Shanghai-based SmartPay has announced it is
the only mobile payments company to have been issued a payments
licence by the People’s Bank of China (PBoC).

The licence enables the company to develop
mobile, internet and network payment services, as well as issue
prepaid cards across China.

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The PBoC issued 27 licences in total, the
majority of which were given to government or state-owned
businesses.

“SmartPay is well positioned to assume more
responsibilities and lead the development, market cultivation and
promotion of the mobile payment business in China,” said Edward Wu,
president of SmartPay.

SmartPay was the first company to launch
mobile payment services for rural China and is focused on improving
financial services in central and western China – fast-growing
regions that already account for 42% of China’s overall GDP.

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