China UnionPay to Sharpen Focus on Online Payment

Beijing Morning Post, 4/27/09

As part of a strategic adjustment, Chinese banking network China UnionPay has added online payment services to its focus for 2009. China UnionPay has not officially announced the change, but a source at the company stated that China UnionPay's online payment subsidiary, Chinapay, is unveiling promotions in key areas across China with the help of its parent company.

Since its establishment in 2002, Chinapay has maintained low-key operations. A company employee stated that Alipay is currently the largest market share holder in China's third-party payment service industry, with Tenpay second, and China UnionPay third. Numerous well-known online stores including Dangdang, Joyo-Amazon, and 360Buy currently do not accept China UnionPay online payments.

Lu Yihua, general manager of payment services at China UnionPay, stated that the company would consider other factors in addition to price when competing with other service providers.

Keywords: strategy Chinapay Lu Yihua Alipay China UnionPay Internet market share online payment Tenpay third-party payment e-commerce e-payment

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