MONEY COLLECTING PLATFORM STARTS OPERATION IN CHINA

AsiaInfo Services
06-07-2011
Money Collecting Platform Starts Operation in China

BEIJING, Jun 07, 2011 (SinoCast Daily Business Beat via COMTEX) -- China's first money collecting platform Yoopay.cn lately started operation. Within three weeks since its operation, its registered users topped 10,000 and money collected surpassed CNY 1 million.

Yoopay.cn has gained its first round of venture capital investment and submitted patent application to local governments in countries and territories including China, the US and the European Union (EU).

Yoopay.cn has partners like China UnionPay (CUP), Alipay.com, Visa, Mastercard and Paypal. Soon, the Web site will form cooperation with the five major Chinese commercial banks.

Analysys International reveals that China's third-party payment market reaches CNY 1 trillion and the segmented field of money collecting hit CNY 100 billion.

In the US, similar Web sites like EventBrite and Wepay are experiencing rapid growth. EventBrite obtains revenues of USD 200 million a year and has won VC investment of nearly USD 100 million from investors led by Sequoia Capital. Lately, Wepay received VC investment of nearly USD 10 million headed by Highland Capital Partners.

Source: www.techweb.com.cn (June 07, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
Online/Direct Banking
SinoCast China Business Daily news
money collecting
VC
investment
payment
US

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