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.
HONG KONG SAR, Media OutReach, November 8, 2023: Yedpay, Hong Kong’s leading payment technology company, collaborates with Mastercard to break tradition and pioneer the innovation of the next-generation payment industry with ‘One Touch’ technology. This technology aims to optimize the sequence of cash flow from collection, payment, and 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 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 the 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 payment 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 in 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 are 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.
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