Fintech Research

Third Payment Application in U.S.

Ranking Market
Third Payment Application Vendor Websites
Share
1 Paypal
PayPal is an online payment service that allows
individuals and businesses to transfer funds
479,425 54.21%
electronically. In the U.S, Paypal is the most popular
third payment platform. And, its market share is over
PayPal
50%. The use area of Paypal includes Taiwan.
2

Stripe
Stripe is a suite of APIs that powers commerce for businesses of all 167,402 18.93%
sizes
Stripe

Amazon Pay 34,580 3.91%

Amazon Pay is a fast, easy, and safe way to accept payments online.
Amazon.com
4

Braintree
Braintree is a full-stack payments platform that makes it easy to 19,441 2.20%
accept payments in your app or website.
PayPal

Square Payments 18,173 2.05%

A payment processing solution by Square.

Square
6

Stripe Checkout
Stripe Checkout is an embeddable, pixel-perfect payment form for 17,394 1.97%
desktop, tablet, and mobile devices.
Stripe
7

Authorize.net
Authorize.Net is a payment gateway service provider allowing 13,669 1.55%
merchants to accept credit card and electronic check payments
through websites.
Authorize.Net
8

Afterpay 13,585 1.54%

Afterpay is Australasia's buy now, pay later payment provider.
Afterpay
9

Klarna
Klarna provides e-commerce payment solutions for merchants and 10,495 1.19%
shoppers.
Klarna
10
Vanco Payment Solutions
Vanco Payment Solutions offers specialized payment solutions for 9,111 1.03%
industries, including faith-based organizations, nonprofits, and
professional services.
Vanco

Digital payment in China.

Total Value of Cashless Payments by Instrument Type In China

CNY trillions; total for the year 2015 2016 2017 2018 2019
Total value of cashless payments 3,305 3,545 3,627 3,650 3,675
Credit transfers 2,410 2,675 2,781 2,716 2,706
Direct debits 128 80 43 39 50
Cheques 238 188 172 149 134
Card and e-money payments (with cards and e- 526 599 629 743 782
money issued inside the country)
Breakdown of 'card and e-money payments' by function
By card with a debit function nav nav nav nav nav
By card with a delayed debit function nap nap nap nap nap
By card with a credit function nav nav nav nav nav
E-money payments nap nap nap nap nap
Total value of withdrawals/deposits 144 143 133 119 105
Cash withdrawals 73 65 65 59 52
Breakdown of 'cash withdrawals with cards issued 24 26 28 25 22
inside the country at locations inside the country' by
ATMs
Cash deposits 71 77 68 60 53

The use of Cheques and Direct debits had been decreasing from 2015 to 2019. The scale of card and e-
money payments was increasing obviously from 2015 to 2019. The credit transfers for cashless payment is
still a main way in China. In addition, the scale of cashless payments was increased yearly. And, the use of
cash was decreasing significantly. The number of bank counters in China are decreasing. Most street
vendors always use third party payment to handle their transaction in order to prevent the inconvenience and
human mistake because of complicated par value.

Third payment application in China.

If you have been in China, you will find out that you can’t go out without your
smartphone. In China, people always use the QR code of third party payment to make a
purchase even if they just buy a bottle of water. And, the most well-known third party
payment platforms are Tencent Financial Technology and Alipay. The two platforms both
provide users with various functions and services. You can mostly enjoy various financial
services, make a loan or order, borrow a bike and take a bus via the two platforms. You
can see the real cashless society in China. Many banks in China have provided a QR code
service that can connect with the account of a local bank and the account of two third
party payment platforms. For banks, they hope this way can help them to expand their
fund pool in order to prevent third party payment over exploiting their fund source.

Ranking Third Party Payment Market Share

1 支付寶 Alipay 48.44%
2 騰訊金融 (微信支付) Tencent Financial Technology (Wechat Pay) 33.59%
3 銀聯商務 China UnionPay Merchant Services 7.19%
4 快錢 99 Bill 6.10%
5 通聯支付 Allinpay 1.25%
6 易寶支付 YeePay 0.87%
7 環迅支付 IPS 0.83%
其他 Other 1.73%

Digital payment in Japan.

