Sing Lee Software Limited, a leading financial software developer in China, announced its mobile payment operational statistics for the month ended 31 May 2011.
With the continued introduction of mobile payment products in China and the close cooperation between the Group and China UnionPay Co., Ltd (“China UnionPay”), the Group’s mobile payment business has enjoyed skyrocketing growth since its market debut. For the month ended 31 May 2011, the number of mobile payment customers of the Group has surged to 142,830, including 77,436* active customers.
Aggregate transaction volume amounted to RMB426,065,071, up by nearly 21 times when compared to the volume of RMB19,465,517 as at 31 December 2010, and up by 37% when compared to that volume as at the end of April. The aggregate number of transactions as at the end of May was 546,255, up by 4.8 times when compared to the aggregate 93,876 transactions as at the end of last year.
Sing Lee said, “The Slipay mobile payment platform was officially launched after the Group and Yunnan Branch of China UnionPay embarked on a four-year strategic cooperation agreement last August. The service has been well-received in the market after its launch as indicated by the continuous increase in the number of customers. With the preliminary success of our trial operation in Yunnan, the Group and China UnionPay have signed another five-year strategic cooperation agreement last October to expand coverage to other provinces. Apart from Yunnan, we have opened offices in Hubei, Guizhou and Shanghai. After launching the business, the number of mobile payment customers, especially active customers, and transactions have been increasing rapidly, reflecting the surging market demand for mobile payment services and the positive acceptance of such services.”
Slipay is a convenient payment service jointly launched by Sing Lee and China UnionPay. It adopts “smart chip” technology compliant with the national financial standard. Through the China UnionPay equipment, Slipay connects a bank card with a mobile phone enabling users to make payment via their mobile phones. One “smart chip” can store the transaction data of 10 bank cards. Currently, customers can buy flight and lottery tickets, add value to mobile phone cards, make credit card and tax payment, and execute a variety of e-payments through the Slipay mobile payment platform.
Looking ahead, the Group said, “With the rapid-growing Chinese economy, mobile phones are widely used in with a base of over 700 million domestic users. As the consumer market is prospering, all of these trends create unprecedented opportunities for the mobile payment business. In the future, the Group intends to partner with China UnionPay to continuously extend our reach to more major provinces in China. We are actively developing our business in Zhejiang, Jiangsu, Shandong and Guangdong Provinces and expecting to open seven branches in the first half of the year. The Hong Kong market is our next target. In the long run, we hope to enter the huge rural market by implementing a strategy of developing financial services in rural area to facilitate the small value transactions among farmers. With 19 years of experience in the financial IT sector and working with various major financial institutions, as well as our strategic relationship with China UnionPay, we have full confidence in the future development of our business.”
Mobile Payment Operational Statistics for the Month Ended 31 May 2011
Aggregate Aggregate
Transaction Amount (RMB) Number of Transactions
As at December 2010 19,465,517 93,876
As at 1 January 2011 50,215,288 150,743
As at 28 February 2011 129,071,793 210,622
As at 31 March 2011 216,193,137 313,966
As at 30 April 2011 311,347,303 428,838
As at 31 May 2011 426,065,071 546,255
* Active customers represent those making at least one transaction a month
Source: ACN Newswire