RPay+ launched on the 20th of September 2018 and is the combination of efforts to change the financial payment landscape in Australia. The app supports online and offline card-less payment for Australian bank cards, and integrates payments, transportation, and financial tools. In the future, the app will continue to extend to clothing stores, cafes and restaurants and housing costs. Another great feature will provide financial management services based on bank-level credit guarantees.
RoyalPay was established in Melbourne, Australia in 2015. It holds Australian AFSL financial services qualifications, Canada Fintech Gold Financing, New Zealand FSP Gold Financing, HongKong MSO Qualifications. RoyalPay cross-border payment services uses financial analysis and Cloud technology to assist Australian merchants organise orders and brand promotions. Its big data analysis and artificial intelligence technology builds an open, stable and secure credit system and financial service platform covering 11 major cities in Australia including Melbourne, Sydney, Canberra, Cairns, Gold Coast, Brisbane, Perth and so on. RoyalPay has grown to cover New Zealand and Canada, serving more than 16,000 brand merchants worldwide, and has reached online and offline with many international brands such as Superdry, Mecca, Rimowa, Cue, and Skybus.
Since early 2017 RoyalPay updated its vision to reflect the growing ambition to improve payments in Australia for Australians. RoyalPay is working to build a cashless society to inspire a new age of people to business interactions Australia wide. RoyalPay’s CEO and founder Locky Ge said that “We have seen firsthand, the opportunities presented by mobile payment in China and abroad and it’s time we have the same in Australia”. This strategic shift leverages RoyalPay’s knowledge and expertise with Chinese mobile payment to take on a new challenge of expanding mobile payments in Australia.
In order to protect the security of users’ transactions, RoyalPay cooperates with several major industry giants such as Flexewallet, AON Insurance and Equifax. In the transaction and after the transaction, the user’s capital security is guaranteed. Information is encrypted and stored in distribution cloud databases through bank-level encryption technology.
Within two to three years, RPay+’s target is to increase the penetration rate of mobile payment users in Australia to 60%. RoyalPay said after several meetings with the Australian Prudential Regulation Authority (APRA) that the outlook is positive. Royalpay is putting in place the structures, systems and culture that will be able to give investors confidence that the business and its resources are well governed. RPay+ has completed the creation of a new business group and will officially launch digital banking application in October. There are internal projections that suggest RPay+ may reach 6.5 million users in 11 cities. RPay+ may also reach 50,000 merchants using integrated POS machines potentially creating 6 billion Australian dollars per year for the company. RoyalPay CRO Anthony Hargreaves said that the company’s compliance department has been promoting internal processes and is committed to meeting compliance requirements such as KYC, anti-money laundering laws and prudent due diligence procedures.
According to the latest data from the Commonwealth Bank (CBA), the number of users using smartphones for payment is dramatically increasing. Over 16.8 million users in the first half of 2018 used smartphones to complete transaction, an increase of 35% over the same period last year.
This dramatic change is part of the reason RoyalPay is building technology to suit this new consumer trend. RPay+ is built to be the next change in the Australian banking and mobile payment world. With its official version out now, make sure you download from the App Store today to try it today.