China: YeePay Partners with Dang Dang for Online Marketplace

Dang Dang Mall (mall.dangdang.com) is an online marketplace that enables third-party merchants to sell their merchandise on Dang Dang's ecommerce platform, as complementary to its own online store. As a key part of its marketing strategy, Dang Dang recently launched the new marketplace service to meet the increasing customer demands for product diversity, especially for non-book merchandise. Dang Dang Mall has been well received in the market by consumers and merchants since its debut. More than 3000 merchants have subscribed to this service and opened up storefronts on Dang Dang's platform.

Dang Dang has been a pioneer in China's ecommerce market. Traditionally most of the ecommerce transactions in China follow a hybrid model of "order online, pay offline by cash on delivery," which is very inefficient. In contrast, Dang Dang Mall promotes a complete end-to-end ecommerce solution with most of the merchants supporting electronic payments, therefore bringing a better user experience. As the exclusive payment provider, YeePay's service has been integrated into Dang Dang Mall's transaction platform, allowing customers to make online payments securely and conveniently using their bank cards. In addition to online payment, YeePay's innovative telephone payment enables customers to make payments by dialing into the telephone banking service of their own bank.

Commenting on the partnership, Chu Mingli, Assistant President at Dang Dang, said, "YeePay has been a close partner of Dang Dang. Our previous collaboration in online B2C payment was very successful and has laid a solid foundation for this new partnership. YeePay's payment platform had been proven efficient and reliable. Dang Dang Mall is a continuation of our existing partnership, it also breaks new ground in that we introduced telephone payment into our platform for the first time. We chose YeePay because it has a total solution integrating both online and offline payments, giving our customers more options. We can streamline the payment process and make online shopping a more enjoyable experience for our customers."

Bin Tang, CEO of YeePay, said "Dang Dang is a symbol of China's ecommerce. The launch of Dang Dang Mall will effectively complement Dang Dang's existing business and strengthen its market leadership position. We expect to see tremendous growth of merchants, consumers and transaction volume with this scalable marketplace model. As the exclusive payment provider for Dang Dang Mall, we are confident to meet our customer's requirements and grow with its business, and help drive the overall development of ecommerce in China."