China Telecom Bestpay, a wholly owned subsidiary of China Telecom Corp committed to mobile payment, announced Thursday plans to invest 10 billion yuan ($1.5 billion) in resources to boost its presence in the fast-growing market.
The company announced its marketing plan, which is aimed to reduce marketing costs and increasing revenue for Bestpay’s business partners. The plan will cover payment services, resource sharing and integrated marketing, according to Chen Yiwen, vice-general manager of the company.
According to the plan, China Telecom Bestpay will promote its payment service with a cheaper service fee and provide its partners a more user-friendly experience. China Telecom Bestpay will vary its service to different partners based on itheir business sizes, brands and revenues.
China Telecom Bestpay will achieve full resource sharing with its business partners in customer information, channels, risk management and big data, creating a leverage effect regarding branding and marketing.
In terms of integrated marketing, China Telecom Bestpay offered online and offline users a certain amount off in transactions through its product Bestpay, a third-party payment platform. Up to January 2016, the app had attracted over 290 million users and became the third-largest payment platform operator following Alipay and Wechat.
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On 29 July 2017, representatives from China Telecom’s BestPay and FOMO Pay met at the Tianyi Intelligent Ecological Expo where they signed a cooperation agreement, officially announcing the entry of BestPay into Singapore. This is yet another exciting step towards bringing the convenience of WeChat Pay to users in Singapore. Under this strategic partnership, FOMO Pay will help to incorporate China Telecom BestPay’s payment solutions into the shopfronts of various local merchants and retailers.
Known in China as one of the three largest telecommunications provider, China Telecom boasts a network of 1.1 million stores spread all over the country and 300 million active users. Through its mobile application BestPay, China Telecom has recently been expanding rapidly overseas starting with Australia’s RoyalPay in July 2017.
Given FOMO Pay’s strong presence and experience with WeChat Pay in the Singapore market, it is no surprise that China Telecom chose to partner with FOMO Pay. More than 1,000 participating merchants will be covered under this partnership, including Tangs departmental store, Charles & Keith, Pedro, TWG, Lacoste, Pazzion, SF Express and the Fragrance hotel chain. These merchants cover the full suite of services and retailers catering to the tourism industry in Singapore, bringing convenient WeChat mobile payment services to tourists and locals alike. Soon, patrons of these shops would be able to use WeChat Pay to pay for items and services if they have a China Telecom subscription and have installed the BestPay mobile application.
With the presence of growth opportunities for mobile payment solutions in the Singapore market, this new development will undoubtedly increase the usage of the WeChat payment app. It is likely that in the near future, it will be the norm to pay by WeChat instead of using credit or debit cards.
Chinese Android device maker Xiaomi and telecom operator China Telecom (NYSE: CHA; 0728.HK) have signed a cooperation agreement that will see both companies collaborate on smart home technology, e-commerce, internet finance, and handset sales.
China Telecom will gradually establish smart home models in each of its flagship retail stores in various provinces, allowing customers to try out and purchase Xiaomi smart home devices. Xiaomi will also provide China Telecom with exclusive smart router technology, selling its routers via China Telecom’s distribution channels. Both sides plan to collaborate on exploring custom network router technology, TV digital decoders, and intercommunication between user accounts.
China Telecom will also give Xiaomi access to the payment and credit top-up interface for all of its domestic mobile, landline, and broadband services. This will allow Xiaomi users to top up their mobile credit directly through the Xiaomi Store.
China Telecom’s payment service BestPay will be incorporated into the Xiaomi Store, where users can continue to take advantage of BestPay benefits such as sending red envelope cash prizes. A link to the Xiaomi store will also be embedded in the BestPay client.
The two firms will also ally on marketing. For example, China Telecom subsidiary Tianyi Telecom Terminals will become the exclusive sales agent for the Xiaomi Hongmi 4X smartphone, and will also serve as one of the primary sales agents for the Xiaomi Note 4X.
In addition, both parties will soon launch an unlimited data package called the “Mifen Card” to accompany China Telecom’s 4G + Internet services. The package is expected to go on sale in the Xiaomi Store in early June.
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