Electronic Payment: As Popular As Search

With the rapid development and gradual popularization of the Internet, electronic payment has not only obtained good development opportunities, but also played an important role in promoting the development of e-commerce and promoting the pformation of economic structure, and has increasingly become an important means to pform traditional industries.

This year, the independent third party payment platform, with the concept of "green payment and happy life", has been committed to services and value-added services. YeePay.com will participate in the Sixth China Internet Conference in a row.

The Organizing Committee today specially invited the vice president and co founder Yu Chen of Yi Bao to make a brilliant point of view on the development trend of the third party payment industry, industry competition situation, mobile payment, and network public interest.

Organizing Committee: Yu general, Hello, I understand that this is the sixth time that Yi Bao has been attending the China Internet Conference. Can you talk about your experience of participating in the conference for many years, or what are your opinions or suggestions?

Yu Chen: China's e-commerce and electronic payment are still in its infancy, so the exchange platform like China Internet Conference is very important for promoting the development of Internet economy.

Every year's conference, whether it comes from the guidance of the government departments in charge of industry development, or the communication between upstream and downstream partners of the industrial chain, or even the competition information between the two industries, is a very good opportunity for the development of the industry in China.

The Internet Conference has always stressed the need to pay more attention to the value and potential of services and products, and hopes to promote better services and gain more value in the whole industry, seek new growth momentum and opportunities in continuous innovation services, boost the confidence of the Internet industry and stimulate the potential of the whole industry.

Organizing Committee:

Yu Chen: Yi Po payment was founded in August 2003, and formally launched the third party payment service in April 2005. The payment system has been in operation for more than 5 years.

In the last two years, electronic payment has basically increased by two times.

Yi Bao has maintained a rapid growth rate faster than the industry average. In 2009, the amount of pactions paid by Yi Bao realized a 3 fold increase, while in 2008 it was almost 5 times higher than that in 2007.

Payment is a universal demand, no matter what you buy, as long as there is capital pfer, as long as there is a paction will be used to pay.

China's economy is in a period of pition. Many traditional industries are electronically. The demand for the entire electronic payment is not limited to online shopping or e-commerce.

In 2010, Yi Bao will pay more attention to the application of the industry and dig into the e-commerce applications of traditional industries.

In tourism, aviation, digital entertainment, administrative education, insurance funds and many other areas, we must deepen our efforts.

In addition, firmly grasp the development opportunity of mobile payment, make Yi Po pay again in the diversified payment solutions.

The Organizing Committee: the electronic payment industry has been eliminated in the development and eliminated in the development. But at present, the industry concentration is still not high. Where is the advantage of Yi Bao in the market competition?

Yu Chen: our core competitiveness is manifested in three aspects: first, positioning in the industry payment experts.

Under the premise of the universal demand of the payment industry, we focus on electronic payment such as avionics tickets, digital entertainment, online games, telecommunications payment, administrative education, insurance funds and other non logistics industries.

The two is positioning in one stop comprehensive services.

From the means of payment, not only do online payment, but also make phone calls, mobile phone payment and so on.

We are the first industry in the industry to launch online, offline and diversified services.

A one-stop complete solution will provide businesses and users with as many options as possible.

The three is to carry out value-added services for businesses.

In addition to the basic payment electronic services, Yi Bao also provides many value-added services to the manufacturers. For example, the airline's B2B distribution business for agents, we can do credit, which is equivalent to short-term loans. This will not only solve the problem of receipt, but also solve the problem of agent's capital flow, so that agents can realize the rapid operation of capital flow, thus increasing the volume of pactions by many times.

It should be said that financial value-added services based on payment are very attractive to businesses.

Organizing Committee: we understand that Yi Bao has not only a leading product and innovative service and marketing concept in the industry, but also a special point. It is a special concern for the public welfare undertakings of the Internet. Can you tell us something about it?

Yu Chen: the concept of Yi Bao payment is "green payment, happy life".

The meaning of "green" includes safety, convenience, low cost, high efficiency, innovation and public welfare.

In the field of public welfare, we advocate "everyone can be charitable".

Because the real force of public welfare should come from the people, not just the rich or the big ones.

The gongyi.yeepay.com, which we have created, makes full use of the grass-roots of the Internet "from bottom to top".

By the end of April 2010, more than a dozen public welfare organizations such as UNICEF, the Red Cross Society of China, China Poverty Alleviation foundation, Jet Li one foundation, China Overseas Chinese economic and cultural foundation, Beijing Red Cross Society have been enrolled in the public welfare circle, and the donations have reached 22 million yuan.

Yi Bao payment public welfare circle has become one of the important channels for nearly 400 million netizens to pay attention to and participate in public welfare.

At present, donations for Qinghai Yushu earthquake disaster area and Southwest drought area are in progress.

Organizing Committee: finally, I want to learn from Yu, 3G and mobile payment this year.

Yu Chen: the emergence of 3G makes the boundary between mobile Internet and traditional PC Internet more and more blurred. At the same time, like traditional Internet, the long-term development direction of mobile Internet is to become the platform of e-commerce and paction. Therefore, there is a huge potential demand for mobile payment.

In the current mobile payment system, the mobile payment system, which is dominated by the telecom operators and UnionPay, is currently unable to predict the balance between input costs and profit and earnings, due to the hardware upgrading and pformation of mobile terminals such as mobile phones and POS terminals. At present, the maturity of the market will take at least 3 years.

At this stage, the third party payment enterprises should pay more attention to mobile remote payment when they cut into mobile payment.

Because with the development of mobile Internet, the content of digital entertainment provided by mobile Internet is more abundant, and has a direct demand for mobile remote payment. Secondly, with regard to mobile remote payment, the third party payment enterprises will have more innovation space and dominant power.

For example, today's banks have very limited support for mobile phones, and most of the bank gateways are unable to go through mobile terminals. Therefore, the mobile phone remote payment that Yi Bao pays now can support a variety of sources of funds. Users can use not only debit cards, credit cards, but also various prepaid cards, including the prepaid cards of the operators, the grand game cards, and the Tencent Q coins.

At present, Yi Bao pays 90% of the market share in the prepaid card payment market in the wireless internet field. Partners include many customers, such as air network, 3G portal, Ting Le network, world wide web, NOKIA and many other industries.

The Organizing Committee: Thank you very much for Yu Chang to share with us a lot of brilliant ideas. I hope that Yi Bao will make greater success in the future. Thank you.