China Post is all set to invest CNY100 million to help build a system to facilitate mobile and internet-based payments in the country.
According to China Tech News, The People’s Bank of China has received an application regarding the same from the operation and management department of China Post, which is being regarded as the initial step before a nation-wide roll-out begins.
Of the total CNY100 million investment, 82% (CNY82 million) will come from China Post Group, 9% (CNY9 million) from China Post Chongqing company and the last 9% (CNY9 million) from China Post Shaanxi company, with head-qaurters set to be located in Chongqing.
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This will facilitate internet and mobile based payments, that are on the rise in the country. Given the large number of shipments China Post has to handle, it only makes sense for the company to integrate a payments system into the ecosystem, something which should prove beneficial to the consumer as well as the company.[Source]