China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the “Company” or “China Jo-Jo”), a leading China-based pharmacy with retail, wholesale and online distribution of pharmaceutical and health care products, today announced sequential Q3 Alipay mobile transactions grew 84% while sequential traditional payment transactions such as City Health Insurance payment transactions grew 27% respectively versus Q2 of this fiscal 2016 year.
According to research firm Analysys as of 2016: Alipay, an affiliate of Alibaba Group and WeChat Payment by Tencent Holdings, currently dominate mobile payment in China with 45% and 19% of the market respectively. Integrating these mobile payment platforms is an important growth initiative for China Jo-Jo as consumers in China, especially the young and growing middle-class, have been keen to actively adopt mobile payment as the method of choice for their integrated mobile and physical retail store shopping experience. Providing customers this convenient and familiar mobile payment platform is helping to drive overall transaction growth in both our retail and online pharmacies.
Since launching Alipay’s mobile payment service in November 2014, China Jo-Jo has been initiating novel marketing campaigns including in-store sales and bonus promotions in order to attract and customers while promoting premium branded products. Payment transactions and marketing initiatives under WeChat Payment which launched in July 2015 have also been successful in growing China Jo-Jo’s customer base and overall transactions.
Mr. Lei Liu, Chairman and CEO commented, “Mobile payment platforms have had immense success in China providing consumers with a fast, secure and novel means of paying for both online and offline pharmacy goods and services that is becoming a defector standard method for paying for goods and services in China. Mobile payment platforms now account for more and more of China Jo-Jo’s online payment transactions and is playing an integral role in the push to drive adoption of China Jo-Jo’s business model.”
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of December 31, 2015, the Company had 59 retail pharmacies in Zhejiang Province, China. The Company’s wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).