Max So, Co-founder of IOT Pay Technologies Inc. was featured as a panelist on the advance of mobile payments at the McCarthy Tétrault 8th Annual Technology Law Innovation Summit in April 2019 in Toronto.
“Cash seems to still be king in Canada,” said moderator Ana Badour as she introduced IOT Pay as one of the strong entries into “the vibrant innovations market in Canada,” including the trend to going cashless.
Max So’s presentation briefed the session on the trend of consumers to prefer mobile payments here and worldwide. His update on the growth state of mobile payments began with the roots of its rapid adaptation in China and soon led to how it now benefits Canada’s economy.
“At this time 70% of purchasing in China is done through the power of mobile payment systems. In Canada, Chinese consumers spent $10 billion, adding to the economy nationally. They spent in Canada using the mobile payment systems of Alipay and WeChat Pay. We expect to see similar spending in 2019 and with this growth for those vendors who embrace mobile payments in their business, said So.” The impact is felt at every level from small to large for those businesses who embrace mobile payments and learn how to attract Chinese travelers, students and new immigrants who are actively spending in Canada.
His observations are based on a powerful and practical combination of his business studies completed in Manitoba, Canada and followed by and intensive direct experience in China.
“For eight years I worked closely with Alipay and WeChat Pay and was in the country to witness all of the extraordinary innovations of the times including E-commerce and mobile payment options.”
Returning to Canada in 2016, So co-founded IOT Pay. The IOT system is both a means of payment as well as an app so it serves both consumers and merchants with its high security and simplicity.
“In China, we don’t even refer to this method as mobile payment, it is just the preferred and expected way. From household expenses to large scale purchases, everyday transactions are generally made via mobile options such as Ali Pay or WeChat Pay. Credit cards will not get you far in China unless you are spending at high end restaurants or hotels. Cash is also rarer all the time.”
This last point is the centrepiece of Max So’s work to support Canadian merchants. He wants to help vendors understand their Chinese customers’ spending culture and patterns so that they can reap the benefits and thrive while serving consumers effectively.
According to So, “the traditional understanding of 80% of revenue going to 20% of the businesses in the economy has now flipped around. Mobile payments and global access allows more people to enter the market as merchants.” For Max So, satisfaction goes beyond helping businesses do better. He strives “to help especially those small and medium businesses that enhance each region’s uniqueness to succeed and to flourish.”
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