POSP | VeryPlanet

POSP (Point-of-Sale Preconsole)

Fully PCI DSS (Payment Card Industry Data Security Standard) certified, POSP processes both China UnionPay cards and eWallet transactions via integration with UPI and all major eWallets including BAT’s. BAT stands for the 3 internet giants in China: Baidu, Alibaba and Tencent who own Baidu Wallet, Alipay and WeChat Payment.

POSP helps overseas merchants optimize acquiring cost and enables merchants’ omni-channel capabilities to remove the payment hassles for tourists from China. POSP is a standalone payment processing system, also could be combined with PMS seamlessly if overseas merchants or acquirers need both promotion programs and tailor-made China acquiring solution.

UnionPay Card Acceptance

5 billion UnionPay cards were issued worldwide by 2015, UnionPay exceeded Visa to be the No. 1 card scheme as of Q1 2015 with global transaction volume of USD 1.9 trillion per quarter compared to Visa’s USD 1.75 trillion. China is also the biggest overseas spender since 2012. No merchant can afford to ignore such a large customer base, connecting with UnionPay and the issuing banks behind it are good ways of tapping into this customer base.

POSP of VeryPlanet routes CUP transactions to issuing banks via UPI (UnionPay International) switch, mitigates the interchange cost normally charged by credit card organizations, and also reduces the currency conversion cost for UnionPay cardholders.

Chinese eWallet Acceptance

As of Q4 2015, UnionPay processes 60+ million transactions every day, meanwhile the daily volume of Alipay is 80+ million transactions! WeChat Payment grows even more aggressively due to much easier conversion for users from simply social media user to payer within WeChat circles. Alipay and WeChat Payment are accepted by more and more merchants in China, from Carrefour to Uber replacing cash and credit cards. It doesn’t matter if someone forget to bring their wallets when they go to a restaurant or buy groceries, paying by smartphone and from their eWallet is very popular in China.

POSP integrates Alipay, WeChat Payment, JD (NASDAQ: JD, one of the biggest B2C players in China) Wallet and Baidu Wallet onto single platform and a single Chinese settlement bank settles fund to overseas acquirers in local currency in T+1 days.