- YeePay Forms Strategic Partnership with Shanghai Telecom
ePayment Solution Powers Broadband Value-Added Internet Services
- BEIJING, December 22, 2006 - YeePay, a leading provider of innovative e-payment services based on Internet, mobile and telephone in China, announced today that it has formed a strategic partnership with Shanghai Telecom, a wholly owned subsidiary of China Telecom in Shanghai Province. China Telecom is the country's largest telecommunications operator with businesses covering fixed lines and various value-added Internet services. Under the partnership agreement, YeePay will provide online payment solution for online portal ChinaVnet, enabling Shanghai Telecom's users to pay for value-added online services using their bank cards or through joint payment accounts. The two parties will also collaborate on joint-marketing to bring the service to users.
- ChinaVnet is a broadband portal operated by China Telecom to provide rich media contents and value-added Internet applications through a network of content partners. Currently ChinaVnet has over two million subscribers in Shanghai and provides more than 70 channels/services including news, movies, music, finance, education, personals, games and health. ChinaVnet's platform allows content partners to join-in and leverage its network channels and user base to deliver their services, and also provides revenue collection and settlement capabilities for the content partners. Previously most content partners relied on phone/ADSL billing to collect payments from users, YeePay's new service allows users to create a joint account and make payments using their bank cards directly.
- "Internet is transforming from a static content media to a complex transaction platform, and payment is essential to every transaction. YeePay's solution helps close the "last mile" in the value chain. Now our online subscribers can conveniently and securely access value-added services using their bank cards and our content partners can collect revenues more efficiently. With the collaboration with YeePay, we hope to bring a better payment experience to our users and build a more colorful online community." commented Zhu Cheng, Director of Internet Business at Shanghai Telecom.
- Bin Tang, CEO of YeePay, said "We have seen the explosive growth of broadband Internet in China in recent years, interactive multimedia service has increasingly become a major form of entertainment. With its rich media content and wide range of applications, ChinaVnet sets an example of what broadband entertainment can become, but efficient and reliable payment has always been a major bottleneck in the past. We would like to help drive the development of broadband Internet services through better payment solutions, we also believe that broadband interactive entertainment will be a key driving force for online payment adoption in China."
- About YeePay
- YeePay is a leading e-payment service provider in China, with a mission to provide better e-payment solutions and value-added financial services through technology and innovation. Headquartered in Beijing, China, YeePay also has branch offices in Shanghai, Guangzhou, Chengdu and Hohhot. As the first company in China to provide a single platform integrating both online and offline electronic payments, YeePay's innovative solutions enable consumers and businesses to make and receive payments over the Internet, mobile and telephone securely, conveniently and cost effectively. YeePay has formed strategic partnerships with major banks in China. YeePay's customers include leading internet companies and ecommerce websites as well as many merchants in traditional industries, such as Baidu, Sohu, TOM Online, Shanda, KingSoft, DangDang, eLong, 800Buy, GoMe Electronics and China Unicom. YeePay was recognized as the "Best Payment Platform" by the China eCommerce Association and one of the "Top 50 Innovators" by the China Internet Society.
For more information about YeePay, please visit www.yeepay.com
- About Shanghai Telecom
- Shanghai Telecommunication Corp. is a subsidiary of China Telecom and operates one of China's three international telecommunication exchange centers. A full-range communications service provider, Shanghai Telecom offers a wide array of data networking services including e-mail, Internet access, IP phone, EDI, DDN, and China-Fax. Its broadband portal ChinaVnet offers interactive rich media contents and value-added services to more than 2 million subscribers. For more information, visit www.shanghaitelecom.com.cn.
