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What Is A User-Friendly Payment Product Like? Bank Of China Macao Branch
Has Something To Say
MuRong has over 10 years of payment technology and experience in
internet, mobile, and other payment products to successfully upgrade the "Bank of China
Smart Payment" system.
Build the All in One "Aggregated Payment" brand across Macao.
With the popularity of mobile payment, more and
more people reduce the
use of cash and choose to use mobile payment. Due to the market being flooded with various
payment products, it also brings inconvenience to users. In order to meet the market demand
for convenient transactions, Bank of China Macao Branch (hereinafter referred to as Macao
Branch) actively seeks partners and hopes to provide a "good-to-use" payment product for the
mobile payment market in Macao. After a complex selection, Macao Branch finally targeted on
MuRong's payment product. Using MuRong's payment product and team experience, the "BOC Smart
Pay" system was successfully upgraded.
The upgraded "BOC Smart Payment" fully converges the BOC
Mobile
Banking, QR code payment of UnionPay Cloud Flash Payment, Alipay, WeChat, and the
swiping,
inserting and taking payment of Visa/MasterCard/UnionPay cards through a smart POS
machine,
creating the All in One "converged payment" brand in Macao, providing more
convenient mobile
payment experience for merchants, residents and mainland tourists in Macao.
Macao Special Administrative Region Government launched the
aggregation payment system "SimplePay" On February 8, 2020. The "SimplePay" platform
integrates mainstream payment products, and the most important payment method is the
"BOC
Smart Pay" product of the Macao branch.
Definition of " user-friendly " products
Different perspectives have different definitions of " user-friendly "
for products. In the eyes of technologists, excellent architecture, stable and reliable
performance, efficient and convenient response, and sufficiently powerful security
protection mechanisms are the criteria for measuring " user-friendly ". In the eyes of
users, user-friendly interface, simple and easy-to-use operation, intelligent and automated
functions are also the criteria for " user-friendly ". However, in addition to these, Macao
Branch has a deeper interpretation of " user-friendly ".
Simplify What Is Complicated
In the past, consumers used different mobile payment
tools, and
merchants had to prepare multiple machines and QR codes, which was
time-consuming and
took
up space. For consumers, some merchants only supported some mobile payment
tools, and
they
may not have opened them yet.
After using "BOC Smart Pay", merchants can use only
one terminal
or a
QR code to solve local QR code payment. At the same time, consumers can
freely choose
any
local QR code payment tool to make payments at relevant merchants.
Convenient For The Consumers And Merchants
Using the "Bank of China Smart Pay" aggregation payment, citizens can reduce the carrying of cash
coins. The payment process only requires a QR code to make the payment, and there are also regular
promotional activities.
For merchants, in the past, there were too many scanning devices in the store, and each night's
reconciliation required settlement one by one, which could lead to errors if there were any
omissions. BOC Smart Pay fully supports mainstream payment methods, providing merchants with
convenient services such as "one POS for all acceptance", as well as fast approval for
installation, fast fund transfer the next day, online transaction flow inquiry, and more.
Inject Vitality
"Macao society used to resist “electronation” and was not very enthusiastic about developing
mobile payment. However, the Macao Special Administrative Region Government seized the opportunity
and actively adapted to the development of the 'post-epidemic era'. The whole society unexpectedly
broke through the existing limitations of thinking and promoted a new pattern of 'mobile payment
for all', which enabled citizens and merchants to see the new situation and new space of the
development and progress of the times," said a signed article in the Macao Daily News.
"BOC Smart Pay" continues to develop in technological innovation and is believed to be widely used
in clothing, food, housing, and transportation in the future, injecting vitality and vitality into
the development of Macao.
How to create such a " user-friendly " product
MuRong has over 10 years of payment technology
and experience in internet, mobile, and other payment products. Currently, many large
domestic and foreign commercial banks and financial institutions are using MuRong's payment
products. It is not an exaggeration to say that MuRong is unique in the payment industry,
and its core advantages can be simply summarized as,
Unification
Unify all payment types into a single payment ecosystem.
Deployment
Quickly and automatically deploy applications in batches to server
Cluster integration
Easily connect to cooperative banks, third-party payment providers, and fintech companies.
Management
Define and change workflows and business rules.
Monitoring
Support unified monitoring of cross platform terminals.
Innovation
Quickly launch new payment products.
Future outlook
"With the joint efforts of the government,
institutions, merchants,
and citizens, mobile payments in Macao have developed rapidly in the past two years, "said
the Macao Monetary Authority. In 2020, the total number of mobile payment transactions in
Macao was 65.49 million, which was 4 and 5 times higher than in 2019 and 48 and 71 times
higher than in 2018, respectively. Among them, the number of transactions in the fourth
quarter was 24.64 million, a year-on-year surge of 191%.
The current "Bank of China Smart Pay" is constantly upgrading and iterating, and MuRong will
continue to provide better products and support, safeguarding the future smart life of
Macao.