An every crisis lies an opportunity, Future of O2OPay 2019
The process of building up new business is not such easy.The opportunity to establish a new business may turn a closed cave into a road, but there is also the possibility of facing a big crisis. Now, the world is divided between winners and losers under the name of the Fourth Industrial Revolution, and its width is increasingly deepened.
O2OPay has founded for a less than 1 year.As a start-up, we can have not only opportunities,but also crisis. We promise to build the firmer foundation every after we get through the external pressure.
In 2018, the world’s crypto currency markets experienced greater crises and changes than ever before. We have been facing do-or-die situation and keep struggling to achieve our goal. We interviewed with Steve Kim from O2OPay which has listed to OEX and entered into a turning point.We asked him what future of O2OPay in 2019.
Q1> First of all,we would like to celebrate the first listing to OEX. Many member want to know why you did not select a domestic exchange but a foreign one?
: The biggest reason why we selected the overseas exchange was for most of investors and users of O2O, who are from all over the world including Korea, Japan and China. We considered Singapore exchange where is a center of global finance, could accommodate as many people as possible while maintaining fairness.
Q2> What do you think is the most important factor when selecting a cryptocurrency exchange to be listed? I believe it was not easy task. Please share your story what was the hardest part.
: As I mentioned, there was a great deal of concern about the burden of satisfying both investors and users, and what factors we should prioritize. I had to be more cautious because the listing schedule was delayed than planned. The biggest reason is that the external environment did not follow as we expected. In the second half of this year, precisely in November, the analysts expected that the industry would recover, However, it turned into worst scenario that I could feel mentally overloaded. As a CEO of O2OPay, I have to respond to our member’s expectation and anxieties.The best way i could is to decide the work on defending and stabilize the price.And I have still been committed to it.
Q3>Considering the current situation,is there any change of the contents of white paper which provided during ICO after O2OPay was founded in February 2018.Please describe it on our platform(ex. changing the direction due to the external factors,changing the earning structures etc.)
: I don’t think our initial framework of the business has been changed.However, we have some parts of delay and change in order by external factors. External change was regarding the control regulation related to blockchain and the guidance by the Financial Supervisory Commission. It is still insular, especially in relation to payment methods, they reacts sensitively. The situation is the same overseas. The highlight of O2OPay roadmap is the integration with the O2O Rewards platform, the O2O payment platform and the IoT devices within the O2O platform. The first step to combine three of them is the O2OWallet and the beacon wireless charger (O2ORzer). As it was announced last month, when O2OWallet will be released at the end of December, I think it will be able to show positive synergy by using it with the beacon wireless charger.
Q4> Last month, we watched the future of O2OPay based on blockchain technology with the newsletter(O2U) and O2O news medium.If you look at O2OPay in 2019 from the view of service marketing coupled with O2OWallet which will be launched later this month.
: I think the future of the cryptocurrency market is expected to be a ‘Wallet War’.Unique wallet characteristics are being produced even at this moment, , and many of them have already been released. As a newcomer to this market, we have to differentiate them. O2OWallet will build O2OWallet’s ecosystem based on providing the user with clear benefits and providing customized Big Data to crypto currency merchant.
In addition, I would like emphasize our target rather than to predict what the business will be like in 2019. We will focus our efforts on satisfying the needs of users and merchants while upgrading O2OWallet. We will do our utmost to achieve a stable ecosystem to have 100,000 members, more than 50 fixed partnerships and fixed benefits within O2OWallet.
Q5> O2OWallet will be a service of O2O Platform №1 which is a key service that forms a virtuous cycle ecosystem of cryptocurrency. do you want to promote O2OWallet from your point of view?
: O2OWallet is quite unique unlike the other wallets. In addition to the basic functionality of the wallet, users are given various benefits directly. It’s the first reward-based wallet that users can actually experience filling their wallet. O2OWallet will keep upgrading with more various and richer reward systems after the first launch of O2OWallet.
Q6> O2OWallet can be used with the high-speed wireless charger O2ORzer that was released in advance. Each of their features is excellent, However I wonder what benefits the user and the merchant can gain in combination of two.
: O2ORzer has all the elements for the current mobile technology era. Based on high-speed charging of mobile phone battery, it provides enough convenience and certain benefits to both users and merchants. In particular, the strength of O2ORzer is the unit price. Because its price is no big difference from general promotional price, therefore Promotion can be run easily and simply. I think that the PR effect will be maximized if the continuous exposure on the O2OWallet and the benefit are given through the O2O wallet which can be used not only with the O2ORzer.
Q7> In the second half of 2018, we are continuing to face the lowest price for crypto currency transactions. Foreign financial analysts say, “If you are an investor for cryptocurrency, you have to be patient now.” “You have to wait until there is a clear evidence that a price hike is expected.” There is also a negative opinion that the market is about to collapse. I would like to know your opinion about this.
“About twenty years ago, we have experienced the bubbles of the IT industry. One expert say that the current cryptocurrency market is similar to that, and I would agree. I think that the price of the cryptocurrency market will follow with certainty rather than speculation or outlook.
Q8> I think we should get through a plenty of failures until new business stabilizes. Startups based on blockchain is now faced with crisis. What is the key of O2OPay business for success, which will be the crucial card that O2OPay can overcome the crisis?
: The basis of O2OPay is the Rewards platform and the cryptocurrency billing platform, which is the most obvious difference between O2OPay and others. These two platform will be implemented on the O2OWallet which is reflected in our vision. The first version of Wallet is released at the end of December which will be focused on the Rewards platform and a reward of our partners with a variety of services.I hope you will be looking forward to it. Thank you.