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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"The new mobile payments solution allows YSPay to provide a unique digital experience potentially to China’s 1.1bn mobile phone users."
Related articles
Western Union expands in China through China Union Pay
China UnionPay launches mobile payments app
