Tang Bin, CEO of Chinese third-party payment processing platform YeePay, today estimated that China's third-party payment industry would grow approximately 80% in 2011.
Tang said that Yeepay's development strategy had been to provide payment solutions to specific target industries. The company will continue to expand into new industries this year, particular the securities and logistics industries. Yeepay is also preparing for a major push into mobile payments following the establishment of its mobile business division last year after more than 12 months of preparations.
Yeepay is currently in talks with investment firms to raise approximately USD 50 mln in funding. The company may acquire some smaller companies, with acquisitions to be a key part of Yeepay's strategy for 2011.