China Post to invest in m-payments system

The Peoples Bank of China has already accepted a related application from China Posts Chongqing operation and management department, so this is the first step in the organisations nationwide service roll-out.

The application reportedly shows that China Posts electronic payment service company will have registered capital of CNY100 million. Of the total investments, China Post Group will 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%. The headquarters will be located in Chongqing.

China Posts electronic payment service company applied for the operation of internet payment and mobile phone payment business, which covers a nationwide area. The company will independently develop the related payment business system and will be fully responsible for the daily operation, maintenance, and upgrade of the system.

China Post did not announce a specific date for the service to commence.