LinQpay, Inc. a leading Mobile Payment and Global Payment Services company, and Internet Payment Solutions (IPS) HK, a subsidiary of Universal Technologies Holdings Ltd (UTH), the leading Chinese payment service company, today announced they have signed a definitive agreement to establish a joint venture that will provide several mobile phone-based payment services for the Chinese market. The new service will combine LinQpay’s leading mobile phone- based payment services with IPS’s Chinese payment platform, valuable client base and market leading position within China. Through the joint venture, LinQpay and IPS will create a full-featured mobile phone-based m-commerce platform that will provide both mobile extensions to IPS e-wallet and payment platform as well as complete out-of-the box m-commerce solutions.
The LinQpay and IPS joint venture creates a full-featured mcommerce service for both IPS’s current e-wallet and its payment platform within China. LinQpay’s mobile phone-based JAVA and SMS messaging services will extend IPS’s current e-wallet to all mobile phone consumers. Additionally, IPS will extend its current market leading payment platform with LinQpay’s complete m-commerce services. The solution allows complete out-of-the box mobile websites, m-commerce and m-fulfillment to small and medium size company throughout China. Large organizations can seamlessly integrate current mobile websites into the LinQpay m-commerce services. The combination of IPS’s Chinese payment platform and LinQpay’s mobile solutions give the joint venture a powerful and complete mcommerce platform.
“With the rapid growth of the Chinese mobile phone and payment processing spaces, we see all indicators pointing toward explosive growth in Chinese m-commerce,” said James Byler, chief executive office, LinQpay Inc. “With IPS’s brand and dominant market share within China coupled with LinQpay’s mobile technology and know-how, we are creating an m-commerce platform that will be trusted and widely available to mobile phone users in China. We are confident through this venture that we will make a significant contribution to the growth of m-commerce in China”.
“We believe IPS’s e-wallet being accessed by mobile phones will open up a huge potential market in Chinese m-commerce. This drastically extends our payment gateway service from internet users to mobile phone users in China, especially those in rural areas” Said Sunny Cheung, Vice president of IPS. “The joint venture will not only bring us a mobile technology platform in China, but also connects IPS’s clients to LinQpay’s worldwide networks in the future.”
Terms of the deal were not disclosed.
The LinQpay and IPS joint venture supports the companies’ respective strategies to further enable and support m-commerce within China’s business community.
The service will be co-branded as IPS LinQpay, and is expected to be available to Chinese mobile users in Q2 2008.
About IPS
As a subsidiary of Universal Technologies Holdings Limited (UTH) (SEHK:8091) Internet Payment Solutions (Shanghai) Limited (IPS) is committed to boosting the development of e-payment in Asia. Since 2000 IPS has focused on providing on-demand online payment solutions for our customers. With years of outstanding experience and dominant market share, IPS has been widely applied to thousands of merchants which cover the telecom, finance, retail, travel and other industries that provide online transaction services. www.ips.com.cn
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