The audience were very impressed to learn how in just 19 months LatiPay has become recognised as the ‘PayPal for Western merchants wanting to transact business with Chinese customers’.
Leigh drew upon two examples to highlight how the LatiPay system works for businesses – Convita who is selling New Zealand honey directly to Chinese consumers and Jucy Rentals who rent to Chinese visitors once they arrive in New Zealand. Credit cards are not commonly used by Chinese consumers, who prefer to do business via e-wallet systems.
LatiPay is the only compliant solution that provides customers access to the five main Chinese e-wallets WeChat, Alipay, JDPay, BaiduPay, Tenpay and nineteen main Chinese Banks. Latipay charge no fee to merchants because LatiPay’s strategy has been to sacrifice margin in order to quickly achieve scale.
Leigh and his small team have been focussing on gaining recognition and credibility in the Chinese market by securing awards in Australia and the States alongside developing partnership arrangements with Australian and Chinese banks.
Securing Singaporean venture capital funding has also been a priority since LatiPay’s inception. Leigh described the road to securing venture capital funding as being similar to travelling on an airport travelator – you get carried along and once you get on, you can’t get off, you just have to keep on going to your destination.
Visit latipay.net to find out more.