YSPay, a Chinese payment provider, has joined with Accenture to roll out a new mobile payments system.
YSPay said customers can now process mobile payments using phone numbers and texts, or by uploading a smartphone app. The new solution uses global tech firm Accenture’s Mobility platform to link with banks – via Chinese card association Union Pay – and with merchants who have YSPay POS terminals.
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Zhang Changjiang, CEO of YSPay, said: "Relying on Accenture’s rapidly deployable, cost-effective card-free solutions, and on its global experience in providing mobile services, we believe that the new mobile payments platform will measure up to world standards.
"This new system will significantly improve user experience and enable us to better serve our clients across the country in more innovative ways."
Accenture and YSPay report that due to existing deals with mobile phone operators the service will cover most mobile users in China.
Jeremy Huo, managing director of Accenture Financial Services China, said: "YSPay operates in a market that leads the world in mobile phone users and has established an extensive partner network with China’s major banks, merchants and mobile phone operators.
"The new mobile payments solution allows YSPay to provide a unique digital experience potentially to China’s 1.1bn mobile phone users."
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