Fuba, a new payment app, held a press conference in Taiyuan on April 16, to launch its operations in Shanxi province.

Created in 2016, Fuba takes advantage of cloud computing and big data to provide online payment and promotional services, with the aim of bringing the real economy online.

Fuba, a new payment app company, holds a press conference in Taiyuan, the capital of Shanxi province, on April 16. [Photo/sxrb.com]

To make transactions more convenient, it has established partnerships with many e-wallet service providers, including Alipay, Unionpay and WeChat Pay.

Fuba uses electronic "hongbao" –– red envelopes containing gift money –– to motivate consumers to choose the platform for payment. Users can receive hongbao valued at the same price they have paid.

Consumers will be recognized as VIP customers of the business the first time they pay bills on the platform. Businesses on the platform can receive a thousandth of the amount its VIP members spend with other businesses.

Businesses that join the Fuba platform can use the advertising system and the customer relationship management (CRM) system for free. They can also target the VIP customers of other businesses on the platform.

Jia Chuntao, the creator of Fuba, speaks at the press conference. [Photo/sxrb.com]

"Businesses can enjoy a lot of benefits on the platform," said Jia Chuntao, the creator of Fuba.

"They can receive the payment instantly for a very low service fee. And the platform helps them attract clients and increase profits," he added.