China's Ping An Insurance acquired third party payment provider to launch mobile financial services

Ping An Logo

Country: China
Year: 2014
New type of business venture for an insurer: acquisition of a third-party payment service provider platform, instead of establishing an agreement with a bank

Concept

  • Ping An Insurance, China’s second largest insurer, acquired a local company to handle third party payments
  • Ping An launched its mobile payment and social networking platform, named Yi Qianbao, meaning One Wallet
  • Actually, users can transfer money between bank accounts and chat with each other. The app has other functions, such as one that allows people to split bills conveniently
  • Ping An aims to develop an integrated financial service platform where users will buy financial products and services using Yi Qianbo

Keywords: real time

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