Tom Online (TOMO) has signed a strategic cooperation agreement with Union Mobile Pay, the sole authorized mobile payment gateway on China Mobile's platform, to jointly develop and market bank card, debit card and credit card-based mobile payment products and services in China.
Under the agreement, Tom Online will be the wireless and online payment portal company partner of Union Mobile Pay and will work with Union Mobile Pay to offer more comprehensive mobile payment products.
Union Mobile Pay's key shareholders include China Mobile, the world's largest mobile carrier with more than 230 million subscribers, and China Union Pay, a national payment network set up by a consortium of more than 100 banks and with a total of more than 800 million bank card users in China.
Founded in 2003, Union Mobile Pay has attracted 3 million registered users to date and signed up with 8 Chinese banks including Industrial and Commercial Bank of China, Bank of China and Bank of Communications to offer mobile wallet services.
Through the cooperation, Tom Online believes it will help drive the usage of wireless value-added services in the daily life of the Chinese people.