SmartPay and CMBC Form China Mobile Payment Partnership

SmartPay enables mobile subscribers to easily receive, send and spend money anywhere, anytime. The simplest application for this service is payment or top-up of mobile phone bills. Users simply register for the service, and then will be alerted when their prepaid account is low, or when their post- paid account is due then the user can easily pay via SMS. In addition, SmartPay also processes payments for digital cards, utility bills and lottery tickets. In the near future, SmartPay will be able to provide payment services for airline tickets and much more.

For SmartPay's users and merchants, they can simply enter their mobile phone number and a password to complete a transaction rather than complicated credit card numbers and expiration dates. These transactions can also be completed for a fraction of the fees they currently pay to other financial vendors.

"SmartPay will give our customers a mobile payment service that combines an intuitive user experience with real time ability to access and spend money," said one senior official at CMBC; "Our customers nationwide will now have the opportunity to revolutionize the way they handle their finances by managing their CMBC accounts on their mobile device. It's the perfect service for our customers' mobile centric lifestyle."

"Partnering with CMBC on a nationwide basis will enhance SmartPay's services and allow for nationwide mobile payment capabilities," commented Greg Shen, CEO of SmartPay. "Already, SmartPay has processed billions of transactions. The mobile phone will do for money, what the iPod has done for music, making it instantly accessible and personalized, and SmartPay is glad to be partnering with CMBC to broaden the reach of these services."