中国の第三者決済企業：Tenpay

Tenpay is the exclusive online payments provider of Tencent, one of the largest and most powerful internet companies in China today. Tencent' s service reach includes instant messaging, gaming, blogs, and various wireless value-added services branded under the "QQ" name; also included in the Group' s umbrella of companies is an online peer-to-peer marketplace called Paipai. Tenpay, in turn, provides an online payment platform for all of these services covering over 26 million users, easily ranking them among the top of the list among third-party payment companies in China.

Key Findings:

• Tenpay is an integral part of Tencent and its main purpose is to facilitate online payments for the Tencent Group.
• As a stand-alone company, Tenpay has yet to prove it has a viable business model, as revenues and profitability are being sacrificed for the success of Tencent and its subsidiaries.
• Tenpay has a fast-growing registered user base currently standing at 26 million, and has direct and exclusive access to serve the payment needs of Tencent' s 300 million active users.

• China UnionPay
• Union Mobile Pay
• Alipay
• Smartpay
• YeePay
• IPS
• ChinaPay
• 99Bill
• Tenpay
• PayEase
• and more.....

1. Industry Overview: Key Factors Shaping Third-Party Payments in China

• 1.1 Continued preference for cash payments, but bank card payments rising
• 1.2 Credit card use remains low; debit cards widespread
• 1.3 Limited coverage of non-cash payment services
• 1.4 China UnionPay' s bank card monopoly
• 1.5 Quasi-online payment systems an interim solution
• 1.6 Two ISPs, 162 million Internet users
• 1.7 Two mobile operators, 522 million subscribers
• 1.8 Contactless smartcard use increasing but largely limited to buses and subways
• 1.9 Government regulations and the "national interest"

2. Tenpay - Riding the QQ Freight Train

• 2.1 Company Overview
  • 2.1.1 Ownership
  • 2.1.2 Organizational Structure
  • 2.1.3 Management Team
• 2.2 Operation Model and Business Performance
  • 2.2.1 Financial Performance
  • 2.2.2 Users
• 2.3 Services and Coverage
• 2.4 Markets and Channels
  • 2.4.1 User Demographics
  • 2.4.2 Channels
• 2.5 Marketing and Branding
• 2.6 Partnerships
  • 2.6.1 Bank Partners
  • 2.6.2 Merchant Partners
  • 2.6.3 Technology Partners
• 2.7 Competitive Analysis
  • 2.7.1 Strengths
  • 2.7.2 Weaknesses
• 2.8 Outlook

• Figure 1: Credit cards issued in China and in the US (M)
• Figure 2: Internet Users in China, 2001-2006 (M)
• Figure 3: Mobile Subscribers in China, 2002-2010F (M)
• Figure 4: China government groups involved in third-party payment regulation
• Figure 5: The evolution of Tencent' s services
• Figure 6: Tencent Organizational Structure
• Figure 7: Tenpay' s Operation Model
• Figure 8: Tenpay Transaction Volume Breakdown (%)
• Figure 9: QQ Registered Users, 1Q 2006- 3Q 2007, (M)
• Figure 10: Tenpay Registered Users, 1Q 2006- 3Q 2007, (M)
• Figure 11: Tenpay Users as a Percentage of QQ Active Users, 2006-2007 (%)
• Figure 12: Q Coin Purchase Breakdown (%)
• Figure 13: QQ games and services paid for by Q Coins
• Figure 14: Tenpay' s Co-branded Services
• Figure 15: Tenpay Logo
• Figure 16: Tenpay Bank Partners
• Figure 17: Tenpay Merchant Partners