In addition to this move, the China Payment and Settlement Association ("CPSA") was established on May 23 in Beijing and 99Bill was officially elected into the first session of the CPSA board as an executive director, a proof of an important shift in China's financial policy, which is becoming increasingly open.
These milestones mark a turning point in China's e-payment sector, from general competition to industry differentiation. Going forward, this differentiation will afford greater opportunity for growth to payment service providers, led by 99Bill, that focus on business-to-business payments in addition to personal payments. This is critical as increasing numbers of traditional Chinese industries begin to integrate e-commerce into their business and e-payment represents the key to helping these companies improve capital efficiency and accelerate capital flows.
"This is a very positive move in the development of China's e-payment industry as well as an important foundation that will ensure significant growth in the coming years," said Mr. Oliver Kwan, CEO of 99Bill. "99Bill will adhere strictly to regulations issued by the PBOC, while continuing to put more resources and energy into improving service quality and maintaining our commitment to our customers."
99Bill services are actively used in nearly 20 major industries, including aviation, insurance, clothing, health care, education, etc., integrating the flow of both capital and information. In 2010, 99Bill's total transaction volume reached 400 billion RMB and will likely exceed one trillion RMB this year.
Industry analysts believe that payment service licenses are a basic foundation for entry into this market, while the key to payment companies remaining competitive in the future will depend on their ability to provide innovative financial products and services that suit market demand.
About 99Bill Corporation
99Bill Corporation is the leading independent third-party payment service provider in China, offering a comprehensive suite of secure, safe and convenient electronic payment solutions to all kinds of enterprises. With the widest range of product categories and user groups, 99Bill makes electronic payment available by various bank cards. Its services support a variety of terminals, including Internet, mobile phone and POS, which could meet different demands from all enterprises and individuals. By the end of April 2011, 99Bill has signed up a total of 91 million registered users and about 980,000 merchant partners.
