WIRED Security (20 October 2016) is a new one-day event, which...
During Chinese New Year, the company Wechat (Chinese instant messenger service) managed in two days to attract two hundred million customers to associate Wechat mobile App with their bank account. This has caused a serious impact on the leading third-party payment legend in China, called Alipay!
A few third-party-payment actors have been for years dominating the Chinese e-commerce online payments; and Alipay´s introduction of their new App YuEBao, which allows users to do online fund-trading, was a success story with 250 billion RMS in turnover over 7 months. This has caused a silent revolution on the online Chinese banking landscape and is set to have a global impact.
The founder and CEO of Lydsec Shanghai, Mr. Haiguang Xu, who has been a top executive at 99bill.com, which is a leading third-party-payment company, anticipated a few years ago the new trend of financial services due to the surge of smart mobile phones: “Considering the portability, the fancy user interface and the unlimited utilities of smart mobile phone (always online) plus the innovative services, we understand the great success of Wechat and Alipay. But if this industry wants to continue expanding, security is a big challenge that needs to be taken into consideration.”
“But how can we reach a good security level and at the same time make it low cost and affordable for everyone? The following issues have occupied my thoughts for years: we need a solution easy to distribute to the mass market in short time for online payment on the Internet and mobile phones. Traditional security products haven’t solved the security challenges online and I’m sure they will not in the future either. We need new thinking, innovation; or lets say a revolution! When I first met Mr. Maw-Tsong Lin and discovered his Keypasco solution, I immediately understood that my dream would finally come true.”
Mr. Maw-Tsong Lin, the founder and CEO of Keypasco AB, commented that: “The XiaoWeiFeng security service replaces the traditional B2B business model with a B2C cloud solution. Keypasco´s patented software technology is tying-up the user’s own computer or smartphone through a device fingerprint, geolocation and a two-channel authentication structure. Together with our Risk Management we meet all Mr. Xu and XiaoWeiFeng’s requirements.”
“XiaoWeiFeng is a pure Chinese idea and the application is developed in China. It´s purpose is to provide the users with a one-key-lock function to protect the bank account or debit/credit card, online and offline so the user can determine and control its own security. XiaoWeiFeng provides an independent third party platform to the financial and e-commerce industries to directly and securely communicate to hundreds of millions of end users in China. This is a business model of several winners.”
by Keypasco Press Release
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