Wiseasy Held Global New Product Launch Event with VR Technology

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2020 is a challenging year for the payment industry. The huge demand for living and consumption, the severe situation of pandemic prevention and control, both accelerates the global mobile wallet and cashless payment process, which forces more and more countries and regions to consider how to adapt to the era of mobile wallet and prepare for it. China has been the leader of mobile payment and digital banking technology and attracts a lot of attention from the overseas market.

Although traditional new product launches cannot be held due to the pandemic, China’s Digital Banking and Payment Builder Wiseasy innovatively held an online product launch event via VR technology. Hosted by Ana María Yumiseva the Founder and CEO of LATAM  Fintech media Frecuencia Latinoamérica, the online event was attended by Wiseasy Founder and CEO Mr. Li Yan, Wiseasy Chief Business Developer Mahaveer Sha, Latin American ecommerce giant Mercado Librede QR code payment manager Silvana Leon as well as American artificial intelligence entrepreneur Anya Cheng

On the event, Wiseasy lauched the latest mobile payment terminal-WPOS-QT, new cloud solution-Wise Cloud, cashier register software-Wise Cashier and cloud docking gateway-Wise Adaptor and other smart terminal + software + cloud service solutions. The virtual launch event brought full sense of substitutions and many details that cannot be fully demonstrated in the offline release were vividly shown to the audience, which is the first 3D virtual scenarios product release in the global payment industry.

Driven by pandemic, mobile wallet grows rapidly

Mobile wallets are rising rapidly worldwide. A group of data from the FIS Worldpay of U.S. financial technology service providers showed that mobile wallets accounted for 6 percent of sales points in 2019, twice as much as in 2018. In Asia-Pacific regions, mobile wallet usage rate raised to 35.9% in 2019. In the Asia-Pacific region, point-of-sale usage rate of mobile wallets rose to 35.9% from 27% in 2018. They forecast that over the next three years, mobile wallet usage rate will rise from 2.4% to 5.3% in Latin America, from 4.4% to 9.4% in The Middle East and Africa region, and 10.1% in North America. The Asia-Pacific region will reach 45.1%.

This trend has been exacerbated by the global outbreak of COVID-19. According to financial knowledge training firm Buy Shares, the global mobile-wallet market will total $1.47 trillion in transactions over the next four years, up 38.7% from 2019. Forecasts are optimistic until 2023, when the pandemic drives $3.4 trillion in transactions in the mobile wallet market.

Wiseasy CEO Mr. Li Yan pointed out in the press conference: in the future, “All in One” payment terminal that not only can support mobile wallet, but also are safe and reliable, will become the inevitable choice for the market.

Looks Cute，All In One QT

Looks Cute, All In One QT “,, as its name implies, the smart terminal WPOS-QT is a “All in One” terminal “that enables payment, functionality and usage scenarios.

WPOS-QT supports code payments, magnetic stripe cards, IC cards, NFC a variety of payment methods. Merchants need only one device to solve their payment collection  needs, can be described as “Major Payment In One”. Meanwhile, WPOS-QT integrates communication, computing, security, sensors and other functions that can be used independently without the help of a mobile phone or any other terminal, realizing “Major Functions In One”. Moreover, in addition to the cash register scene, WPOS-QT can also be used in a variety of business scenarios, such as mobile phone top-up, deposits and withdrawals, and catering orders, to achieve “Your Business In One”.

Payment is a complete system. On the event, Mr. Li Yan also introduced a complete hardware + software + cloud service solution, which includes new cloud service solution, cashier register application, cloud docking gateway and so on. Wise Cashier as a cashier register application is composed of 3 big modules: bankcard business, mobile payment business, third party business, and 16 operational functions that can be applied to various scenarios. Wise Cloud as the new cloud service solution has strong management capability, which can realize device status management, remote support and Key management and so on. Wise Adaptor as the cloud docking gateway, can be compatible with different transaction protocols of each bank which greatly saves the time and cost of technology development in the docking between the receiving institution and the banking system.

Huge Market Potentials in Latin America and Africa        

In Latin America and Africa, the number of people with mobile phones far exceeds the number of people with bank accounts. A 2020 study by Mastercardreports that across Latin America, bank account penetration stands at 55% and credit card penetration at just 19% compared to smartphone penetration of more than 70%. Likewise in Africa, just 34% of the population havebank accounts– but some 44% have mobile phones, ofwhich 50% are smartphones. The popularity of smartphones provides the soil for the development of QR code technology in these two regions.

Recognized as Latin American e-commerce industry’s “leader “, Mercado Libre, has already had 20 years history. Silvana Leon, the said Mercado Libre has 20.2 million active users since the launch of the e-wallet Mercado pago in 2018, which allows Mercado Libre to provide customized payment solutions to merchants of different scales.

Thanks to the high degree of scalability and openness in business scenarios, QR codes are widely accepted in other countries and regions, in addition to emerging markets such as Africa and Latin America, which have similar market environments and development paths with China. Japan will use a unified QR code “JPQR” to promote mobile phone payments, while banks in many countries and regions, such as Myanmar, are ready to implement QR code payments. Mahaveer Shah pointed out that QR code has even become an important way for many governments (such as India) to improve the ecological closed loop of residents’ service.

Payment is a key link in the construction of the digital banking ecology. As the global Digital Banking and Payment Builder, in the future, Wiseasy will cooperate with more banks, acquiring agencies, Fintech companies, and telecom operators to build a new payment environment to bring more convenience to the merchants’ business and people’s consumption life.