Yedpay collaborates with Mastercard to lead the future of payment technology
Written by Daily Sun
This technology aims to optimize the sequence of cash flow from collection, payment to settlement for businesses, providing a new experience for real-time cash flow.
Hong Kong Fintech Week
In the past, payment and settlement were separately managed. Due to the cash flow transfer of acquirers, settlement institutions and banks, the cash flow from payment transactions was considerably delayed after a lengthy process of circulation and advance payment. With the 'One Touch' payment technology, the boundary between cash and electronic payments is foreseen to disappear. Collection, payment and settlement can be achieved in just one step, making it easy for businesses to manage their funds.
Breaking barriers and innovating to achieve real-time cash flow
On November 3, at the 8th Hong Kong FinTech Week event themed "Fintech Redefined", Yedpay and Mastercard officially announced their innovative collaboration that will change the outlook of payment technology development. Leo Ngan, Yedpay's General Manager and Victor Cheng, Vice President of Commercial Payment and New Payment Platforms at Mastercard, introduced the innovation and breakthrough of this payment technology to the industry insiders in attendance. They also highlighted the domino effect this technology is set to have on the operation of funds for businesses and retailers.
Leo mentioned that Yedpay has employed Tap on Phone payment technology in the 'One Touch' payment product. This technology cloudifies credit card payment processing encryption, breaking through the traditional POS machine's fixed hardware encryption format. By using a mobile phone, it is compatible with mainstream payment methods. Business enterprises or retailers only need to download an application to activate 'mobile phone induction collection' and use their smartphones to flexibly collect payments anytime and anywhere. Moreover, this technology is not subject to the traditional T+2 cash flow time difference, prompting full settlement to arrive instantly.
Pioneering the innovation of the global payment settlement industry and making inroads into Belt and Road markets
According to the 2022 McKinsey Global Payments Report¹, in emerging markets in Africa, Latin America, and Southeast Asia, the pandemic accelerated shifts to contactless payments and e-commerce, and low banking penetration affords opportunities for payments providers to capture untapped potential and reach underserved populations.
According to the "2022 Southeast Asia Digital Economy Report", Southeast Asia's booming digital payment market is expected to hit US$2 trillion by transaction value in 2030².
In the future, Yedpay will continue to be Hong Kong-centric with ASEAN as its core growth point and will launch diversified financial products from collection to remittance of merchant electronic wallets, aiming to build the ASEAN Payment Hub. With openness and practicality, Yedpay will conduct technological innovation and make 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 more intelligent, which drives financial innovation while saving the overall social cost and accelerating the operation of the economy. From a business perspective, this provides companies with new opportunities to explore new financial management models, especially the new breakthrough of Yedpay's instant payment and settlement, which improves the efficiency of large enterprises' fund settlement, increases the flexibility of funds and can instantly control the operation and reduce operational risks. In addition, through the analysis of electronic payment data, companies can further understand consumers' wants and needs, actively adjust their operational strategies and forecast market direction. In retail, hotels, mobile services or even newsstands, instant payment technology solutions lead towards revolutionizing traditional payment methods.
As a leader in Hong Kong's payment technology industry, Yedpay is committed to providing a low-threshold and secure electronic payment system, enhancing competitiveness with efficiency and liquidity and relying on technological power to transition the traditional sales industry's landscape to a more universal and sustainable future.
The issuer is solely responsible for the content of this announcement.
About Yedpay
In the early days of its establishment, Yedpay developed a payment platform in Cyberport, Hong Kong. It was launched in 2017. It is committed to developing a financial technology brand that revolutionizes the payment industry. Its open payment platform assists merchants with an APP to process credit card transactions and e-wallet payments in physical stores and online.
The Yedpay system uses cloud technology and ensures data security. It has obtained the PCI DSS payment industry security standard level 1 certificate since 2017, and obtained the ISO/IEC 27001:2013 information security management system certification international standard since 2018.
Yedpay integrates electronic payment technology into traditional culture, including created the first cashless market in Hong Kong, changed the payment mode of the Taxi industry to go digital, and organised the Cheung Chau Bun Festival for the first time to enable more than 100 merchants on the island to accept digital payments. The whole process is connected with Yedpay, and it is the first time to electronically transform Fa Yuen Street merchants in the form of full digital payment, etc.
From 2023 onwards, Yedpay will focus on ASEAN, with Thailand as the leader, and radiate ASEAN. Yedpay will also launch diversified financial products, merchant e-wallets from collection to remittance, and strive to build an ASEAN Payment Hub to implement ASEAN, Hong Kong, Taiwan, and China with the same pace for digital.
