On September 12, Inspiry International’s chief operating officer, Gao Zilong, said at 2018 ASEAN Payment in Kuala Lumpur that the development experience of the Chinese mobile payment industry has convinced Southeast Asian countries that they need to promote mobile payment as the preferred method for settling day-to-day transactions, while the self-service QR-code payment solution would be the linchpin to enable the sector’s rapid development across the region.
Themed “Build up ASEAN PAYMENT ecosphere”, 2018 ASEAN Payment brought together payment processing companies from across Southeast Asia, with the goal of discussing how to drive innovation and develop modern solutions when it comes to payment technology. The people of Kuala Lumpurhave started using electronic wallets to deal with everyday chores, including scanning QR codes with their mobile phones when taking the metro or light rail. The mobile payment industry is viewed here as having great growth potential.
As an invited speaker, Gao delivered a keynote speech that he had entitled “The transformation of offline payment behavior”, during which he gave a presentation on the Chinese mobile payment industry’s technological developments over recent years and the evolution of the payment interaction process across the Southeast Asian payment community. Gao said that China had made self-service QR-code payment the de facto standard for settling a transaction in just a two to three year time frame.
“In China, 91 percent of first-time users manage to successfully navigate a self-service payment terminal following simple instructions from the cashier,” said Gao. He also revealed that, self-service QR-code payment, of which the Inspiry Smart Box is an example of the equipment that is used to handle the transaction, has become a trend that is starting to dominate the sector, as it is one of the more convenient and efficient ways to handle a QR transaction. The payment method is also easily applicable to more complex and diversified scenarios. The Inspiry Smart Box is widely used in the shops of many multinational brands, including KFC, 7-11, Burger King, CK and Tommy Hilfiger.
Gao explained that China’s experience in the self-service QR-code payment sector is not only accelerating the transformation of the country’s mobile payment industry, but benefiting the countries to the South as they can borrow from China’s experience and undertake the transformation even more quickly. “With a large population, Southeast Asia is a young and vibrant region. The ubiquity of smartphones sets the stage for the explosive growth of the mobile payment industry. We are confident that the region’s mobile payment industry will achieve significant growth,” he added.
Headquartered in Singapore, Inspiry International focuses on promoting advanced self-service QR-code payment solutions, of which the Inspiry Smart Box is an example, in the Asian-Pacific region. Inspiry International, a sister company of Beijing Inspiry Technology Co., Ltd., operates in several countries, including the US, Canada, Indonesia and Australia.