In recent years, China's Internet payment services represented by mobile payment has taken the lead in the world. The rapid development of mobile payment leads China towards a "cashless" era. According to the data provided by the People's Bank of China, the trading volume of China's mobile Internet payment increased from RMB 202.93 trillion yuan in 2017 to RMB 432.16 trillion yuan in 2020, an annual compound growth of 28.66%. It is estimated that the trading volume of China's mobile payment market will reach RMB 715.34 trillion yuan in 2022.
When digitalization has become the consensus in the payment industry and mobile payment has become the mainstream retail payment method, more and more merchants have successively accessed third-party mobile payment channels to meet consumers' needs for mobile payment. Meanwhile, however, a certain risk also exists in scanning the code to collect money. It is easy to falsify payment screenshots. If missing billing and going without payment are not found in time, the merchants will suffer huge losses.
Cloud horn equipped with Cat.1 wireless communication modules effectively solves the above issues. The real-time voice broadcast of collection information is not limited by distance or network. It is convenient to use and easy to operate. Cloud horn is applicable to various collection scenarios of large, medium, and small merchants. It is stable and reliable and does not miss any transactions. It refuses to evade or omit any orders.
Neoway's Cat.1 star product N58 has been widely used in payment terminals such as cloud horn. In 2022, based on the new-generation chip platform, the company develops the Cat.1 wireless communications module N700 with ultra-low power consumption for the financial payment industry. Featuring smaller size and better design, the module meets the requirements for high timeliness, convenience, and security in the payment process.
At present, N700 is not only mature and commercially available in the cloud horn market but also successfully used in POS terminals supporting electronic signature and code scanning POS terminals of leading financial payment enterprises. Relying on its stable, reliable, and secure performance, it wins customer satisfaction. N706, N715 and N716 in the Cat.1 family and intelligent module products such as S720 and S726 can also be used in cloud horn, code scanning POS terminals, payment boxes, cash registers, smart handheld devices and other terminals in the financial payment industry, providing upstream and downstream partners in the financial field with product choices of higher value and better performance.
Neoway focuses on the connectivity between “Internet” and “Things”, dedicating to provide reliable and secure communication products and services for IoT. The payment terminals equipped with Neoway cellular modules are used in not only the Chinese market, but also overseas markets such as the Indian market, making the application of payment terminals diversified and convenient and achieving more efficient, more secure, and more convenient global mobile payment.