On February 3rd HUPAYX had an honor to sit down and talk with Juliette Foster from The European Magazine at Westminster Live Studio in London. The conversation was joined by HUPAYX CMO and Global Business Development Manager — Sebastian Suh and Aibek Amandanov.
Watch the interview below:
- Tell us about how HUPAYX’s groundbreaking concept was thought up.
HUPAYX came to be by experiencing first hand how outdated traditional payment infrastructure is and how card processing market is increasingly being monopolized by corporate players and especially by a couple of global payment card companies. In the UK alone, it is forecasted that by 2026 they will hold 90% of the market share. That means because of that duopoly the cost of accepting card payments is 5 to 10 times greater than cash. No wonder we can’t fully move towards a cashless society.
And most importantly as it stands, there is no direct way to pay with your cryptocurrencies at everyday store locations and if there is — it significantly depends on traditional payment infrastructure which as mentioned earlier has lots of flaws, and HUPAYX aims to solve most of these issues with combination of fintech and blockchain based technologies.
2. When you assess the cryptocurrency market, what do you feel that customers are looking for?
Crypto market is largely underutilized and we can see a huge lack of payment infrastructure in place that would enable cryptocurrency holders to freely spend their digital assets in real life.
Therefore there must be more ways to safely and legally spend their assets in their everyday life, with all taxation and regulations in place. There also must be more businesses that accept them as a stable payments. So far payment companies failed at making that mainstream.
3. Can you give us an insight into how the HUPAYX platform ‘cuts out the middleman’ within payment infrastructure?
Compared to traditional payment solution providers, HUPAYX covers both the user part via its HUPAY multi-digital currency wallet and the merchant part via HPOS — a mobile point-of-sale app, which both part of one End-to-End HUPAYX Payment Ecosystem. And thanks to our hybrid blockchain technology, our payments are done in a P2P basis, between the customer and the merchant, which cuts out the middleman without compromising security and speed of transaction.
4. What do you think it is about HUPAYX that has made it such a disruptive payment technology provider?
We always think outside the box. For ex: HUPAYX utilizes flexible business models that enable company to operate in crypto friendly and crypto restricted markets, thanks to our prepaid e-money called HX-Point. In crypto restricted market such as South Korea, users can hold crypto, do p2p transactions with it, but can’t directly pay with it. We enable crypto users to convert their digital assets into points in our HUPAY wallet and make payments with those points at HPOS supported merchant stores.
Because of that, last year we formed the World’s first catholic-based payment service consortium for transparent donations and utilization of funds and also formed Korea’s new accommodation based booking and payment consortium that controls almost 80% of all hotels and motels in the nation.
5. Your performance in 2019 saw you win two prestigious awards from The European, what does this mean to the company as a whole?
2019 was truly a big year for us. We made over 20 strategic partnerships, created two business consortiums, launched 2 Beta Apps for both Android and iOS systems, and gained access to over 420K merchant base, therefore we think we deserved winning these two global awards as a proof of our accomplishments over that year and as a motivation to continuously improve and keep pushing for success.
6. What can we expect from HUPAYX in 2020?
This year will definitely be the busiest yet. From activation of Catholic Community based business in March, to the launch of our Accommodation Booking business in June. Together with gradual integration of HPOS at everyday stores and coffee shops by the end of the first half of the year. On the global frontier, HUPAYX plans to expand into EU and Turkish market sometime in the first half of 2020, as well as conduct preliminary PoC in Brazil in the same period of time. And more exciting updates are coming to on tech front and to HUPAY and HPOS apps as well.