BEIJING, March 18, 2005 — Vesta Corporation, a world leader in virtual payment solutions, and ChinaDotMan Co. Ltd., (CDM) today announced the formation of an alliance to develop the Chinese virtual payments capabilities, with the aim of becoming a market leader in Asia. The cooperation takes the form of an equity investment by Vesta in ChinaDotMan.
In today's business environment, virtual payments associated with a variety of consumer transactions, especially internet and mobile phone solutions, are replacing traditional cash and credit card payment methods because they are more convenient, efficient and timely.
According to the RC Group, worldwide mobile payments more than doubled in 2004 and are expected to reach 20b USD in 2005 as consumers buy increasing amounts of digital content and physical goods through their cell phones and over the web. Some 300 million consumers are expected to use their mobile phones to make payments in 2006. Arguably Asia has the largest community of mobile customers in the world, with revenues forecast to reach some 55b USD. China has the largest number of mobile subscribers in the world, exceeding 330 million by the end of last year.
ChinaDotMan has introduced a unique e-ticketing service that gives mobile users the ability to browse and book air tickets in real time using their cell phones. E-tickets are purchased through a user's credit card. 9588 provides an easy-to-use, complete service offering in the field of mobile payments.
Virtual payments will form a major part of the economy of the future. Ensuring the reliability and security of virtual payment solutions is therefore of great importance. Customers are gradually getting used to not "seeing" their money, and it is important to give them a sense of trust if the industry is to develop. Vesta has become the world leader in virtual payments partly by guaranteeing the safety of transactions and systems.
2005 has been called "the year e-ticketing took off in China". Through their unique competencies, Vesta and ChinaDotMan are confident to capture a large slice of this burgeoning Chinese industry.
Headquartered in Portland, OR, and with operations in China and the UK, Vesta is a pioneer and worldwide leader in virtual payment and stored value solutions. Vesta utilizes proprietary authentication and fraud screening measures in managing its clients' stored value programs, and provides a secure, privacy-assured, recharge solution to their end users. Vesta has been recognized for the past four years as one of Inc magazine's fastest growing privately owned companies in America. Vesta's clients include AT&T, Cingular, MasterCard, NextEstate, Sprint, T-Mobile and others. For more information on Vesta Corporation, email info@trustvesta.com.
Established in 2000, ChinaDotMan Co. Ltd. is a software developer and systems integrator for the telecommunications, mobile and data communications sectors. ChinaDotMan combines mature network, communications and software technologies to develop all kinds of practical and beneficial wireless content and application services for end users.For more information, visit ChinaDotMan.
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