HANGZHOU, China, Nov. 21, 2018 /PRNewswire/ -- In mid-November, Money20/20, the world's leading financial technology conference, was held in Hangzhou, China. Guan Heng, COO of Beijing Inspiry Technology Co., Ltd., delivered a speech at a forum during the conference, during which he talked about how China's mobile payment industry is gradually transitioning from C-scan- B (Consumers scan the QR-code of merchants in offline payment scenarios) to B-scan-C( self-service QR-code payment), a country-wide "disruption" of the industry that has been labeled "mobile payment 2.0" and a phenomenon that is setting the stage for a similar transformation of offline mobile payment worldwide.
Money20/20, the world's largest conference focused on innovations in payment, financial technology and financial services, was held in China for the first time this year. Several company chief executives from the Chinese mobile payment industry delivered speeches at the conference. Mr. Guan, an advocate of offline self-service payment, shared his experience with the rapid rise in popularity of mobile payment in China, and pointed out that industry-wide standardization will be the sector's next global trend. Self-service QR-code payment terminals, including the Inspiry Smart Box, are already supporting the implementation of offline mobile payment in multiple markets.
Mr. Guan presented the above viewpoints at the Mobile Payment Standardization and Compatibility forum, giving a run-down on Chinese mobile payment industry's experience and results with the various standard payment methods. He said, "With the high-speed development of mobile payment, many countries and regions now have various kinds of e-wallets, all of which are in need of a uniform standard and set of specifications to achieve interconnection, while such interconnection requires support from the mobile payment 'master gate'."
Taking the global implementation of Inspiry Smart Box as an example, Mr. Guan revealed that self-service QR-code payment terminals, the standard portal for offline mobile payments, are already in full compliance with both the national and industry standards that have been adopted in different countries and regions. Combined with the diverse array of e-wallets that are available worldwide, the terminals offer universal solutions for cross-platform and cross-regional offline mobile payment. Inspiry Smart Box is now being used in over 20 countries and regions worldwide, providing mobile payment access for merchants in Japan, Southeast Asia and North America, including the franchise networks of KFC, 7-11 and Burger King.
Mr. Guan said that, driven by next-generation solutions, including self-service mobile payment solutions, China is gradually transitioning from "mobile payment 1.0" to "mobile payment 2.0". He expressed confidence in the expectation that the "Chinese experience" can help drive a similar transformation of the mobile payment landscape in countries outside of China, starting with those in Southeast Asia.
Media contact:
Thomas Liu
+86-152-1080-7445
liuwuyang@inspiry.cn
