Chinese e-payment services company YeePay has formed a strategic partnership with Shanghai Telecom for Yeepay to provide its online payment solution for the online portal ChinaVnet.
Through ChinaVnet, Shanghai Telecom's users will be able to pay for value-added online services using their bank cards or through joint payment accounts. The two parties will also collaborate on joint-marketing to bring the service to users.
ChinaVnet is a broadband portal operated by China Telecom, which owns Shanghai telecom, to provide rich media contents and value-added Internet applications through a network of content partners. Currently ChinaVnet has over two million subscribers in Shanghai and provides more than 70 channels including news, movies, music, finance, education, personals, games and health. Previously most content partners relied on phone/ADSL billing to collect payments from users, YeePay's new service allows users to create a joint account and make payments using their bank cards directly.
"Internet is transforming from a static content media to a complex transaction platform, and payment is essential to every transaction. YeePay's solution helps close the 'last mile' in the value chain. Now our online subscribers can conveniently and securely access value-added services using their bank cards and our content partners can collect revenues more efficiently. With the collaboration with YeePay, we hope to bring a better payment experience to our users and build a more colorful online community." commented Zhu Cheng, Director of Internet Business at Shanghai Telecom.