Hong Kong’s prominent payment technology company, Yedpay, is making waves in the finance world by pioneering the next-generation payment industry with its innovative ‘One Touch’ technology. This groundbreaking solution aims to streamline the cash flow process for businesses, providing a seamless real-time experience.
Traditionally, payment and settlement procedures were handled separately, resulting in delays caused by cash flow transfers between acquirers, settlement institutions, and banks. Yedpay’s ‘One Touch’ payment technology eliminates the boundaries between cash and electronic payments. It enables businesses to manage their funds easily by integrating collection, payment, and settlement into a single step.
Yedpay announced this game-changing collaboration at the 8th Hong Kong FinTech Week event, themed “Fintech Redefined.” Leo Ngan, General Manager of Yedpay, introduced the innovation and its far-reaching impact on fund management for businesses and retailers. Ngan highlighted the integration of Tap to Phone payment technology in the ‘One Touch’ product, which replaces traditional POS machines with mobile phone-based payment processing. By simply downloading an application, businesses can activate ‘mobile phone induction collection’ and accept payments flexibly, anytime and anywhere. Notably, this technology eliminates the customary T+2 cash flow time difference, enabling instant full settlement.
Lam Cheung-fu, Chairman of the Hong Kong Newspaper Vendors Association, emphasized the need for business transformation among newspaper vendors and stall operators. These businesses, with decades of operation, rely heavily on cash transactions and face daily payment and accounting challenges. Yedpay’s innovative payment technology offers a solution for these vendors to transition into the digital age, revolutionizing the newspaper distribution sector.
Yedpay’s vision extends beyond Hong Kong, aiming to pioneer innovation in the global payment settlement industry and penetrate the Belt and Road market. The 2022 McKinsey Global Payments Report highlights the potential for payments providers in emerging markets such as Africa, Latin America, and Southeast Asia, where low banking penetration and a shift towards contactless payments and e-commerce present untapped opportunities. The report forecasts Southeast Asia’s digital payment market to reach a transaction value of $2 trillion by 2030.
Yedpay plans to remain Hong Kong-centric, with ASEAN as its core growth point, and intends to launch diverse financial products, including merchant electronic wallets for collection and remittance. Their goal is to establish the ASEAN Payment Hub, fostering openness and practicality in technological innovation and driving forward-looking explorations in the field of mobile payments.
Yedpay’s promotion of a ‘cashless society’ contributes to financial inclusivity and business intelligence, spurring financial innovation, reducing social costs, and accelerating economic operations. This revolution in payment methods provides companies, including retailers, hotels, mobile services, and newsstands, with opportunities to explore new financial management models. Yedpay’s instant payment and settlement breakthrough enhances settlement efficiency for large enterprises, boosts fund flexibility, and enables real-time operational control while reducing risks. Moreover, through the analysis of electronic payment data, companies can gain insights into consumer preferences, adjust operational strategies, and forecast market trends.
As a leading force in Hong Kong’s payment technology industry, Yedpay is dedicated to providing a secure and accessible electronic payment system. By leveraging efficiency and liquidity, Yedpay leverages technological prowess to reshape the landscape of traditional sales industries, making significant contributions towards a more universal and sustainable future.
