OREANDA-NEWS. October 15, 2014. In 2014, ICBC has accelerated the promotion of its Quick Pay product “ICBC e Payment” to better satisfy mobile payment requirements amid popularization of smart phones and rapid development of mobile internet. By the end of August, “ICBC e Payment” users reached 22 million and transactions amounted to RMB 25 billion, representing a year-on-year increase of almost eight times.

“ICBC e Payment” is a new-typed e-payment method introduced by ICBC to address personal customers’ requirements for convenient and speedy small payments. With this service, customers are able to complete payments on their computers or mobile phones without using USB-Shield or e-password device subject to the following limits: no more than RMB 5,000 for single payments, no more than RMB 5,000 for daily adds-up and no more than RMB 50,000 for monthly adds-up. This could better serve the requirements of consumers and merchants for safe, convenient and fast payments in internet finance. Customers, if necessary, can also go to ICBC outlets with their ID documents and relevant bank cards to increase their single payment limit and daily adds-up to RMB 10,000, while USB-Shield holders can have such increase through internet banking and mobile banking in a self-service manner.

To adapt to the payment requirement of internet finance, the registration and use of “ICBC e Payment” is very convenient and speedy. With only ICBC bank card and mobile phone, customers can complete self-service registration through ICBC internet banking, mobile banking, telephone banking and self-service terminals within several seconds. To make payment, customers only need to input their reserved mobile phone number and the last six digits of their account number as instructed, receive and input the SMS verification code. Unregistered customers can register in the process of payment. According to an official from ICBC, compared with Quick Pay products of third-party payment companies, “ICBC e Payment” has the three major characteristics:

First, highly optimized for general use. Online shoppers who select goods from many internet businesses such as Taobao, Tmall, JD, VIP.COM and amazon.com can register for “ICBC e Payment” and then use it anywhere online without registering for payment wallet on each of the above-mentioned website. Besides, paying for air tickets purchased on the websites of airlines such as Air China and for railway tickets purchased on 12306 website with “ICBC e Payment” will make the paying process easier and smoother.

Second, safe. As the verification of information on registered customers for “ICBC e Payment” is at the bank terminal, it is safer than Quick Pay products from third-party payment companies and can effectively safeguard customer information and fund safety. In addition, after opening the “ICBC e Payment” account, customers can enable the function of balance change alert for multi-layered protection of account.

Third, quick. Relying on the technological strength of ICBC, “ICBC e Payment” supports 11.2 million transactions concurrently per second and the system processing only takes 0.123 millisecond, helping the customers purchase as quickly as possible.