In a bid to break into the mobile point of sale (mPOS) market in Southeast Asia, LifePay has acquired iboxPro, a brand created by an international group of companies that is headquartered in Hong Kong. Following the acquisition, LifePay merged the two companies to launch a new company called LifePay Global.
Headquartered in Singapore, LifePay Global will work with its partners to service customers in Vietnam, Indonesia, Thailand and Russia. Partners include TechComBank and BankNet in Vietnam, Mayapada in Indonesia, and Probiznesbank, Binbank and VTB24 in Russia.
According to LifePay, the move to expand into the Southeast Asia region is a logical one as the region lacks major network mPOS players. Moreover, even though the region has a large number of small and medium businesses and a large quantity of issued credit cards, it has a rather weak card-acquiring infrastructure. With that in mind, LifePay expects to process US$40 million transactions per month and expand into the Chinese and Philippines market by the end of this year.
Current LifePay Global's product and technology line includes Chip&PIN and Chip&Sign readers along with an ecosystem of software and hardware business solutions and services. These include customer relationship management and business analytics solutions, as well as mPOS installation equipment for points of sale and small businesses that have mobile cash register with built-in MDM system.
To further expand its offerings, Lifepay Global plans to launch services such as pre-order service for hotels, restaurants and catering companies, online loans, online acquiring and a digital wallets within the second quarter of 2015.
The principal shareholder of LifePay is international venture capital firm Life.SREDA, which focuses on investments in FinTech mobile and Internet projects.