CVG adds non-cash payment system to lottery distribution network1st September 2014 7:07 am GMT
Chinese lottery supplier China Vanguard Group (CVG) has entered into a strategic partnership with Yunbo Digital Synergy Group (YBDS) to add non-cash online and offline payment systems to its lottery distribution points.
Subject to the required approvals from the relevant authorities, CVG subsidiary China Vanguard Corporate Management (CVCM) will make use of YBDS’ capability in software and hardware development to connect and integrate Point of Sales (POS) terminals so that all lottery distribution points will be equipped with non-cash online and offline payment system.
This includes those on China Telecom’s Bestpay platform, which can be used by mobile payment, contactless payment, payment by cards issued by China Unionpay and other financial institutions.
YBDS Group and CVG will each share a certain percentage of the revenue generated from the non-cash payment terminals. A further agreement setting out the details of a commercial arrangement will be entered into between the parties in accordance with the progress of the development of the business.
Hong Kong-listed YBDS’ core business is in telecommunications services which includes mobile payments, big data, unified communications, and operation back end support systems among others. The company also designs, develops, manufactures and operates leading products for mobile networks as well as online and offline payment services.
YBDS is an innovative company being the first in the world to propose the new concept of providing services to the general public through the four-screen terminal network coverage. YBDS has a strong O2O commercial market and provides services to telecommunications services enterprises.
YBDS and CVG said that they will utilize their respective advantages in each of their specialized areas to enhance the competitiveness of their businesses.
“At the same time, the general public will be able to benefit from the easiness and consumer friendliness of non-cash payment clearance for lottery purchases and for full coverage of online and offline applications in the consumer sectors through CVG Group’s lottery distribution points,” said the companies in a statement.
Both YBDS and CVG expect to utilise their respective existing and potential customer base to enlarge market shares and “realize the untapped potential in these business opportunities.”