Latest News:  
Beijing   Cloudy/Overcast    0 / 5   City Forecast

People's Daily Online>>China Business

Mobile payment pulls in funds

By Zhu Shenshen (Shanghai Daily)

10:18, December 01, 2011

ChinaPnR Co will invest 100 million yuan (US$15.6 million) to expand its business into the mobile payment sector, which has a great potential in China with more than 900 million mobile phone users.

The Shanghai-based company, which now focuses on online payment, predicted it may handle mobile payment transactions of 100 billion yuan in 2012 through mobile phones, navigation devices and portable POS (point of sales) machines.

"Mobile payment is an opportunity for all electronic payment firms. We have to seize it," said Zhou Ye, chairman and president of ChinaPnR, who used to work in China UnionPay.

The revenue in China's mobile payment market is expected at 23.5 billion yuan in 2013, fourfold from this year's level, according to Beijing-based research firm Analysys International.

ChinaPnR, which has developed a mobile payment system, cooperates with industry partners like airline and e-commerce firms to allow users to pay for services and products directly on their phones.

The company, founded in 2006, is also a mobile payment partner with China's biggest online clothes seller Vancl and China Eastern Airlines.

Email|Print|Comments(Editor:张茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Medvedev, Putin meet supporters in Moscow

  2. Oh deer, I think I love you

  3. Beijing experiences its 1st snow this winter

  4. Black-headed gulls migrate from Siberia to China's Kunming

Most Popular

Opinions

  1. Why is China's financial sector going global?
  2. World needs safety net against euro crisis
  3. US-Pakistan anti-terrorism coalition close to collapse
  4. China's schools on the way up
  5. What is to be done with Syria?
  6. UK mass strike shows steep learning curve
  7. China-Myanmar ties challenged by US moves
  8. China and India mustn't go for the throat
  9. Germany needs wisdom to save euro
  10. Egypt's chaos: No end in sight

What's happening in China

Full of the joys of life in prison

  1. Beijing revising housing rules
  2. Hospital head dismissed over baby scandal
  3. Injured in stable condition after blast kills two
  4. Yachting sector surfing a wave of high interest
  5. 6 schoolchildren hurt in minibus rollover accident

PD Online Data

  1. The lion dance in Guangzhou
  2. The flower fair in Guangzhou
  3. Lion dances pay New Year calls in Guilin
  4. Jiangsu´s special New Year traditions
  5. Hakka traditions in Spring Festival