Japan is special and different from other countries in payment development.
Traditionally, Japan is still a cash-based society because of their unique culture. Even
nowadays you will come across many stores, restaurants, or local shops that have “cash
only” signs clearly displayed at the register counter or on the door. In Japan, currency is
seen as real, immediate and safe—and free of the fees that the payment providers charge
to the merchants. However, Paypal and mobile payment also can be used. In the digital
payment trend, it is interesting that Japan is exactly opposite to China. In China, you can’t
go out without your smart phone. In Japan, you can’t go out without cash.
 Total Value of Cashless Payments by Instrument Type In Japan
JPY trillions; total for the year 2015 2016 2017 2018 2019
Total value of cashless payments 3,371 3,425 3,332 3,250 3,197
Credit transfers 3,017 2,941 2,893 2,915 2,931
Direct debits - - - - -
Cheques 299 424 374 261 184
Card and e-money payments (with 55 60 65 74 82
cards and e-money issued inside (100%) (100%) (100%) (100%) (100%)
the country)
Breakdown of 'card and e-money payments' by function
By card with a debit function 1(2%) 1(2%) 1(2%) 1(1%) 2(2%)
By card with a credit function 50(91%) 54(90%) 58(89%) 67(91%) 73(89%)
E-money payments 5(9%) 5(8%) 5(8%) 6(8%) 7(9%)
Total value of withdrawals/deposits - - - - -
Cash withdrawals - - - - -
Breakdown of 'cash withdrawals
with cards issued inside the country at 12 12 12 11 11
locations inside the country' by ATMs
Cash deposits - - - - -

Types of payment in 2019/07 2020/01 2020/07 2021/01

Japan (multiple (n=30,000) (n=48,208) (n=45,000) (n=45,000)
choice)
Cash 93.0% 91.8% 90.2% 90.8%
Credit card 72.3% 73.2% 73.4% 73.3%
Mobile payment 14.3% 29.6% 37.8% 41.2%
Transporting card with 29.7% 31.4% 27.9% 28.5%
Electronic money
Non-transporting card 22.7% 25.1% 21.6% 23.2%
with Electronic money
Debit card 7.8% 8.1% 7.9% 7.9%
Other 0.4% 0.4% 0.4% 0.3%
Source: MMD 研究所
 Mobile Payment Apps in Japan
1
PayPay
As a payment method when purchasing products, this app was created by Paypay Corporation- a
joint venture of Softbank and Yahoo! Japan in October 2018. Paypay supports Qr code
technology. You should connect your PayPay account with your bank account or Yahoo! wallet
accounts. Paypay allows sending money to friends and family. The mobile payment service is
only available at brick and mortar stores.
2
Rakuten Pay
This app is yours truly by Rakuten, a popular online shop in Japan. This mobile payment service
was created in October 2016 and supports the QR code technology. You can sync your mobile
app to a credit card. Plus, you can gain reward points that are usable in any shop in partnership
with Rakuten. If you have a Rakuten credit card, you can double the points you gained. Easy,
huh. Rakuten Pay is available at both online and offline shops. Rakuten Pay is the largest QR
code payment service in Japan by the number of users.

3
Line Pay
This mobile payment service is created by Line, Japan’s most renowned messaging app. Line Pay
was created in December 2014 and it supports QR code technology. 79 million users in Japan and
194 million users globally use this mobile payment system. You can add your balance through
your bank account or by asking at any convenience stores in Japan. Line Pay has an auto-charge
function and this is available at brick and mortar stores as well as online stores. Line Pay is very
secure and trustworthy. It passed the PCI DSS and ISO/IEC 27001 standards.

- D-barai
This app was created by NTT Docomo, Japan’s major mobile phone operator in April 2018. It
supports QR code technology. This lets you pay your monthly phone bills in the company. You
don’t have to connect to a bank account or a credit card because you will be redirected through
your Docomo account. As a mobile payment choice, D-barai also offers earnable reward points
and this is available at online and offline stores.
-
MerPay
An app created by Mercari, the country’s popular second-hand items shop in February
2019 .”Mer Pay” is a payment service provided by Mer Pay Co., Ltd. that uses the Mercari app.
This mobile payment supports NFC and QR code technology. Link your bank account or use
your earnings from your sales on the Mercari marketplace to use the app. There are 1 million
users of the mobile payment app and there are 900,000 partner stores across the country.
-
Au pay
Consumers can charge au PAY balance with the app and pay. Consumers can pay at store via
code payment, pay online via online payment, pay at home vua invoice payment, use QUICPay+
and prepaid card which can be used at Mastercard merchants worldwide.

