Cloud-based payments service provider Checkout. com has partnered with Xiaomi to offer an end-to-end-payments solution for its payments in Hong Kong and Macau.

Through this partnership, Xiaomi will be enabled to simplify the payment process to support its global payment strategy and development goals, with the companies working together in Hong Kong and Macau, which are considered important markets when it comes to Xiaomi’s global development. Xiaomi started to deploy the mobile payment market in 2016, being one of the first mobile phone manufacturers to launch payment functions. Following various business integrations, the company now aggregates a variety of payments scenarios for customers, looking to improve the NFC payment environment.

Details on the collaboration Having selected Checkout. com as its payment solution partner, Xiaomi is looking to further enhance payment processing capabilities and optimise the payment experience for users in the aforementioned areas. Checkout.

com covers payment markets of the likes of EMEA, the US, Australia, and Hong Kong, holding 7 global acquiring licenses and accepting all major international credit and debit cards, alongside popular alternative and local payment methods. As such, having global acquiring capabilities and a professional payment platform, Xiaomi users in Hong Kong and Macau are enabled to benefit from increasingly diversified payment methods. Checkout.

com provides Xiaomi with increased payment performance and the associated cost efficiencies, alongside a sophisticated API that enables Xiaomi’s future expansion of its global payment business. As per information provided in the press release, the Hong Kong government has launched consumption coupons in a wish to boost the retail industry, and, following the project, Hong Kong saw an acceleration and popularisation of electronic payment services. In a second phase, the consumption coupons are available on six different electronic payment tools, with Checkout.

com being able to support a variety of them, including WeChat Pay HK and Alipay HK. As such, Hong Kong-based Xiaomi users are enabled the receival and usage of these coupons due to this partnership. Xiaomi officials have stated that the collaboration is in line with the company’s global development goals of providing global users with various payment options, continuing by saying that through Checkout.

com’s global acquiring capabilities and platform stability, they can simplify the payment process in an easy manner and offer an improved payment experience to their customers. Furthermore, Checkout. com's local team of payment experts enables the company to integrate the capabilities of its platform in a quick manner, thus benefiting to its global payment strategy.

State of the contactless payment market in the APAC region As per a study by Report Ocean, a consulting and market research firm, the contactless payment market in the APAC region is projected to grow at a Compound Annual Growth Rate (CAGR) of 22. 4% during 2022-2028, driven by technological advancements in contactless payments services, such as AI integration for retaining information of buying behaviour, applied rewards, and giving payment solutions to retailers. Following the Covid-19 pandemic, economies have seen a shift in transaction modes with a preference towards contactless payments.

As there was an increase in online shopping, people utilised payment methods of the likes of QR codes and tap to pay using Near Field Communication (NFC), thus stimulating demand for these types of transactions mediums. Checkout. com offers payments in over 150 currencies in a fast and reliable manner, having in-country acquiring, fraud filters, and reporting through a single API.

It accepts all major international credit and debit cards, as well as popular alternative and local payment methods and has 19 offices worldwide, providing local expertise where needed. For more information about Checkout. com, please check out their detailed profile in our dedicated, industry-specific Company Database.

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