99Bill Corporation, the first company in China offering email and mobile phone number based online payment platform and services, and NetEase.com, Inc., one of the leading portals in China, announced today that the two companies have reached an agreement to jointly establish online NetEase pre-paid card payment platform.
Under the agreement, 99Bill launched the new online payment service to let the NetEase's prepaid online game card users to pay for the third party online products and services, and enable the Internet and wireless service providers to accept the prepaid card payment online.
NetEase is a leading portal in China providing a wide variety of content and online services, including online game, email, personal homepage, search and other products. NetEase has established nationwide distribution channels in more than 100 cities in China for selling online game prepaid card to tens of millions of online game users, and the prepaid card has become the well adopted form of payment for the online game services.
With 99Bill's new payment services, NetEase prepaid card users will be able to purchase and pay for products and services offered by third party providers, in addition to NetEase products and services. By leveraging 99Bill's online payment platform, any internet and wireless service providers will be able to accept NetEase prepaid card as a cost-effective form of payment, and get instant access to tens of millions of prepaid card users across the country as potential customers.
"99Bill commits to provide convenient and innovative online payment services to our users. The launch of NetEase prepaid card payment platform allows us to serve the Internet community that currently do not have or do not use bank cards online. The new service significantly increases our demographic and forms of payments coverage in China, and also will provide additional product and service options to the current NetEase prepaid card user. We believe this partnership will prove to be successful and rewarding for both parties," says Oliver Kwan, Chief Executive Officer of 99Bill.
"Customers are our most valuable asset. It is our ultimate goal to provide value-added online services to ensure best-in-class customer experience. As a result, making the right partnership for our prepaid card system becomes very critical and significant. We look forward to a fruitful cooperation with 99Bill," says Ted Sun, Chief Executive Officer of NetEase.
The total transaction volume of Internet products and services, as well as wireless value added services in China, reached USD 2.8 billion in 2004. However, most of these transactions were conducted through legacy and high cost payment means, such as C.O.D, postal wire, and bill collection service by mobile operators. To meet the growing market demand for comprehensive and integrated online payment solutions, 99Bill officially launched its online payment services in China early this year. Now, anyone or any business with a verified email address or a mobile number can accept debit card and credit card payment in real time, and send and receive payments easily, securely and promptly on 99Bill platform without the need to expose recipient's personal information such as bank account, name and address.
In addition, Internet users and business customers can choose from 99Bill's diversified product portfolio and innovative merchant tools to meet their personal and business needs. 99Bill has established direct debit card and credit cards processing capacity with leading domestic banks in China, enabling any online user and business to receive debit and credit payment covering over 2.7 billion international and domestic issued bank cards. The company is committed to develop innovative and high value-added services to serve the growing market demand for fast, secured and convenient online and wireless payment solutions in China.