SINGAPORE, March 27, 2019 /PRNewswire/ -- Following its participation in the inaugural Money20/20 that took place in Hangzhou last year, Inspiry, the leading Chinese provider of mobile payment hardware and software solutions, joined Money20/20 Asia in Singapore between March 19 and 21, at which the company showcased a series of smart mobile payment solutions, including the Inspiry Smart Box.
Money20/20 is widely recognized as a major international event for the fintech community. Several key industry topics, including cross-border payment, payment security, the platform ecosystem and innovation in banking were discussed at this year's event, a gathering attended by 3,500 professionals from over 70 countries and regions worldwide. Besides Inspiry, other participating fintech companies with pan-China and global reach included Ant Financial, Tencent Finance, Paypal, Stripe, Visa and Mastercard.
During the event, Inspiry displayed a wide range of mobile payment hardware and software solutions that can be used in various scenarios, including at retail establishments, restaurants, cafes, supermarkets, convenience stores, parking lots and corporate cafeterias, as well as on buses. The payment process with Inspiry Smart Box, one of the most popular terminals in China, is decidedly user-friendly: shoppers scan the QR-code generated on their mobile phones over the Inspiry Smart Box at the cashier's station to complete the payment quickly and conveniently. The easy-to-install and easy-to-use mobile payment solution is quickly becoming the de facto standard in the Chinese market and has now been adopted by hundreds of millions of Chinese consumers.
In addition, Inspiry's mobile payment solutions are deployed in more than 20 countries and regions including Australia, Canada, Indonesia, Japan, the Philippines, Singapore and the United States.
The Asia-Pacific market is well on its way to becoming a beachhead for the expansion of mobile payment, said Gao Zilong, COO of Inspiry International. Although many countries across the Americas and Europe have mature credit card systems, high card ownership per capita, and a deep-rooted habit of paying with credit cards, with the rapid penetration of mobile payment, the governments of these same countries are also studying and putting in place supportive policies while financial services providers are aggressively adding two-dimensional code-based payment solutions into their bankcard-based payment systems. Undoubtedly, the Southeast Asian market, with its large, young demographic coupled with rapid economic development, wide proliferation of smart phones, strong demand for offline payment and limited service offerings from banks, provides an opportunity for the swift adoption of mobile payment.
Gao also said that, Inspiry plans to continue developing the Southeast Asian, Korean and Japanese markets, creating platforms for payment service providers and local wallets in line with local policies, while exporting mainland China's multi-faceted experience in the mobile payment field, especially in the area of technical services. These various moves are expected to accelerate the growth of the world's mobile payment industry.
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