A blockchain paradigm in the financial system
SINGAPORE / ACCESSWIRE / May 26, 2021 / The global digital payment market is a structurally growing market. Recently, the importance and strong growth of online channels has been sufficiently highlighted due to the impact of Covid-19. On the other hand, offline channels have been sidelined from investor interest and the short term negative effects of offline channels have been highlighted. At this point, examining online and offline digital payment market trends as well as growth drivers will be helpful in making investment decisions.
Let’s take a look at the trends in the global payments market.
First, it is a transition to a cashless society. The trend is to transition from cash payments to cashless and digital payments. The United States, Europe and Japan are classified as financially advanced countries, but the proportion of cash payments among personal consumption expenditure is still high. In particular, the proportion of cash use is high among owners of small businesses (small and medium-sized stores), closely related day-to-day businesses and micropayments. Therefore, there is enough room for growth. Recently, cashless has accelerated due to technological advances, the political efforts of each country and the impact of Covid-19.
Second, the growth of contactless payments. In offline payments, contactless card payments are growing. Offline mobile payments are also growing rapidly as contactless payments. Mobile payments include all basic payment methods such as prepaid recharge accounts for e-wallets, bank accounts, and credit / debit cards. There are various technologies and processing methods, such as QR code, barcode, magnetic security transmission, and short range wireless communication. Contactless payments are growing rapidly due to their great convenience and the Covid-19 effect which has made them reluctant to contact.
Third, the emergence of the MZ generation (Millennials and Generation Z). The MZ generation shows great interest in financial services and investment techniques in the face of the global financial crisis and the economic impact of Covid-19. In particular, the growing uncertainty in the financial market is driving the investment culture in various ways, not limited to investing in traditional products. As they master the use of digital devices, they need to acquire investment information in various ways, such as YouTube and SNS, and prepare for the economic trend that will change as the generation of MZ quickly flock to the main consumer group.
Ennova’s AUC project provides national card systems to domestic and foreign markets through the establishment of its own digital payment system and the development of a smart card system. In addition, this is a global project that promotes digital transformation towards a cashless environment by providing a blockchain-based AUC token and a global transfer and payment system based on en-Cash, a system of its own. open chain.
In the fintech industry last year, “X-as-a-Service” appeared, such as “Payment as a service”, “Banking as a service”, “Remittance as a service” and so on. In particular, we will provide new solutions for various customers in B2B field and expand our reach in payments field.
Payment as a service works on the basis of a cloud platform and provides specialized services such as card issuance, payment clearing, cross-border payments and remittances, expenses and commerce gateways. electronic. This is a game-changer in the fintech industry. FinTech as a Service can dramatically reduce operating costs by providing easy integration and updates to cloud-based solutions.
Ennova aims to enter the fintech (digital payment and transfer) market which combines blockchain and virtual assets through the AUC project.
The AUC project’s payment and remittance system uses blockchain technology to reduce the increase in transaction costs caused by a third party (intermediary), such as transaction fees incurred when using credit cards or money. existing cash, and bank charges incurred while using online remittance services. . The platform is developed in such a way that it can be used conveniently by creating a user-friendly platform and providing a high level of security. providing safe, easy, fast and low cost processing.
Customers can experience Ennova’s blockchain simple payment and remittance service through a simple payment application called “Tier ™”, a mobile point-of-sale system and a self-issued smart card.
‘Tier’ is a comprehensive, simple payment application that can be used in any country or region of the world, from underdeveloped countries to developed countries, and is designed to use all electronic payment methods in cooperation with businesses in existing payment markets such as banks and credit card companies. In addition to payment, individual domestic and international remittances can be used in the app, and a virtual asset payment function will also be installed, allowing virtual asset holders to execute payments using of AUC tokens in our simple payment application.
Image of the TIER ™ application
Ennova’s mobile point-of-sale system uses its off-chain (en-Cash ™) digital money payment system from mobile point-of-sale devices. and the operation of related infrastructure is entrusted to NICE Information & Telecommunication, a VAN company in the Republic of Korea. Currently, the AUC project payment and settlement system is developing point-of-sale devices and application packages with the goal of the first half of 2021.
The Ennova IC card system is a unique IC card payment system with its own card application running on the COP (Chip OS) within the IC card and security logic to validate the linking system of banks and companies issuers of cards abroad. A network is also set up to provide a payment network dedicated to card payments in each region.
The Ennova IC card has a DUKPT type security logic used in the global financial industry, and Ennova has its own HSM (Hardware Security Module) to process the security logic and has built a payments security system to the existing level. This HSM is based on the Thales payment HSM from the French defense industry company Thales Group, and ensures the security of asymmetrically encrypted transaction data based on the PCI multi-key security standard.
Existing blockchain payment projects still have many challenges to solve to be used in a practical way, even though they implement a platform that can be used in practice by introducing blockchain technology into payment solutions. First, online, offline, and payment environments (such as terminals) are different for each region, and affiliate stores traditionally have low acceptance of the technology. In order to distribute payment solutions based on virtual assets to them, it is true that many investments and resources in infrastructure, such as various supports for education and development, are necessary.
In addition to simple payment solutions, the AUC project has optimal access to setting up payment systems for government and public institutions, such as fines, utility bills and pensions, which are difficult to collect. carry out for general projects. The AUC project is currently conducting personalized point-of-sale payment solutions in South Africa for the first time in cooperation with NICE Information & Telecommunication, a No.1 VAN company in the Republic of Korea. Various payment methods such as mobile phones, QR code, barcode, Gift card and online points have already been developed and will be commercially available in 2Q 2021, and once a module of virtual asset payment applied with blockchain technology is developed and applied to the current solution, it can also be used immediately.
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Name: Patrick Yu / Marketing Director
THE SOURCE: CUA project
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