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YeePay Partners with Dang Dang for Online Marketplace.

BEIJING, Oct. 31 /PRNewswire/ -- YeePay, a leading provider of innovative e-payment services based on Internet, mobile and telephone in China, announced partnership with the largest online retailer in China - Dang Dang, to provide exclusive payment service for Dang Dang Mall (mall.dangdang.com), a new online store hosting program that allows merchants to sell their goods through Dang Dang's network. This is the second time the two companies collaborated since YeePay started providing online payment solution for Dang Dang's main online store, indicating a growing market trend that major ecommerce platforms in China favor to work with third-party payment service providers.

(Photo: http://www.newscom.com/cgi-bin/prnh/20051211/CNM005 )

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."

About YeePay

YeePay is a leading e-payment service provider in China, with a mission to provide better e-payment solutions and value-added financial services through technology and innovation. Headquartered in Beijing, China, YeePay also has branch offices in Shanghai, Guangzhou, Chengdu and Hohhot. As the first company in China to provide a single platform integrating both online and offline electronic payments, YeePay's innovative solutions enable consumers and businesses to make and receive payments over the Internet, mobile and telephone securely, conveniently and cost effectively. YeePay has formed strategic partnerships with major banks in China. YeePay's customers include leading internet companies and ecommerce websites as well as many merchants in traditional industries, such as Baidu, Sohu, TOM Online, Shanda, KingSoft, DangDang, eLong, 800Buy, GoMe Electronics and China Unicom. YeePay was recognized as the "Best Payment Platform" by the China eCommerce Association and one of the "Top 50 Innovators" by the China Internet Society.
 For more information about YeePay, please visit http://www.yeepay.com/.

 About Dang Dang



The largest online retailer in China, Dang Dang offers a wide range of consumer products, and is the world's leading online seller of Chinese- language books, movies and music. From what was a concept a few years ago to a miraculous execution today, Dang Dang offers its customers exceptional product choice, user-friendly search mechanisms, flexible payment solutions and timely delivery. The company takes a firm leadership role in revolutionizing shopping for books, movies, music and consumer products, consequently bringing quicker and easier access to the world of information, knowledge, entertainment and online consumption. Launched in November 1999, Dang Dang offers approximately 300,000 product selections. For more information, please visit http://www.dangdang.com/.

CONTACT: Chen Yu, YeePay.com, +86-10-6561-0168 ext.136, Fax: +86-10- 6561-0167, Cell: +86-137-0111-0519, chen.yu@yeepay.com

Web site: http://www.yeepay.com/ http://www.dangdang.com/
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Geographic Code:9CHIN
Date:Oct 31, 2006
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