Union Mobile Pay (UMPay) - Standing on the Shoulders of Giants
Founded in 2003, Union Mobile Pay (UMPay) is a joint-venture between China Mobile, the world’s largest mobile operator, and China UnionPay, China’s only inter-bank fund-transfer network. Focused on mobile payments and with the support of these two industry giants UMPay has direct access to capital and technology resources to grow its business in China’s nascent payment market.
· UMPay is China's leading mobile payment provider with about 30 million registered users
· UMPay's payment platform is based on mobile SMS technology
· UMPAy tries to offer a comprehensive set of mobile payment services, but its coverage remains highly fragmented
· Compared with other third-party payment channels, mobile payment has yet to develop a strong presence in the market -- bank card, prepaid card, telephone, and online payment are currently the preferred choice for non-cash payments.
Maverick China Research is a China-based market research firm founded in 2006. We provide business-to-business research and market entry services for clients seeking opportunities in China. We have published over 20 major reports on key industry sectors and companies in China and provide tailored research and consulting services to clients from a broad range of sectors; areas of expertise include electronic payments and e-commerce, telecommunications, agriculture and medical devices. Typical projects include feasibility studies, partner searches, due diligence, and long-term sector tracking.
Published: August 2007
Length: 27 pages
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