One of Russia’s largest mobile point of sale (mPOS) services, LifePay, made an official entrance into the Asian market today by acquiring iboxPro, one of Asia’s leading mPOS services. LifePay will be using iboxPro as a base to build the top mPOS company in Southeast Asia.
At current standing iboxPro works with Vietnamese, Indonesian, and Thai markets, representing roughly 92, 252, and 67 million people respectively. LifePay is tapping into the iboxPro network to create a new company, LifePay Global, which will set up their headquarters in Singapore; LifePay Global will officially mark their launch on February 10 in London at the Finovate financial technology conference.
LifePay Global is set to process around $4 million worth of transactions monthly due to their 50,000 active mPOS readers in use and the 20,000 customers already using the platform. By the end of 2015 the team plans to increase the amount of processed transactions to around $40 million per month and enter the Chinese and Philippine markets.
“The reason for our attention to mPOS projects is the fact that today they are the fastest-growing. That is quite understandable: they have one of the lowest CPAs and the highest customer base growth rate,” says Vladislav Solodkiy, Chairman of the Board at LifePay Global. “No other financial technology demonstrates such growth speed, low customer acquisition cost, and upsell capabilities.”
The global area has an absence of major network mPOS players and only a small number of mPOS projects. Southeast Asia and China are thusly a logical move for LifePay as these locations have a larger number of SMBs and more issued credit cards.
“Today’s main competitive advantage is the ability to use data, analyze it the right way, and implement the results. Modern smartphones and tablets turn each payment into unique source of data valuable for management and development,” says John Langer, Chairman of the Board at ibox.
In Q2 of 2015 LifePay Global is hoping to launch a number of new services, including online loads, online acquisitions, and digital wallet services. We’ll keep you updated on their progress towards that goal.