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China : CHINA POST plans CNY100 million investment in mobile phone and Internet payment services

July 14, 2014

China Post plans CNY100 million investment towards development of an electronic payment platform for mobile phone and Internet payment services.

Already, the People's Bank of China has accepted a related application from China Post'sChongqing operation and management department, indicating the first measure in the organization's nationwide service roll-out.

The application indicates that China Post's electronic payment service company will have registered capital of CNY100 million. Out of the total investments, China Post Group is to invest CNY82 million, accounting for 82%; China Post Chongqing company will invest CNY9 million, accounting for 9%; and China Post Shaanxi company will invest CNY9 million, accounting for 9%.

Location of the headquarters will be in Chongqing.

Electronic payment service company of China Post applied for the operation of Internet payment and mobile phone payment business, covering a nationwide area. Independently the firm will develop the related payment business system and will be fully responsible for the daily operation, maintenance, and upgrade of the system.

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Source: TendersInfo (India)

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