Korea, HK / ACNnewswire - Emolize Co., Ltd, a Korean cross-border mobile payment platform, announced its expansion in global payment services through its mobile application named 'Payvil' to Hong Kong and Thailand in September 2019, with further expansion reaching about 16 countries by the end of 2019.
Payvil users can top-up their e-wallets while travelling abroad, and obtain a bar-code or QR-code for conducting payments directly to the overseas merchants. "Launching our global payment services in Hong Kong and Thailand in Sept 2019, we plan to expand our services to 16 countries, including Japan, Vietnam and the UK by the end of the year. Koreans can pay at any store when travelling abroad solely with Payvil." said Mr. Kim Eui-Soon, CEO of Emolize.
Payvil also entered into a contract with GEA Limited, a fully owned subsidiary of TNG FinTech Group Inc. (TNG), providing 'Global E-money Alliance' (GEA) platform, to jointly offer financial services in about 10 countries. The GEA platform creates great synergy through leveraging resources and capabilities among the affiliates across different countries. Mr. Kim added, "by joining the alliance and integrating our roadmap and services, the transaction fees could be significantly minimized for users."
"We are excited to join hands with Payvil for business expansion across the globe," said Mr. Alex Kong, Founder and Chairman of TNG. "Businesses are always looking for scaling their operations and unlocking cross-border business growth. Through this collaboration, we are able to close the gap between markets, create new user experience, and improve efficiency drastically. Consumers from around the world can make a purchase for any product or service either online or offline, and make payment through our GEA platform seamlessly and simultaneously without having to use any global bank account, credit, debit or prepaid card."
Apart from TNG Wallet in Hong Kong, the partnership with GEA will help Payvil merchants gain access to more than 10 new markets via the GEA platform. The GEA platform currently covers the Mainland China, Hong Kong and over 160 countries including the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal, Pakistan, and European Union countries, and provides 24X7 cash-in and cash-out services to its users through a network of over 5,000 banks and over 400,000 cash pick-up points globally.
In the past, most of the domestic mobile payment applications could not provide fast payment services globally because it requires extensive communication and partnership with other payment providers.
In order to solve the business pain-points and enhancing customer experience, Payvil entered into contracts with representative merchant operators instead of conducting and managing contracts with individual merchants. To conclude, Mr. Kim said "Payvil is also preparing the services of charging up local transportation IC cards and deliver the services in different countries in the near future. We believe these new features would benefit our users a lot."
About Emolize Co., Ltd Emolize Co., Ltd is a cross-border mobile payment platform located in the Seoul Startup Hub of Korea, a government-affiliated business incubator organization in Seoul which provides corporate support of space, promotion and investment matching to Emolize. Its e-wallet -- Payvil did a great presentation on 10th SparkLabs in December 2017 and was selected as one of the most supporting enterprises on the 6th Hanwha Corporation DreamPlus in 2019.
About TNG Fintech Group TNG Fintech Group (TNG) is an investment holding company dedicated to impact investing. TNG invests into companies that provide financial and digital inclusion services to all segments in the society. TNG is committed to create positive, scale-up social impact, and boost living standard across Asia. The following are the 4 leading companies that provides global financial and digital inclusion transformation: TNG Wallet, WalletKu, Tranglo, and Global E-money Alliance (GEA).
About GEA Limited Global E-money Alliance (GEA) is the first and the only global social banking platform enabling the interoperability between banks, e-wallets, and merchant network for the real-time money movement. Equipping traditional financial institutions with cross-platform instant messaging and P2P call functions to deepen user engagement. It minimizes the transaction cost while expanding transaction reach across alliance both online and offline.
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How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.