Yedpay joins Mastercard to bolster payment technology in Hong Kong
By Gloria Mathias
Yedpay, Hong Kong’s payment technology company, has collaborated with Mastercard to pioneer the innovation of the next-gen payment industry with ‘One Touch’ technology.
This technology aims to optimize the sequence of cash flow from collection, and payment to settlement for businesses, providing a new experience for real-time cash flow.
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.
Leo Ngan, Yedpay’s General Manager, and Victor Cheng, Vice President of Commercial Payment and New Payment Platforms at Mastercard, introduced the breakthrough of payment technology. They also highlighted the domino effect this technology is set to have on the operation of funds for businesses and retailers.
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 need to download an application to activate a ‘mobile phone induction collection’ and use their smartphones to collect payments anytime and anywhere.
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.
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.
Additionally, 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 revolutionising traditional payment methods.
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