Simple payment could be used every day and any where such as at the market around the corner or to eat lunch at the restaurant. WPAY, one of the WPLUS’ major functions, could be used as such but it is planning to expand in commercial use. This article will explain about the WPAY’s Strategies for Expansion in the Real Economy Branch.
It is not easy to secure a merchant for a new payment method in the current existing payment market.
With the focus on large distribution networks that are building their own POS infrastructure, WPLUS will expand the use network of WPAY, WPLUS’s cryptocurrency payment system. It has acquired WPAY business rights at its current Global Top Five Duty Free, and will gradually expand its networks and users to take an important place in the global cryptocurrency payment market.
STEP 1. Payment by traders only for Large Distribution Networks
Total sale of South Korean duty-free shops is about 19 trillion won (approximately USD 17 billion won) as of 2018, and have been on a sharp growth trend every year. Among the total Duty Free Sales, foreigners account is 70% and between 70% to 80% of the foreign portion is from the independent traders. WPLUS has signed a business partnership agreement with South Korea’s largest inbound travel agency, which has a Chinese-oriented trading business network.
WPAY provides them with familiar simple payment methods and rewards based on use, while duty free shops can have the effect of increasing sales through the addition of new payment methods and attracting customers. It is expected that a large-scale cryptocurrency payment model based on global duty-free shops will change the perception of existing cryptocurrency and cryptocurrency payment systems so that cryptocurrency payments can be settled as an important means of simple payment.
STEP 2. Enlarge end users of the cryptocurrency PG business and large distribution networks
With the expansion of WPLUS’ infrastructure, the company will open its trading-focused WPAY service at global duty-free shops to make it available to ordinary users as well.
As the first activated cryptocurrency payment platform, WPAY opens its doors to existing market or planned cryptocurrency wallet service providers to carry out the Crypto Payment Gateway project so that each wallet and coin can be used in the payment network that WPAY has built. Based on this, it will provide an environment where not only just trade dealers but also ordinary consumers can easily use cryptocurrency to pay through WPAY.
The convenience and reward program of the cryptocurrency payment system provided by WPAY will activate the use of WPAY by ordinary users, and will serve as the foundation for WPAY to expand its payment network to the level of existing credit card networks such as VISA and Master.
STEP 3. Expanding Retailer
WPLUS will expand its franchises through support and marketing partnerships for dedicated WPAY solutions, focusing on large online malls and large franchises, so that users can easily access them. As large merchants expand, WPX reserve system is operated by WPLUS to attract large merchants in preparation for settlement. The WPLUS will actively participate in the local currency introduction project of its own organizations to further expand the WPAY member network and seek synergy with the large merchants owned by the WPLUS.
Depending on WPLUS’ extended payment network and user base, minor merchants on and off-line can be encouraged to participate in the partnership voluntarily. The rapid settlement support and fee reduction benefits through the WPX merchant deposit scheme will further increase the value of WPX due to the expansion of the WPAY network and the activation of WPAY usage. Minor WPAY retail stores will be eligible to use WPLUS’ various cryptocurrency services, including P2P Loan service. All WPAY retail stores can carry out location-based customer attraction promotions using WPX.
WPLUS seeks to create an environment where “Anyone could exchange, spend and pay with cryptographic coins.” The further detailed function description will be uploaded soon.
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