Alipay, China Telecom Partner on Contract Handset Sales
DoNews, 6/12/14
China Telecom (NYSE: CHA; 0728.HK) has launched a free handset promotion in cooperation with Alibaba Group's B2C e-commerce site TMall and third-party payment processor Alipay. Customers participating in the deal must agree to freeze a set sum in Alipay's "Yu'e Bao" money market investment product, in return receiving a free China Telecom contract handset. Users need only pay the monthly mobile service fee stipulated in their service package. During the lock-up period, users will receive interest on their Yu'e Bao account balance, and can withdraw their Yu'e Bao funds at the end of the lock-up period.
More than 40 handset models are being offered through China Telecom's Yu'e Bao promotion. In April of this year, Alipay partnered with Guangzhou Telecom to offer a similar promotion to subscribers in Guangzhou. The promotion is now being offered nationwide.
China Unicom (NYSE: CHU; 0762.HK; 600050.SH) recently partnered with internet firm Baidu (Nasdaq: BIDU) and Fullgoal Fund Management to launch a financial product under the name "Wo Bai Fu." The product also offers free handsets to users who freeze a set amount of money in the companies' Wo Bai Fu investment product.
Editor's Note: For more background on this topic, please see "Guangdong Unicom, Baidu Unveil Mobile Finance Product" MD 6/06/14 issue.
Keywords: China Telecom handset wireless Alipay B2C Guangzhou Telecom third-party payment 0728.HK CHA Alibaba Group TMall Yu'e Bao marketing financial services
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