-
Apple Pay
Apple Pay was created by Apple in October 2016. This is indeed very famous in Japan because
of it’s NFC supported technology. Commuting and small payments play a big role in Japan. This
is why Apple Pay is one of the most used mobile payment apps by local and foreign workers. The
app is connectable to e-money prepaid cards in the country such as SUICA. QUICPay, and ID.
 -
Google Pay
G Pay was created by Google in February 2018 which was named Pay with Google and Android
Pay in December 2016. This mobile payment and must-have for travel app which also supports
NFC is a digital wallet platform and online payment system developed by Google to power in-
app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android
phones, tablets, or watches. Unlike Apple Pay, this mobile payment is connectable to the five
most famous prepaid cards in Japan namely SUICA, QUICPay, Rakuten Edy, nanako, and
WAON. This mobile payment also supports passes such as coupons, boarding passes, student ID
cards, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.

The advantages and disadvantages of digital payments during COVID

The trend away from cash is nothing new and with consumers concerned about the health
risks associated with handling cash, it’s no surprise that contactless and digital payment
adoption is accelerating. So, we know the pandemic has shifted people towards a cashless or
digital payments society but what are the benefits of these payment methods?

Advantages of cashless system

Cashless initiatives such as QR code, e-Wallet, and multifunctional payment can benefit
businesses in numerous ways and can reduce the spread of COVID-19.

1. Be able to reduce corruption because financial transactions are more transparent in the
system.
2. No need to touch terminals, handle cash for safe social distance and lower risk for spreading
COVID-19.
3. It helps people to deal with financial affairs without going to a certain location.
4. The government can collect tax accurately because financial transactions are mostly made
through a system and data are kept in networks. This system is able to track irregularities in
financial transactions for the government.
5. It is able to reduce crime because there is no cash to steal.
6. It saves time and cash management costs because the transactions are mostly kept on the
computer networks.
7. Easily make consumer incentive programs to boost revenue for business owners such as the
retail industry.
8. Documentation for funds transfer can be more simple.
9. People can easily make a cash budget due to having financial transaction data.

Disadvantages of Cashless System

As Taiwan moves to a cashless society, people should be aware of the disadvantages of a
cashless system.
1. E-payment applications like LinePay, QR code, or e-Wallet cannot execute payment without
working with a smartphone or tablet. Thus, most people must have to carry an electronic
device in the form of cash or a debit or credit card.
2. It increases the possibility for cybercriminals to infiltrate the e-payment system.
3. It is possible to access or shut down e-Wallets or mobile banking remotely. Thus, the hacker
can break into people’s financial accounts.
4. The poor do not have a smartphone or tablet because those devices are not cheap for them.
Thus, it is not easy for them to attach e-payment applications like QR code or e-Wallet or enjoy
other financial services on the internet.
5. Some people lack knowledge of technology, so they are afraid to use a cashless system and
prefer the old ways of cash transactions.
6. Customers are afraid to divulge their personal information when using the e-payment
system. This payment system means less privacy. People have to trust the organizations that
handle their data.

Digital payment in Taiwan during Covid-19.

