SOURCE Shanghai SmartPay Information Technology Co., Ltd.
