Hong Kong-based Yedpay has partnered with Mastercard to introduce a ‘One Touch’ payment solution so businesses can manage their funds more easily.
In a statement, the firms said the new system will help business achieve collection, payment and settlement in just one step, removing delays that have traditionally come as a result of a more fragmented sequence.
In the past, payment and settlement were separately managed. Due to the cash flow transfer of acquirers, settlement institutions and banks, the cash flow from payment transactions often faced delays after a lengthy process of circulation and advance payment.
Announcing the system Yedpay’s General Manager, Leo Ngan, said Yedpay had 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.
Once retailers download an application to activate ‘mobile phone induction collection’ they can collect payments at any time or place. The technology is also not subject to the traditional T+2 cash flow time difference, which means full settlement can arrive instantly.
According to the “2022 Southeast Asia Digital Economy Report”, Southeast Asia’s booming digital payment market is expected to hit US$2 trillion by transaction value in 2030.
Yedpay said it will continue to be Hong Kong-centric in the future with ASEAN as its core growth point while it plans to launch further financial products from collection to remittance of merchant electronic wallets.