Worldpay, a leading global provider of payment services, recently released its Global Payments Report 2018. E-wallets are expected to become the dominant payment method for e-commerce worldwide in the next five years. According to the report, the Asia-Pacific region is at the forefront of innovation when it comes to payments. So far this year, 27 percent of the region’s in-store transactions were made through e-wallets, with the figure expected to climb to 42 percent in 2022. Two-thirds of the online transactions will be made through e-wallets in 2022.
Inspiry International COO Gao Zilong commented, e-wallets are growing rapidly in the APAC region, with multiple mobile payment methods coexisting. Based on the experience in China to date, standardized mobile payment hardware and software that are compatible with all commonly used operating systems and existing payment systems will become the “master gate” of offline mobile payment, accelerating cross-regional adoption and penetration.
Inspiry International is a company that provides mobile payment infrastructure and system services. The Inspiry Smart Box is widely used in the retail outlets of many multinational brands, including KFC, 7-11 and Burger King. Pushing beyond mainland China where these multinationals first installed the Inspiry Smart Box, they are now deploying the device in other countries and regions.
Self-service QR-code payment, of which the Inspiry Smart Box is an example of the equipment used to handle the transaction, has become quite popular in China and is widely used by payment brands including Alipay, WeChat Pay and UnionPay. The payment method is efficient and convenient, allowing mobile payment to be applicable to more complex and diversified scenarios and promoting its wider adoption.
Worldpay, in its report, said that e-wallets can be expected to maintain their leadership position in the Asia-Pacific region. In China, Alipay, WeChat Pay dominate the mobile e-wallet market. E-wallets are widely used online in the country, accounting for 65 percent of e-commerce transactions. E-wallets are also a leading payment method at physical stores, accounting for 36 percent of their sales.
Gao said that self-service QR-code payment equipment including the Inspiry Smart Box meets both the national and industry standards that have been adopted in different countries and regions, as well as the diverse array of e-wallets that are available worldwide, offering standardized solutions for cross-platform and cross-regional mobile payment. The Inspiry Smart Box is now being used in over 20 countries and regions worldwide.
