KuaPay Looks East To Bulk Up It’s Business

Shanghai, China, KFC, KuaPay, Joaquin Ayuso de Paul,

KuaPay, a mobile wallet provider, doesn't hold too much of the market share in the United States, where there are only 600 merchants equipped to use the payments system.

Compare this to the 7,000+ Starbucks that take Square's mobile wallet payments, along with many other payment services in the States, it's easy to see why KuaPay may well be eyeing up the growing economic powerhouse of China.

While KuaPay already has a presence in Spain and Chile, where it's apparently the "official" payment's provider according to CEO Joaquin Ayuso de Paul, the same is being aimed for in China.

This means, they want to be come the de facto payments provider for the region. A lofty ambition you say?

Not for KuaPay, who have managed to do the same thing in Chile due to forming a partnership with the country's payment processor who has a monopoly in the region.

By forming up with China UnionPay, the country's only payments processor, KuaPay will easily roll out across the region. That is, if they manage to pass the trial run they've managed to secure from CUP.

While it's rather obvious what the benefits are of a CUP partnership, it's staggering to imagine KuaPay's potential growth as the CUP plan to roll out mobile wallet concepts to more than 1 billion mobile customers.

Companies such as Alibaba haven't made much of a dent in the nation, and Google Wallet and Square haven't even dared venture into the region.

Its success isn't just dependent on a rollout from CUP, people have to actually want to make use of it and so stores will need to adopt the technology also. Thankfully for KuaPay, this could be rather likely as one partner for the company is Yum Brands, who have rolled out adoption across several KFC locations.

Why is this good? Because KFC is one of the most popular and most successful foreign companies in China. A sure-fire success for KuaPay's journey East.

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