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ChinaPnR to Invest RMB 100 Mln in Mobile Payment

Sohu IT, 11/15/11

Shanghai-based payment service provider China Payment and Remittance Service (ChinaPnR) plans to invest RMB 100 mln to deploy mobile payment solutions as part of its its "Asi@" mobile payment strategy. ChinaPnR said that the solutions will eventually cover handsets (including Android, iOS, Blackberry and other smartphones), tablets, mobile POS, and automobile GPS navigation terminals. ChinaPnR said it plans to offer its solutions services to partners in the computing, tourism and financial industries, adding it doesn't intend to compete directly or lure away clients. As a result of existing regulations and technical and security issues associated with mobile payment apps, ChinaPnR says, the company is mostly limited to micro-payment operations, but adds that it still hopes to eventually venture into large-scale payment mobile applications.

ChinaPnR says the company processed RMB 100 bln in total transactions in 2010, a figure it estimates it will reach in 2012 through mobile payment transactions alone. The total sum of transactions processed in H1 this year, ChinaPnR said, has already surpassed that of 2010, and the company expects to surpass RMB 250 bln in total transactions for 2011.

Keywords: e-payment third-party payment strategy wireless mobile payment ChinaPnR mobile application transaction volume

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