MANILA, Philippines, July 20, 2018 /PRNewswire/ -- The number of businesses adopting a barcode payment solution is growing increasingly, leading to the rapid iteration of payment terminals. Self-service barcode payment terminals, of which the Inspiry Smart Box is a prime example, are expanding from China into Southeast Asia, and becoming a major feature of technical upgrades at cashier stations and points of sale terminals across the region.
Analysys, China's leading research agency, previously released a report showing that self-service barcode payment terminals like Inspiry Smart box allow merchants to rapidly and cost-effectively upgrade their point of sale terminals and help mobile payment service providers quickly gain more market share.
The prevalence of the Inspiry Smart Box throughout China demonstrates this trend. On the one hand, self-service barcode payment terminals are enabling mobile payments, in effect, serving as a mobile payment facility. This has allowed Alibaba and Tencent to capture a more than 90% share of the mobile payment market share. On the other hand, the Inspiry Smart Box, in partnership with payment giants, is aggressively driving retailers across countries of Southeast Asia to install the technologically advanced, lightweight and convenient self-service barcode payment terminals.
In Singapore, the Philippines and Indonesia, the Inspiry Smart Box has already become a fixture at the cashier stations of several renowned merchants. Inspiry revealed that it is partnering with Asia's major mobile payment brands with the aim of helping Asian countries promote the more convenient barcode payment service through the lightweight solutions.
Inspiry, the creator of the Smart Box, provides mobile payment devices and systems. Since the expansion of its overseas business in 2017, Inspiry has been focused on offering the convenient mobile payment service to users in more countries through the advanced barcode payment terminals and services. According to data released by Analysys, Inspiry Smart Box now occupies a 70% market share in China.
Ipsos China's report shows that China now has 890 million mobile payment users. Data from Analysys further revealed that, in 2017, 6.654 million new POS terminals were connected to payment networks in China, a 288.21% increase over the previous year. 2D-code payment terminals, of which the Inspiry Smart Box is cutting-edge, are becoming the new phenomenon across the industry.