According to Financial Supervisory Commission statistics, there are a total of 28
electronic payment institutions in Taiwan, including Jkopay Co Ltd, O'Pay Electronic Payment
Co, Gama Pay Co Ltd, ezPay Co Ltd, PChomePay Inc, iPASS Corporation, and Chunghwa
Post Co Ltd, per the Liberty Times. The scale of mobile e-payment in Taiwan will increase to
NT$ 852.7 billion in 2020. Total value of digital payment is NT$ 4,230 billion in 2020. The e-
payment business is still growing rapidly because of the obvious increasing demand during
Covid-19 and new participants from retail industry and food delivery platforms. Those new
participants include PX Mart, Familymart, 7-11, Carrefour, Ubereats, foodpanda, Shopee that
own their enormous customers.
The market share of Jkopay is 47.9% and Line Pay Money is 28.8% in 2020. With regard
to the user base of the e-payment institutions, Jkopay leads the group with 3,004,000 users,
followed by LINE Pay Money with 2,571,000, and E.Sun Bank with 1,200,000.
Subject 2020 Compare to 2019
Total value of digital payment 4,230 +2407
Mobile credit card 689 +242
Mobile debit card 725 +444
Mobile e-card 18 +7
Mobile e-payment 854 +492
mPOS 51 +6
Source: Financial Supervisory Commission Unit: NT$; million
 Institution Total Value of E-payment and Transfer
Jkopay 40,861,531
Line Pay Money 24,575,469
E.SUN Bank 13,767,168
O'Pay 2,187,349
icash Pay 741,775
Easy Wallet 735,212
GAMA PAY 560,789
Taishin Bank 359,671
Chunghwa Post 318,899
CTBC Bank 172,760
Cooperative bank 141,583
Yuanta Bank 133,722
Bank SinoPac 126,911
Mega Bank 100,117
Cathay Bank 86,011
First Bank 65,856
Shin Kong Bank 62,294
Chang Hwa Bank 59,785
Taiwan Bank 44,386
Far Eastern International Bank 33,465
Hua Nan Bank 31,261
ezPay 26,707
Land Bank of Taiwan 25,410
Taipei Fubon Bank 23,771
Taiwan Business Bank 17,011
The Shanghai Commercial & Savings Bank 7,892
Sunny Bank 4,618
Pchome Interpay 366
The future of e-payment in Taiwan.
After the draft of Electronic Payment Institutions Administration Regulations including
both mobile payment regulation and e-card payment regulation is passed, it can be executed in
June. In addition, the government would build a common e-payment platform that allows users
to make cross-institution transfers and allow Taiwan e-payment institutes to collaborate with
foreign institutes. Recently, more retail corporations participate in the mobile payment
industry. Now, there are already four retail e-commerce companies participating in the e-
payment industry and acting in concert with their own business. Retail e-commerce companies
can easily and effectively make their pricing strategies via collecting and analyzing customer’s
consuming data. Meanwhile, it is uneasy to make a common e-payment platform among
different retail e-commerce companies because of their competitive relationship.
Conclusion：
Due to the difference in culture, Japan is still a cash-based society. In Japan, the third party
payment isn’t able to be accepted widely because people don’t think it is enough security.
However, Paypay is the best choice if you want an e-payment app. In Japan, Paypay is the most
popular e-payment app but you still have to bring your cash.
In China, customers have no choice but to use Alipay and WeChat pay when they execute
transactions. It is hard to see any currency on the streets in China. Business owners can choose
a fourth party payment platform which combines the QR codes made from Alipay, WeChat
pay and local banks. It means that you can receive money from different institute accounts just
through one QR code. You also can use Alipay in Taiwan and Japan somewhere but the whole
use rate is pretty low. Store owners in Japan or Taiwan use Alipay as a settlement tool just for
one reason, Chinese. LinePay can be used in Japan, Taiwan and other Southeast Asia areas.
LinePay aims to create a LINK Network that allows users from those areas to use their link
coin to purchase items without the cross-border limits. PayPal is the most popular payment
application in the US and it also can be used in Taiwan.
In Taiwan, Street vendors in night markets usually use Jkopay as a transaction tool and Store
owners use line pay or e-card as a transaction tool. Consumers can use Jkopay via connecting
their own bank account. Currently, there is a fourth party payment platform in Taiwan but it
isn’t common. The e-payment trend in the future would probably be followed by the China
pattern if the government allowed it.

1. Crowdfunding and Initial Coin Offering

What is crowdfunding?
Crowdfunding is the practice of funding a project or venture by raising small amounts of
money from a large number of people, typically via the Internet.Although similar concepts can
also be executed through mail-order subscriptions, benefit events, and other methods, the term
crowdfunding refers to Internet-mediated registries.This modern crowdfunding model is
generally based on three types of actors: the project initiator who proposes the idea or project to
be funded, individuals or groups who support the idea, and a moderating organization (the
"platform") that brings the parties together to launch the idea.
Who can apply?
Applying to have a project featured on Ignite is open to recognized student groups, faculty, and
staff.Projects are evaluated on a case-by-case basis. Our committee is here to make sure your
project supports the mission of the University and that crowdfunding is the best platform to
raise funds for your project.

