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ICBC’s One-Stop Payment Service Benefits Users

With the rapid development of financial technology, convenient and efficient one-stop payment services offered by banks have become a critical link in the chain of serving the society as a whole. Take “ICBC e-Payment” as an example, from January to November of the year, 110 million transactions have been completed via “ICBC e-Payment” to pay utility bills, property service fees, tuitions and bus pass top-ups, among others, with a total value over RMB380 billion, up 1.52 times than the figure of the same period of last year. Among which, the number and value of online payments completed via mobile banking and PC internet banking accounted for 55% and 29% respectively.

According to a Bank official, “ICBC e-Payment” is an integrated payment service platform rolled out by the Bank, so that people can pay various daily fees conveniently, which has so far covered 41 items including utility bills, cable bills, heating bills, party/league/union dues, traffic fines, bus pass top-ups, education and training fees and property service fees. Clients can pay relevant fees at the Bank’s outlets, through its mobile banking, PC internet banking, or self-service terminals without prior registration; both ICBC cards and other banks’ cards can be used to make payments. Meanwhile, “ICBC e-Payment” allows users to set assistant services based on their personal needs such as regular payment, bill reminder and bill deduction, which can better serve customers, especially “forgetful” office workers.

For corporate clients, “ICBC e-Payment” can offer them convenient, swift and efficient collection services, and save financial costs for them. Enterprises can make collections through PCs or mobile phones, by scanning QR codes, or at ICBC’s outlets or self-service terminals, or ask the Bank to deduct relevant sums directly on their behalf. Moreover, “ICBC e-Payment” helps to simplify the collection process and save financial costs for enterprises. For example, an enterprise can query and download payment details through internet banking to check collection conditions at any time and any place; send email or SMS reminders automatically to facilitate collections; and release new collection items on a self-service basis.

In addition, “ICBC e-Payment” has also launched the cross-border payment service. By integrating exchange purchases with cross-border remittances, it enables clients to pay fees to overseas beneficiaries directly through ICBC’s e-banking channels, with funds directly reaching the accounts of such beneficiaries. For example, the Bank launched the tuition payment service for the Education University of Hong Kong in September. By the end of October when the tuition fees of this semester have been collected, it turned out that the service was used by around one third of mainland students.