Malaysian Fintech Firm Soft Space Launches My FamiPay in Taiwanby Vincent Fong October 17, 2017
Partnering with Cathay United Bank (CUB), Soft Space introduces an innovative way to make payments that is set to empower FamilyMart Taiwan called “My FamiPay”. The application integrates and binds debit/prepaid/credit cards and other various stored value cards for in-store purchases and utility bill payments to enable seamless loyalty points collection for their consumers with just a click of a button.
According to eMarketer, Taiwan is the most mobile country in the world with 73.4% of Taiwan’s population uses smartphones. Soft Space saw an opportunity to undertake Taiwan’s digital payment market as it has the highest smartphone penetration in the world.
With the collaboration from CUB that has a total of 6 million card holders in Taiwan and FamilyMart’s 3.6 million registered members across 3,100 outlets in the country, this opens up opportunities to increase both of their customer base by 20% by the end of the year.
By using Soft Space’s e-wallet, CUB can offer tailored financial and digital services while managing risk effectively whereas, FamilyMart Taiwan’s members can benefit from CUB’s extensive clients list. In today technological era, data is important. Hence, Soft Space plans to offer analysis services for FamilyMart Taiwan and CUB to embark on big data analytics.
The relaunch of “My FamiPay” is an enhancement of the previous version as it ameliorates better customer experience by providing a more comprehensive payment service. The mobile application connects to various cards in order for users to earn reward points that they can use to redeem or to make payments at the counter. Furthermore, it accepts transactions to be made from over 21 non-cash payment providers by scanning the barcode on the application.
The second phase of “My FamiPay” mobile application is to support Online-to-Offline (O2O) delivery and pick-up service that allows customers to collect their purchased items at any FamilyMart convenient store in Taiwan. This method will benefit brick-and-mortar retail outlets as it can include them in the e-commerce trend that will ultimately increase their sales and growth. The application will support pre-order purchases that will offer exclusive FamilyMart promotions for their customers. Moreover, the “My FamiPay” app will soon be a 3rd party payment processor that allows business owners to accept money online seamlessly.
Soft Space is one of the leading Fintech player in Malaysia and is one of the major MPOS provider in the region that aims to transform the payment industry. The company launched the Digital Payment Hub in Taiwan – a payment platform consists of blockchain technologies, MPOS and e-wallet. It allows merchants to securely accepts payment methods from physical cards and mobile payments like AliPay, TenPay, and SamsungPay.
“Ubiquinomics is the new trend of retail spending behavior, the effective consolidation between virtual and retail shopping and providing a seamless experience to our consumers would be the next key agenda for FamilyMart in the upcoming phase.” said Jung Ting Yeh, Chairmain & CEO of FamilyMart Taiwan.
“We are excited to be able to introduce Soft Space’s payment hub solutions to FamilyMart Taiwan by partnering with Cathay United Bank and we plan to integrate the same approach to our own e-wallet soon in Malaysia so stay tuned!” said Joel Tay, CEO of Soft Space.
This article was first published on fintechnews.sg