What are the requirements for a successful campaign?

1. A large crowd of potential supporters.

The project team must be willing to personally reach out to family, friends, and
colleagues for support. It is recommended that each project advocate has at least 100
relevant personal e-mail solicitation targets. Generally, a group can statistically expect
to raise about $4 per email address that is solicited.

2. A project that is inspired in the spirit of SAU.

A project that connects with the Mission of SAU and the SAU Foundation and is
supported by devoted project advocates.

What is an initial coin offering (ICO)?

An initial coin offering (ICO) is the cryptocurrency industry’s equivalent to an initial

public offering (IPO). A company looking to raise money to create a new coin, app, or service
launches an ICO as a way to raise funds. Interested investors can buy into the offering and
receive a new cryptocurrency token issued by the company. This token may have some utility
in using the product or service the company is offering, or it may just represent a stake in the
company or project.

How it works?
In this method, people can invest in the company by paying a certain amount of money.
However, in this case, shares are not distributed amongst the public but stay within the
company. Instead, tokens are used so people can purchase them to invest in a company’s
projects. These tokens can be used to purchase products or services within the company. In this
method, the company will get money through people purchasing their tokens and the people
can use the tokens to buy products and services.

ICO Use Cases

Ethereum is not just a cryptocurrency but also a protocol to run and develop decentralized
apps via smart contracts. As the Ethereum blockchain and protocols were starting up, the
developers started to fund the company by creating one of the first ICOs.

2. CDBC and Bitcoin

CBDC, which is also called the “Central Bank Digital Currency”, is the digital currency that a
central bank or other financial institution issued, which can serve as the sovereign currency of
an institution / a country.

CBDC can be regarded as the liability of the central bank or the financial institution. People
could useCDBC to purchase anything in the market, and it is a pretty safe and stable
currency because it has the government or bank as the backing.

CBDC has been an issue in many counties for a long time. For instance, BoE’s vice president
announced that they are still considering entering the CBDC market because it may change a
lot after they take any actions.

Interestingly, though Bitcoins is also a digital currency, this currency is not as safe as the
former one. It is rumored that many illegal organizations would use Bitcoins to transact
because it is relatively difficult to track the transaction records, however, many people in the
world are looking forward to this digital currency, that’s why its value has grown more and
more in the past 10 years. Bitcoins are usually used to transact in the online market or serve as
a currency that maintains the value for investors / speculators.

Current Bitcoins’ price is 32,495 USD for a single coin, that’s why while people mining for
Bitcoins or transacting with it, usually use a very limited amount.
Bitcoins’ price in past 3 years unit $ / Bitcoin

3. RegTech
RegTech (Regulatory Technology) is a way to apply emerging technologies to improve
the regulatory compliance of corporate management. Despite being relatively young, regulatory
technology is rapidly maturing. Regulatory technology companies are now using machine
learning, natural language processing, blockchain, artificial intelligence, and other technologies
to bring the power of digital transformation into the field of regulatory compliance.

Some important characteristics of regtech include agility, speed, integration, and

analysis. Regtech can quickly separate and organize messy and intertwined data sets through
extraction and transmission loading technology. Regtech can also be used to quickly generate
reports. It can also be used for integration purposes to run the solution in a short time. Finally,
regtech uses analysis tools to mine large data sets and use them for different purposes.

