HONG KONG SAR -
- 2 November 2023 - Hong Kong's leading payment technology company, Yedpay is breaking tradition and pioneering the innovation of the next-generation payment industry with 'One Touch' technology. This technology aims to solve the sequence of cash flow from collection, payment to settlement for businesses, providing a new experience for real-time cash flow.
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 relatively delayed after a lengthy process of circulation and advance payment. With the 'One Touch' payment technology, the boundary between cash and electronic payments will disappear. Collection, payment and settlement can be achieved 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 Hong Kong FinTech Week event themed " Fintech Redefined" Yedpay officially announced this innovative collaboration that will change the history of payment technology development. Yedpay's General Manager, Leo Ngan introduced the innovation and breakthrough of this payment technology to the industry insiders present. They also highlighted the "domino effect" this technology will have on the operation of funds for businesses and retailers.
Leo Ngan, General Manager of Yedpay, mentioned that Yedpay has employed Tap to 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 can cope 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 does not need to be stuck with the traditional T+2 cash flow time difference and the full settlement arrives "instantly."
Lam Cheung-fu, Chairman of the Hong Kong Newspaper Vendors Assoication, mentioned that newspaper vendors and stall operators tend to have more traditional mindsets. Many newspaper vendors have been running their businesses for decades and face daily challenges related to payments and accounting. They have relatively straightforward business models that heavily rely on cash transactions. There is a pressing need for them to undergo a business transformation. The innovative payment technology offered by Yedpay is beneficial for large, medium, small, and micro enterprises to undergo transformation. It not only resolves the issue of delayed payments but also enables newspaper vendors to expand their business into the realms of digitalization and industry reform within the newspaper distribution sector.
Pioneering the innovation of the global payment settlement industry and making inroads into the Belt One Road market
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 $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. Whether it's retails, hotels, mobile services or even newsstands, instant payment technology solutions will revolutionarily change 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 change the traditional sales industry's landscape to make its own contributes for a more universal and sustainable future.