China-based digital payments firm QFPay gets US$20 million in funding to further drive its global expansion efforts.
There are many new strategic investors in the round alongside existing investors Sequoia Capital China and Matrix Partners. They include MDI Ventures, Rakuten Capital, and Dubai-based VentureSouq.
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QFPay established in 2012 with its QR code-based technology. Its products include end-to-end online and offline mobile payment solutions. Besides, it also offers add-on services like food ordering and customer loyalty programs.
The digital payments currently operate a digital payment ecosystem in 13 markets across Asia and the Middle East. These include Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and the UAE.
QFPay’s first overseas branch was in Hong Kong. Its terminal now has six versions. They are traditional Chinese, simplified Chinese, English, Korean, Japanese and Thai. Moreover, QFPay now has sold its services to over 10.000 merchants.
QFPay is now the largest global partner of WeChat Pay and Alipay. It enables them to process payments to the merchant around the world. Besides, the company claims that it has served over 1.2 million merchants and processed over 1 billion transactions.
With the investment, QFPay will continue to expand its presence in its core markets. Besides, the firm also looks to further research and develop new digital payment products and solutions.
The startup claimed that they are helping China to lead the cashless movement for these seven years. They emphasize on their QR code payment method.
According to a 2019 report by PricewaterhouseCoopers, Asia remains the leading growth region for digital payments. Two main factors affect Asia’s digital payments growth. There are massive demand for financial inclusion and a huge number of the unbanked population. Therefore, the gross transaction value from mobile payments in Southeast Asia is also expected to climb. Many experts predict at a compound annual growth rate of over 25% until 2027, according to the same report.