Huang Chunbo, founder of citcon
An American luxury stores provide Alipay and WeChat to pay
The Pos machine (right) provided by Citcon for American merchants
Sina Technology Zheng Jun from the Silicon Valley of the United States
Over the past year, Chinese visitors found more and more American and European merchants to accept their habits of Alipay or WeChat to pay. New York, Losangeles, San Francisco, Boston, Las Vegas, Vancouver, Toronto, London, these businesses not only include many Chinese restaurants, but also airport duty-free shops, as well as many luxury goods and so on. It may not be known when they have taken out their mobile phones to brush two dimensional code to pay the renminbi, and the technology behind it is a Silicon Valley mobile payment venture.
Liu Chuanzhi make complaints about American life inconvenience
It is true that Liu said that it is not true. I believe many friends who come to the US for business trip will feel the same way. Although the United States is leading the direction of the mobile Internet, China is taking a clear lead in specific pattern innovation and application scenarios, especially in mobile payments. Domestic users are accustomed to the convenience of mobile payment services in China, and will feel a lot of inconvenience and unaccustomed.
Unlike domestic merchants' WeChat Alipay payment QR codes everywhere, the United States is still in the
There is a need for service. From the beginning of last year, the tourists to travel to the United States China pleasantly surprised to find that more and more American businesses can also WeChat Alipay scan code payment. In the most densely populated New York, Losangeles, San Francisco, Las Vegas and other popular tourist destinations for Chinese tourists, many restaurants, the airport duty-free shops, luxury store counters are put on the WeChat and Alipay brand logo.
Chinese tourists just like domestic consumption, mobile phone Alipay WeChat points out, you can pay by RMB in the United states. They do not need to go to the bank to exchange money to carry around, nor do they have to apply for dual currency credit cards. This familiar convenience undoubtedly stimulates the consumption enthusiasm of Chinese tourists.
How did this kind of payment facility come true? Alipay and WeChat's popular American business team traveled to the United States to a large city, promotion and education to pay two-dimensional code? Of course not. Perhaps in the United States shopping Chinese tourists have never heard the name Citcon, but when they are in the United States shopping, payment by WeChat Alipay's money may be through this service technology platform, converted into dollars and pay for American businesses.
The reasons for the gap between China and the United States in mobile payment
In fact, headquartered in Silicon Valley, Citcon is a mobile payment technology service providers, their core business at present is to bridge erection technology of mobile payment between WeChat and Alipay stores in the United states. Since the launch of services in April last year, more than 5000 business customers have been awarded in the United States in one year, and the amount of payment has exceeded 100 million dollars. However, Citcon is a business oriented business, rather than dealing directly with consumers.
Founded in 2016, founder Huang Chunbo is a typical Chinese student in the United States. After getting a Ph. D in the United States, Huang Chunbo has been working for more than 10 years in the United States, including eBay, PayPal (already from eBay split) and Visa. Huang Chunbo returned to China in 2014 to set up a mobile payment technology in China (which was listed on the new third board last year). Then he returned to Silicon Valley and founded Citcon.
Perhaps speaking of the development of the mobile payment industry in China and the United States, Huang Chunbo is the one with the deepest feeling and the right to speak. In his view, the development of China Mobile payment is faster than the United States, for many reasons. Citcon's team also has a number of senior employees who have more than 10 years' experience in the US payment industry at Visa and Paypal, and are very clear to each chain of the payment industry.
Huang Chunbo to Sina technology introduction, on the one hand, when the rise of China Mobile, the domestic still in the cash society, most people have not used the habit of credit card, and whether it is for consumers or businesses, mobile payment should be more convenient and safe. In fact, compared to the United States which is highly popular in credit card, China Mobile paid off the credit card stage and overtook the curve directly.
Secondly, thanks to the popularity and promotion of Alipay and WeChat for many years, the design concept and technical means of China Mobile payment are more comprehensive and rich. Two-dimensional code technology not only realizes the payment, but also drives the marketing and many other mobile Internet aspects of the new play. Red envelopes war these have brought the mobile use of the scene to the extreme. The United States is still in the NFC payment phase, not fully play the advantage of mobile payment. Apple, Samsung, Google's mobile payment is still tied to the phone credit card, and credit card direct payment is not much different.
The business opportunity that Huang Chunbo sees is the cross-border payment of Chinese consumers shopping in the United States, which still has enormous pain. In view of the fact that many American businesses did not accept mobile payment technology solutions, Citcon business model, simply put, is to help Chinese in the United States, Alipay and WeChat brush UnionPay card.
A trillion yuan per year market
But he stressed that Citcon is not the WeChat Alipay push service company, but between WeChat and Alipay stores in the United States set up a technical solution, not only technology platform, and clearing platform. Citcon provides different payment products for different vertical segments and businesses of different sizes, from mobile APP to POS.
Citcon's revenue comes mainly from the fees paid by businesses, just like Visa, Square and other payment companies.
In March of this year, Citcon just completed a $5 million A round of financing, totaling nearly $10 million. Major investors include ZhenFund, Seborough and other well-known domestic and foreign venture capital and some listed companies. Citcon has offices in Silicon Valley, Los Angeles, New York and Beijing and Hangzhou. More recently, Canada and Europe have opened up offices and ecosystems.