The mobile payment sector in China has experienced robust growth in the past few years at a speed nearly ten times that for PC-based payments. Li Yan, the founder of WeiPass took the stage at TechCrunch Shanghai last week to talk about how the mobile payment appcessory company is going to tap the thriving market.
The crucial problem in developing a mobile payment device for O2O industry is how to best connect online and offline resources, according to Li. “Online transactions will naturally bring offline behaviors. After purchasing group-buying service online, the next step will be to valid or redeem the e-coupons offline.”
The company’s latest product WangPOS is designed to achieve this goal. WangPOS is an android-powered POS machine that supports NFC, Bluetooth and WiFi connection, and camera. After a merchant types in an amount, WangPOS will generate a QR code for users to scan with either WeChat, Alipay or Baidu Wallet.
In addition to mobile payment, the gadget is also an electronic voucher platform based on NFC and mobile ID identification technology. With WangPOS, merchants can receive orders, verify group-buying coupons, and launch promotion plans. More than 100 online services have been integrated into the platform, including big names of Dianping, Ele.me, Meituan and Nuomi. The cost of a unit is 1999 RMB (roughly $322USD).
WeiPass has received US$4 million of Series A funding in 2013 and the more recent US$16 million B round was secured IDG Capital Partners and Shining Capital Management. Before the WangPOS, the company has developed WeiPOS for WeChat payment and an electronic seal and accompanying apps for businesses to manage digital loyalty programs and customers.
Image Credit: TechCrunch Shanghai 2015, Liu Siqi, investment director of Fuson Kunzhong (L) & Li Yan, founder of WeiPass (R)