YSPay, one of the leading payment services providers in China, has rolled out a new mobile payments solution developed with Accenture. The solution allows YSPay customers - consumers, banks and merchants - to process payments with any type of mobile phone.
The companies announced the launch of the solution at Sibos in Dubai.
YSPay's new mobile payments solution uses phone numbers to process payments - merchants type phone numbers to initiate payment processing and consumers receive a text confirming the payment will be sent. Smartphone users can also upload a mobile application and benefit from richer services such as buying a movie ticket or receiving a coupon.
Accenture leveraged the Accenture Mobility platform to help YSPay rapidly launch and scale its mobile payments solution. YSPay is using the Accenture Mobility platform to connect with banks via China Union Pay - China's bank card association - and with existing YSPay merchants who have point-of-sale machines in place, as well as with additional merchants, such as call centers and mobile top-up service providers.
With established alliances with China's major mobile phone operators, the mobile payments solution covers most mobile subscribers in China.
Accenture is also providing application outsourcing services to YSPay, including the ongoing maintenance of the platform and any future enhancements agreed by both parties, allowing YSPay to keep its internal resources focused on core business activities.
"Relying on Accenture's rapidly deployable, cost-effective card-free solutions, and on its global experience in providing mobile services, we believe that the new mobile payments platform will measure up to world standards," said YSPay's chief executive officer Zhang Changjiang. "This new system will significantly improve user experience and enable us to better serve our clients across the country in more innovative ways."
"YSPay operates in a market that leads the world in mobile phone users and has established an extensive partner network with China's major banks, merchants and mobile phone operators," said Jeremy Huo, managing director of Accenture's Financial Services group for Greater China. "The new mobile payments solution allows YSPay to provide a unique digital experience potentially to China's 1.1 billion mobile phone users."
The Accenture Mobility platform allows clients to launch and scale vertical mobile offerings quickly on a variable cost, transaction model basis. This platform is fully equipped with features including published Web services and application programming interfaces (APIs), meaning that YSPay has the capability to integrate the platform with external systems and add new applications and services at any time.
The services provided to YSPay are being delivered through Accenture Payment Services, a business service within Accenture's Financial Services operating group that provides management consulting, technology and outsourcing services to financial institutions. Its services are designed to bring significant improvements in core payments, card payments, digital payments, transaction banking and compliance, risk and operations. Accenture has supported more than 50 banks worldwide, including some of the largest institutions, on projects that span the payments cycle and range from traditional to multi-channel and mobile platforms.