After major customer engagements in Thailand and Indonesia and the opening of a new APAC regional center in Singapore, Cellum is now moving to aggressively enter what is expected to soon be the world’s largest m-commerce market: China.
Speaking at a session on mobile payments, CEO János Kóka explained that in Asian markets, when it comes to mobile transactions, security is the most important concern besides user experience. The Chinese audience got its first introduction to Cellum’s white-label mobile wallet technology, which the company will tailor to meet local needs and will make available both as a turnkey solution and in a modular model. Kóka also introduced the Cellum Plug & Pay service, which provides a plug-in for adding a card payment option to merchants’ mobile apps. The company’s patented Split Secret secure card vault and tokenization technology with its zero percent fraud rate has drawn serious interest.
“While we have enjoyed success in some of the largest national markets in the world, China represents an unparalleled opportunity,” said Cellum Global CEO János Kóka. “Not only is it the world’s largest economy today when measured by purchasing-power, it has the largest number of Internet users, who collectively spend upwards of $60 billion annually on foreign e-commerce sites alone. China’s e-tail market is now bigger than that of US, Britain, Japan, Germany, and France combined. And as the number of middle-class consumers continues to boom, within five years the expected number of 3G+ smartphone users in China will be 1.2 billion. By now, mobile-initiated transaction volume approaches 50% of e-commerce sales. Alipay and Tenpay dominate the market, but there is a large room for Cellum in white label secure mobile wallet services for financial institutions, device manufacturers and mobile network operators and in-app payment modules for merchants.”
Cellum is planning to launch its services in China based on its Cellum Mobile Next platform and build the supporting PCI DSS compliant infrastructure in 2016.