China Online Payment Portal Links Merchants, Vendors, and Consumers

by Mercator Advisory Group 0

99Bill, one of the leading online payment service providers in China, has expanded its business model to build a collaborative platform with partners to create an expanded business ecosystem with contribution from all members.

’99Bill+’ is a collaborative and open platform that integrates the company’s existing expert personnel, products and services, which help customers improve capital efficiency, with the addition, or ‘+’, of participation by partners, merchants and users. Through an open and collaborative platform, ’99Bill+’ offers a seamless linking of the end-user’s back-end payment system and 99Bill’s front-end e-commerce platform. This enables clients to embed all kinds of new and innovative applications aimed at improving user experience and speeding up the growth of their business.

During the announcement, 99Bill also revealed a new mobile payment product that supports multiple operating systems and turns the user’s mobile phone into a portable POS device to carry out remote payment, mobile receipt of incoming funds, management of incoming funds for SMEs and P2P payments. At the same time, 99Bill released a new form of ‘mobile payment middleware’ that can be seamlessly integrated into client applications, allowing users to finish payment on the same interface as the initial purchase was made, which greatly simplifies the payment process and results in more successful payments.

99Bill CEO Oliver Kwan said, “e-Commerce is driving the development of specialization and cooperation throughout the entire industry chain. This will ultimately lower costs and improve the level of service. It has also resulted in the emergence of an open, integrated and coordinated industry ecosystem in which 99Bill is using its technological advantages, in partnership with others in the industry, to develop innovative financial services that can better serve our clients.”

99Bill is among the first 27 payment service providers in China to obtain a license from Central Bank. The company has been largely focused on providing industry-specific online payment solutions. It has recently been expanding and diversifying its businesses while facing increasing competition from the top competitors as well as CUP who has been working hard towards online card acceptance.

Read more about the story here: http://www.greensheet.com/newswire.p…swire_id=23283

In another story about China, a start-up called UBox is trying to link mobile phones with vending merchants that allow consumers to use their mobile phones to buy drinks and candies from vending machines. Read more here: http://www.penn-olson.com/2011/09/06…ding-machines/