HONG KONG SAR – Media OutReach – November 2, 2023 – Yedpay, Hong Kong’s leading payment technology company, breaks with tradition and pioneers the innovation of the next-generation payments industry with “One Touch” technology. This technology aims to solve the cash flow sequence from collection, payment to settlement for businesses, providing a new real-time cash flow experience.
In the past, payment and settlement were handled separately. Due to the transfer of cash from acquirers, settlement organizations and banks, the cash flow from payment transactions was relatively delayed after a long circulation and prepayment process. With “One Touch” payment technology, the boundary between cash and electronic payments will disappear. Collection, payment and settlement can be completed in one step, making it easy for businesses to manage their funds.
Breaking barriers and innovating to achieve real-time cash flow
At the 8th edition of Hong Kong FinTech Week, themed “Fintech Redefined”, Yedpay officially announced this innovative collaboration that will change the history of payment technology development. Yedpay Managing Director Leo Ngan presented the innovation and breakthrough of this payment technology to the industry insiders in attendance. They also highlighted the “domino effect” that this technology will have on the functioning of corporate and retail funds.
Leo Ngan, Managing Director of Yedpay, mentioned that Yedpay used Tap to Phone payment technology in the “One Touch” payment product. This technology cloudifies the encryption of credit card payment processing, breaking the fixed hardware encryption format of traditional POS machines. Using a mobile phone, it can handle traditional payment methods. Business enterprises or retailers only need to download an app to enable “mobile inductive collection” and use their smartphones to collect payments flexibly, anytime, anywhere. Additionally, this technology does not need to be stuck with the traditional time lag of T+2 cash flow and full settlement arrives “instantly”.
Lam Cheung-fu, president of the Hong Kong Newsboys Association, mentioned that newsboys and stall operators tend to have a more traditional mentality. Many newsagents have been running their businesses for decades and face payment and accounting challenges every day. Their business models are relatively simple and rely heavily on cash transactions. There is an urgent need for them to transform. The innovative payment technology offered by Yedpay is beneficial for large, medium, small and micro businesses looking to transform. This not only solves the problem of late payments, but also allows newspaper sellers to expand their businesses in the areas of digitalization and industrial reform of the newspaper distribution industry.
Pioneering innovation in the global payment settlement industry and breaking into the Belt One Road market
According to the McKinsey Global Payments Report 2022¹, in emerging markets in Africa, Latin America and Southeast Asia, the pandemic has accelerated the transition to contactless payments and e-commerce, and low penetration Banking offers payment providers the opportunity to capture untapped potential and reach underserved opportunities. populations.
According to the “2022 Southeast Asia Digital Economy Report”, the booming digital payments market in Southeast Asia is expected to reach $2 trillion in transaction value in 2030².
In the future, Yedpay will continue to be focused on Hong Kong with ASEAN as the main growth point and launch diversified financial products from collection to transfer of merchant e-wallets, aiming to build the payment center of ASEAN. With “openness” and “practicality”, Yedpay will lead technological innovation and achieve more forward-looking explorations and breakthroughs in the field of mobile payments.
The “cashless society” promoted by Yedpay can make finance more inclusive and business smarter, which drives financial innovation while reducing the overall social cost and accelerating the operation of the economy. From a business perspective, this provides new opportunities for businesses to explore new models of financial management. In particular, Yedpay’s new breakthrough of instant payment and settlement, which improves the settlement efficiency of large enterprises’ funds, increases the flexibility of funds, and can instantly control operations and reduce operational risks. Additionally, through the analysis of electronic payment data, businesses can better understand consumers’ wants and needs, actively adjust their operational strategies, and predict market direction. Whether it’s retail, hotels, mobile services or even newsstands, instant payment technology solutions will revolutionize traditional payment methods.
As a leader in Hong Kong’s payment technology industry, Yedpay is committed to providing a secure and low-threshold electronic payment system, improving competitiveness through “efficiency” and “liquidity” and leveraging technological power to change the landscape of the traditional retail industry to make its own contribution to a more universal and sustainable future.
¹https://www.mckinsey.com/industries/financial-services/our-insights/the-2022-mckinsey-global-payments-report
²https://economysea.withgoogle.com/report/
The issuer is solely responsible for the content of this announcement.
