99Bill - Hot Out of the Gates but Sustainable?

99Bill one of China's newest players in online payments is also one of the fastest growing ones. 99Bill aggressively markets its services to end users in contrast to competitors such as IPS and Chinapay which target merchants instead. 99Bill claims one of the largest user bases among China's third-party payment providers today. However despite the company's fast-growing user base 99Bill's bottom line like most of its competitors is still in the red. In this report we detail 99Bill's growth strategy services and partnerships and analyze whether 99Bill's aggressive user acquisition strategy is sustainable in China’s payments sector.

Key Findings

• 99Bill has a fast growing registered user base currently standing at 20 million.
• 99Bill's top products sold include China Mobile prepaid cards.
• Registered users can become 99Bill agents and sell China Mobile prepaid cards through 99Bill.
• 99Bill offers a variety of non-bank payment options including payment through cash remittance and through the use of China Mobile top-up cards.

Figures

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: 99Bill Registered Users, 2005-2007 (M) 
Figure 6: 99Bill Quarterly Transaction Volume, 3Q 2006-3Q 2007 (RMB M) 
Figure 7: 99Bill Direct Debit Operation Model 
Figure 8: 99Bill Payment Methods 
Figure 9: 99Bill User Fee Structure 
Figure 10: 99Bill Merchant Fee Structure 
Figure 11: 99Bill Foreign Currency Payment Deposits 
Figure 12: 99Bill Security Device 
Figure 13: 99Bill Payment Service Coverage by Channel 
Figure 14: 99Bill Logo 
Figure 15: 99Bill Bank Partners 
Figure 16: Select 99Bill Merchant Partners

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