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UMPay Aims to Get Payment License by 2011

Netease Tech, 8/30/11

Zhang Bin, general manager of Union Mobile Pay (UMPay), China Mobile (NYSE: CHL; 0941.HK) and China UnionPay's mobile payment joint venture, recently disclosed that the company aims to obtain a third-party payment license by the end of this year. UMPay was one of five applicants to be rejected by the People's Bank of China in the first batch of licenses awarded in May 2011. Zhang said UMPay was rejected because it filed its application relatively late, and said that "it would only be a matter of time" before UMPay received a license.

Zhang estimates that UMPay's transaction volume will exceed RMB 40 bln and possibly reach nearly RMB 50 bln in 2011. In 2010, UMPay saw transaction volume reach RMB 30 bln and users exceed 400 mln, of which corporate users account for a large proportion.

Former UMPay general manager Ni Min added that because the company's business and corresponding need for various data applications continues to grow, UMPay has signed a data center construction strategic cooperation agreement with IBM, which will provide its Netezza data center platform products.

Keywords: e-payment regulation Ni Min Internet data center mobile data China Mobile license wireless mobile payment UMPay IBM China UnionPay People's Bank of China CHL third-party payment 0941.HK Netezza transaction volume Zhang Bin JV corporate user

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