Abstract
Founded in 2003, Union Mobile Pay (UMPay) is a joint-venture between China
Mobile, the world' s largest mobile operator, and China UnionPay, China' s only
inter-bank fund-transfer network. Focused on mobile payments and with the
support of these two industry giants UMPay has direct access to capital and
technology resources to grow its business in China' s nascent payment market.
Key Findings:
- UMPay is China' s leading mobile payment provider with about 30 million
registered users.
- UMPay' s payment platform is based on mobile SMS technology.
- UMPay tries to offer a comprehensive set of mobile payment services, but
its coverage remains highly fragmented.
- Compared with other third-party payment channels, mobile payment has yet
to develop a strong presence in the market - bank card, prepaid card,
telephone, and online payment are currently the preferred choice for non-cash
payments.
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