Bestpay

About Bestpay

Bestpay, operating under the full name China Telecom BestPay Co., Ltd. and also known as Orange Finance, is the financial technology subsidiary of state-owned China Telecom. Established in March 2011, the company launched as a key player in China's burgeoning digital payments sector. It obtained "The payment business license" from the People’s Bank of China in the same year, permitting operations in internet payments, mobile and fixed telephone payments, and bank card acquiring. Under its first general manager, Gao Hongliang, who brought extensive experience from various roles within China Telecom and other telecommunications firms, Bestpay experienced rapid initial growth, reaching over 100 million users within its first three years.

The company's primary offering is the Bestpay (翼支付) app, a third-party payment platform that facilitates a wide range of financial transactions for its users. The business model centers on providing comprehensive payment solutions for both individual consumers and merchants. Revenue is generated through transaction fees from merchants, value-added services, and returns from its financial products. The platform serves a broad consumer base, enabling them to conduct online and offline payments, pay utility bills, transfer money, and access various financial services. For merchants, Bestpay offers payment processing services, including POS-based transactions and QR code payments, alongside solutions designed to increase customer traffic through participation in Bestpay's promotional campaigns.

The Bestpay platform has evolved to integrate a diverse portfolio of services beyond basic payments. Key features include "Tianyi Dai," a financing solution for small and medium-sized enterprises within the telecommunications supply chain, and "Tianyibao," a wealth management service that allows users to earn returns on their account balances. The app also supports a multitude of lifestyle conveniences, such as topping up mobile credit, paying for public transportation, and purchasing tickets for travel and entertainment. In a strategic move to bolster its ecosystem, Bestpay has formed alliances with numerous state-owned enterprises, creating a "New Consumption Platform" that integrates services and products from partners like China National Travel Service Group and COFCO. This initiative aims to drive digital consumption by linking online and offline resources and offering joint promotions. By November 2023, the platform had connected with over 52 central enterprises, generating over 150 billion yuan in transaction value.