The integration of e-commerce and mobile technology has forever changed the face of the payment market. Earlier, the transition from cash to cashless payments was slow in the emerging markets but now, it has grown exceptionally. This growth can be witnessed in China where the payment industry is heavily dominated by mobile payment methods such as WeChat Pay and AliPay. Similarly, in Europe and America, majority of the population prefer to use cashless payment methods. Other key factors that are contributing to the growth of cashless payments are e-commerce sites such as Shopify and Taobao, to name a few. This has resulted in e-merchants offering consumers numerous options to pay seamlessly for boosting their sales.
But, sadly there is no uniform currency or payment platform to help merchants to carry out their business without hassle. From this peculiar dilemma, emerged the rise of digital omni-channel payment solution providers to assist merchants from different countries to conduct businesses in an effortless way. The London, UK-based, FusionPay has taken an initiative by providing payment solutions for the UK businesses to engage with more Chinese customers. It also provides the IT system to enable WeChat Pay and Alipay services to the local merchants.
Connecting Business with Customers
As a Fintech company, FusionPay caters to the needs of the UK merchants who conduct their business with China. For this, the smartest payment solutions providing company has collaborated with China’s most popular payment platforms such as WeChat Pay, Alipay, and Union Pay. These platforms use top-level PCI-DSS security technology to protect each transaction. To make sure that the payment and settlement take place efficiently, FusionPay has partnered with UK FCA to provide T+2 clearing and settlement services to its customers. It also follows the strict guidelines of EU GDPR regulation.
Moreover, FusionPay has developed a new integrated mobile payment solution that allows Chinese customers to pay in Yuan directly without currency exchange and then these payments are settled in British Pound into the merchants’ accounts. The company also specializes in promoting UK businesses by raising their brand awareness to the Chinese market. The products of FusionPay include QR Code Solution, Point of Sale Solution and Online Payment Gateway Solution. It also provides payment APIs such as barcode payment, Create Payment QR Code, JSAPI Payment, App Payment, Query Transaction Status, Refund and Query Exchange Rate.
Catering to the Diverse Industries
Through its digital payment technologies, FusionPay is connecting the potential Chinese customers with the UK merchants. Apart from payment solutions, the company also offers marketing solutions and consulting services to different industries such as retail, education, tourism, hospitality, e-commerce, and food & beverages. Through its consultancy service, it helps financial institutions gain licenses so that they can have their own services for clients.
Monitoring Market Trends and Demographic Outlook
As the world is gradually moving towards cashless payments, Fintech companies are also crafting their smart payment solution offerings. Therefore, FusionPay is continuously adapting to the current demographic outlook whilst still keeping the clients’ needs as top priority. The expert team of FusionPay is constantly staying in-sync with the latest consumer trends in order to stay ahead of their competitors. They are also personalizing solutions that suit their clients’ business needs. The smart payment solutions provider believes that building a strong, lasting, and mutually beneficial relationship with its clients is the key to long-term success for both the parties.
A Hard-Working Leader Aiming to Deliver Smart Payment Methods
Xiao Li, the Co-founder of FusionPay, is a hard-working leader leveraging technological advancement in favor of his business. He received Beng (first class) in electronic engineering in ULCAN and MSC in digital communication from the University of BATH in UK. He also conducted research on adaptive, self-feedback algorithms, and Artificial Intelligence. Prior to founding FusionPay, Xiao worked with China Unicom that involved offering value-added services based on user portraits, mobile internet product promotion, and equity exchange based on data analysis and mobile internet.
Presently, as the Co-founder, Xiao believes that his biggest challenge is the expansion of data collection channel and how information can be obtained efficiently. The current acquisition method with WeChat Pay and Alipay is limited, and the data obtained is not sufficiently complete. Therefore, he is aiming to develop efficient and intelligent payment methods in the future.
Forecasting New Opportunities for FusionPay
The digital wave has influenced every business from diverse industries and the payment industry is not an exception. As an experienced leader, Xiao predicts that there will be an increase in the number of UK merchants who are moving towards accepting alternative payment methods. Xiao with his expert team plans to get in touch with more merchants as they are able to introduce them to various novel markets and payment solutions they require for conducting their business. FusionPay’s skilled team is future-proofing themselves from the expected introduction of disruptive technologies as well as the continued emergence of digital noise in the near future.
A Change for Making Better Payment Services
According to Xiao, “At the moment, the convoluted regulatory landscape means institutions get licensed by themselves and it is extremely resource-draining for small players. Also, reduce wind-down submission obligations would significantly reduce the resources big banks expend on compliance and reporting, which currently constitute some of their largest expenditures. ” Therefore, the one thing he would like to change is to lower regulatory obstacles. By doing so, Fintech companies will become regulated and get licensed easily. This in return will benefit the Fintech and payment industry to offer payment services like cross-border payment.