For financial services, the benefits of regulatory technology:

● Improved efficiency
With the continuous development of supervision, it is almost impossible for compliance
personnel to keep up without the help of technology. Technologies capable of
 processing large amounts of data at incredible speed can quickly parse and analyze raw
legal texts and extract valuable insights.
● Higher accuracy and comprehensiveness
Manual and isolated processes often create gaps in compliance operations, leading to
human errors and increased risks. Implementing the right technologies and carefully
integrating them when necessary can bridge the gap and create a streamlined
compliance process.
● Greater internal consistency
Technical tools can increase the transparency of the entire business and connect people
and processes that were once isolated. The result is that business units can share better
insights faster, which also leads to a stronger compliance culture.
● Improve risk management
Many regulatory technology tools help prevent various types of risks, including market
abuse, cyberattacks, and fraud by monitoring systems and
alerting personnel to suspicious activities.
Cases and applications
Some example of notable regtech companies and the tools they have
created include:
IdentityMind Global: Provides anti-fraud and risk management services
for digital transactions by tracking payment entities.
Trunomi: Securely manages the consent to use customer personal data.
Suade: Helps banks submit required regulatory reports without
disruption to their architecture.
Silverfinch:Connects asset managers and insurers through a fund data
utility to meet Solvency II requirements.
PassFort:Automates the collection and storage of customer due diligence data.
Fund Recs: Oversees how data is managed and processed by the fund industry.

4. Online-only bank and Open Banking

Online-only banks and Open Banking are the trend in this generation. As the smartphone
and internet become more and more common in the world, more and more people are willing to
use online services, that is why Online-only banks can survive and become more and more
popular.

Online-only Banking is a revolution in financial markets. People in the world are moving
beyond using digital platforms for just social media and networking, banking, shopping,
paying, lending and investing online are getting more and more common. While people
gradually finance online, it seems that it is feasible to open an online-only bank.

Deposits in online banks have gradually increased for many years, many people transfer
their money to online-only banks.

Benefits:

● Open checking, savings, and other accounts online

● Transfer money electronically, instead of writing checks
● Typically considered safer than traditional banking
● Transfer funds easily
● Speed loan application process
● Deposit checks using a mobile device

Open Banking has been accepted by users from different banks because it is a lot more
convenient than traditional service. Users could send money to other banks users and can enjoy
many services from other organisations. Indeed, open banking changes financial markets a lot,
many personal businesses can be solved by OB. The main idea of OB is to make their client
enjoy the banking convenience as well as the fintech and connect to other three party clients.

HOW OB CHANGE FINANCIAL MARKETS:

● Account aggregation for a 360 degree financial picture.

● Secure use of third party financial services apps (no need to share login information).
● Easy financial product comparison.
● Personalized financial products offerings.
● Account transaction notifications to alert potential fraud or mistaken transactions.

For business side, OB serve as the role of

● Less red tape useful digital services delivered seemingly and safely.
● Faster adjudication of loan, auto financing and mortgage with potential lower rates.
● Automation of cash flows invoices and assets.
5. Conclusion
Fintech solutions are reshaping how the financial sector operates, especially now the
world economy is struggling with the pandemic. As the best solution to all these problems, we
can expect the strong going within this decade. The growth of fintech can also create a
manpower gap and will continue to demand lots of different jobs to meet the demands of an
ever more digitally savvy consumer, especially when the average age of users are getting lower.
For the financial sector and the large players that have dominated the market for so long, it is
perhaps time to look at partnering and supporting these new developments as they emerge,
embracing the entrepreneurial talent and learning from them to maintain your place in the
market. To consumers, to have a more stable, convenient, and safe way to trade online, that’s
how fintech could bring.
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Blockchain: https://www.ibm.com/tw-zh/topics/what-is-blockchain
Digital payment:
José Siaba Serrate, Claude Lopez ,Halit Unver ,Sergey Drobyshevsky ,Pavel Trunin. (2020, November
25) Digital money is here: G20 (Thinking) must go digital. A systemic agenda is necessary to steer the
risky transition process and reap long-term benefits. G20 insight.
www.g20-insights.org/policy_briefs/digital-money-is-here-g20-thinking-must-go-digital-a-systemic-
agenda-is-necessary-to-steer-the-risky-transition-process-and-reap-long-term-benefits/
www.researchgate.net
finance.eastmoney.com/a/202011141701343032.html
www.datanyze.com/market-share/payment-processing--26gocardless.com/guides/posts/basics-online-
payment-processing/finanteq.com/5-challenges-a-bank-will-encounter-while-implementing-apple-pay-
and-google-pay/koreascience.or.kr/article/JAKO202034651879267.page

RegTech: https://www.investopedia.com/terms/r/regtech.asp
https://www.ascentregtech.com/what-is-regtech/