Mobile payments are on the rise with $235 billion transactions processed in 2013, up 44% from the previous year’s $163 billion (Gartner). Mainland China alone has reportedly reached a total of 1.67 billion transactions made in 2013 – worth an unfathomable US $1.6 trillion.
The growth in mobile payment tech not only amps up security and convenience for customers, but it’s also become quite the crowded space for entrepreneurs. Two of our startups, last-minute hotel booking app HotelQuickly and iPad point-of-sale system Bindo, have announced product updates this month in order to maintain a competitive edge.
Just last week, HotelQuickly announced a partnership with PayPal to offer their users a seamless mobile experience. This makes the last-minute hotel booking app the first travel merchant in Southeast Asia to integrate PayPal’s mobile SDK. HotelQuickly customers can now make speedy in-app hotel bookings in just a few clicks.
“It’s crucial for HotelQuickly to offer our customers a fuss-free payment option where bookings can be made instantly and securely, anywhere at any time,” said co-founder Christian Mischler. “As our focus is on room bookings within a 24-hour sale window, customers need to be able to make bookings quickly no matter where they are.”
HotelQuickly has grown rapidly since they launched their app in March 2013. Besides expanding to over 12 markets in Asia-Pacific, this Hong Kong startup has secured 300,000+ downloads, signed up 150,000 customers and raised US $4.5 million in Series A-1 funding. Now they’re offering users the added reassurance of the PayPal name.
Also ramping up mobile payment protection for their customers, Bindo has added an additional layer of security to its cloud-based iPad point-of-sale system: an EMV chip reader, which helps prevent credit card fraud. Although EMV chips readers have long been used in Hong Kong, mobile payment tech in the US has been slow to adapt as most retailers are still migrating from legacy magnetic stripe credit card readers.
Other players in the mobile payments space, including Square, have announced incoming EMV chip readers, but Bindo is the first of its competitors to actually launch the product. The versatile mobile card reader can support both chip-and-signature and chip-and-pin cards which are less susceptible to credit card fraud.
“Security is a top priority at Bindo. It’s the foundation upon which we create our best-in-class user experience,” said co-founder Brad Lauster. “Features mean nothing without a trustworthy base, so every transaction made through Bindo is encrypted. Furthermore, we maintain 100% compliance with PCI Data Security Standards.”
These days, Bindo is plugging away at their consumer app called ‘Bindo Marketplace.’ The app lets customers shop online from stores already using Bindo POS and will arrange for the goods to be delivered to their doorstep. Look out for ‘Bindo Marketplace’ in the next few months.
HotelQuickly on Startbase.HK: HotelQuickly
Bindo on Startbase.HK: Bindo
