Global Mobile Payment Wallet and POS Solution HUPAYX

GANGNAM-GU, South Korea - Nov. 19, 2019 - PRLog -- As of November 2019, the South Korean domestic convenient payment service (mobile based payments, QR, NFC) grew by 60.1% year-on-year to 80 trillion and 143 billion won. Japan's cash settlement market accounts for 71.6% below 1,000-3,000 yen, and since 2018, the market has grown with participation of companies such as Softbank, Rakuten, and Mercari, which is expected to grow 4 times by 2023 and grow to 430 trillion won. The Japanese government plans to increase the non-cash portion to 40% by expanding simple payments by 2025. The global mobile payment market is estimated at KRW 1,077 trillion (2018), with annual average growth rate (CAGR) of 26.93%.

According to Marae Asset Analysis, the global payment market has structural growth and scalability with possibilities for M&A, and investments. The transition to a cashless society, the potential market is huge, with 80 to 85 percent of the world's cash payment means. It is also expected to quickly replace non-cash payments through mobile micropayments. However, in the domestic convenient payment market, the spread of the POS system that accept those convenient payments is less than that of the existing card POS systems. The Human Plus Inc. is targeting the global mobile payment market with its HUPAYX blockchain powered mobile payment and POS solutions.

Beginning next month, HUPAYX will start its trial services at duty-free shops in key tourist areas in Seoul, as well as aims to launch its donation and payment services with the Roman Catholic Church in the first quarter of 2020. In addition, on November 7th, company has signed a business agreement with Korea Housing Association, LG Uplus, Woori Bank, KIS Information & Communication, and Coocon to develop and operate next generation accommodation booking application and payment platform, as a result creating HUPAYX's second consortium. The new platform will harmoniously link users with the hotels and motels in the nation, eliminating the need for inconvenient, and expensive third parties. To spearhead the development of this consortium, a bilateral contract was signed with PWC - a global top 4 consulting company, to create a separate JV for this project.

HUPAYX is now preparing to enter the European market. Just last week, the team met with one of the top global consulting firms in Luxembourg, as well as had productive meeting with Lux Government based fintech center.

The EU market holds great potential for market growth, although mobile payments and POS market growth is rather slower compared to other global markets. HUPAYX wants to use this opportunity and join hands with local players to bring in its next generation blockchain powered payments to European masses.

https://medium.com/hupayx