Jan 15 2009
Customers first began noticing a slow down on the 14th and by the afternoon of the 15th, they were unable to access the site.
The attack was reported to the Beijing Public Security Bureau and a suspect is currently in custody.
YeePay developed technology that allows cell-phone users to pay for products and services over their mobile phones via micropayments. The Chinese, like us, are attached to their cell phones, only more so; they can download or consume numerous services using the devices. The challenge is that many of them don’t have traditional bank accounts or credit cards, so monetizing mobile broadband services without such a financial infrastructure poses a serious barrier to the development of this market.
Because YeePay was a tiny startup, going to market with us gave them the credibility it needed to close deals with large banks or large wireless providers. So IBM stepped in, giving it access to the largest banks and telecom players—all of whom happened to be our customers. We took YeePay’s business application to our financial customers in China and throughout Asia. Through the partnership, YeePay increased the value of its financial transactions 10 times to $1.2 million.