Competition in Mobile Payment Industry Benefits us All

Hello everyone, what a lovely weather to fall in love with JPAY platform! I hope every one of you enjoy whatever you have on your to-do-list. In today’s news articles, you will often find keywords such as “excessive competition” and “infinite competition.” When you look at the word “competition”, what comes up in your mind first? Perhaps something negative things come first before positive things. Sometimes you have to go beyond your close friends or even family members in competition. That’s why the word “competition” simply sticks to us in a negative way, that is, competition is bad, scary and something that we should avoid.

However, I think it differently. Competition is actually the best way to find knowledge and information. Competition is not something you can avoid. This is because it comes from scarcity. In other words, resources are limited, and people want to take over them. Fortunately, however, competition doesn’t end up with a simple zero-sum game that divides winners and losers for good. It’s more like a connected process than a single incident. Competition is repeated, different form the kind of game. Winners and losers aren’t always fixed, which means they don’t always have the same round of competition. Through this repeatability and comparative advantage, competition serves as the basis for social cooperation, not zero-sum games.

JPAY platform is also never detached from competition. We were able to reach this high through a lot of competition. There are about 2,000 cryptocurrencies in the world, and the number is increasing every year. So, why do we need competition that everyone says is cruel then? Let’s take a look at JPAY platform and others as an example.

What if only Samsung Pay exists in the market? Suppose Apple Pay, JPAY and Kakao Pay didn’t even come out of the world. That would significantly reduce consumer’ choices, which would naturally increase the value and price of Samsung Pay. If that happens, we cannot afford to use Samsung Pay or invest in it because of the high price. Of course, it is not your duty to invest but people who are interested in the mobile payment industry, and who, like us, believe that it is the future of the global economy, can be take an interest.

Let’s go into blockchain a little bit more. Let’s take cryptocurrency exchanges for an example. If there is only one Upbit Exchange in the market, there would be no incentive to better serve consumers from the perspective of Upbit. However, a new cause was created when exchanges such as Kocostock, Bithumb and Coinone appeared. As the competition got heated up, they started to hold airdrop events, hold conferences and provide daily blockchain news to raise brand loyalty. This gives consumers more choice at lower prices.

JPAY is also burning the midnight oil to reward your support and to provide better service than any other platforms. It’s because satisfying you and rewarding you for the love you’ve given to us are a huge incentive for us. The superior security, the speed and the opportunity to generate revenue from it all came from that.

It’s not just the blockchain and mobile payment services market that we’ve been dealing with. It’s actually happening in every industry we are involved in. There have been countless cases in the last few years where new technologies that have entered the market with new business models are threatened by regulatory barriers.

The most recent one I can remember is “Uber Regulation” in Korea. Uber is a mobility startup that connects passengers and drivers with a single button. Easy right? In this world, services will continue to emerge to help unowned consumers find a way to travel efficiently. The government is regulating it unconditionally and avoiding competition. Uber makes it easier for passengers to find nearby vehicles and use the service at lower prices. Taxi divers are refusing to compete, calling it a threat to their livelihood. But in fact, what the government needs to protect is competition, not competitors themselves. It’s time to redefine the word “competition” through conceptual destruction and find a way to coexist.

Without competition, JPAY may not have been as popular as it is today. We have reached where we are right now through a lot of competition. The reason why I chose “competition” as the keyword for today’s content is to make sure that we continue to deliver great service to you. Through clean and fair competition, I want to identify and satisfy your taste. We always want to reward you with better products and services.

I’d like to wrap up today’s content with quotes from the 31st U.S President Herbert Hoover.

“Competition is not only the basis of protection to the consumer

but is the incentive to progress.”

※ For more information about JPAY Platform, please visit our website at https://jpayplatform.com/