The China mobile market had grew from 40 million cellular phones in 1999 to over 400 million in 2005 - 10 times in a period of 7 years. Similarly, the Chinese cellular mobile Short Messages (SMS) usage is the highest in the world, reached a record of totally 660 billion messages in 2005. Average about 4.5 messages per phone per day.
The lack of a secured and user friendly payment services in China whose credit card penetration is barely 3% has created a tremendous bottleneck for the e-commerce industry such a Internet Shopping and TV Shopping etc. Until recently most of the business transactions were ordered online but paid by Cash-On Delivery(COD). Capitalizing on the above, PayEase has introduced one of the most comprehensive payment services that include mobile payment via cellular phone, internet banking, call centers and through the city’s fast growing vast network of Point of Sales (POS) terminals in various retail outlets, convenient stores etc throughout the country.
- A simple and user-friendly payment platform for any user, anywhere, by any means, including online, mobile and via call center etc.
- A service and goods purchase confirmation platform that delivers immediately following the completion of the payment, anywhere, anytime through out China.
The comprehensive payment platform (beijing.com.cn) is connected to over 92% of the most banks in China throughout China, supports over 64 domestic credit cards and debit cards plus International credit cards such as Master Card, VISA, American Express and JCB cards.
The Major customers and market focus include the following industries
- Online Travel Portals, to enable payment and delivery of
• e-Travel Insurance & PA anywhere in China including Travel Insurance
- TV Shopping Channels
• To increase the transaction completion and success rates.
• Instant cash flow
- On-line Shopping, Media Portals.
• Prepayment for ease of delivery
- Top up for Mobile Carriers, On-line Game operators
• Via mobile payment confirmation
• Service through POS located in shops, supermarkets, convenience stores everywhere
• The China Mobile Telephone top up market is over US$37billion a year growing at 20% annually.