Introduction
On September 12, 2024, the 13th China Payment Clearing Forum was held in Beijing under the theme Moving Forward with New Quality Development – Using New Quality Productivity to Promote High-Quality Development of the Settlement Market. Digital payment service provider LAKALA was invited to attend the forum, where its Vice President Wu Qi delivered a speech titled Building an Open Service Ecosystem, Promoting Merchant Digital Transformation, and Creating an Excellent Consumer Experience.
Main Content
Forum Overview
The forum consisted of one main forum and three sub-forums. The main forum focused on Building a Payment Service System that is Compatible, Coexisting, and Collaboratively Developing, while the sub-forums revolved around themes such as Optimizing Payment Services, Servicing the Real Economy, and Development of the Settlement Market.
LAKALA’s Participation
LAKALA, as a digital payment service provider, was invited to attend the forum. Wu Qi, the company’s Vice President, delivered a speech titled Building an Open Service Ecosystem, Promoting Merchant Digital Transformation, and Creating an Excellent Consumer Experience. Other participating institutions included China Construction Bank, Alipay, Tenpay, and Shouqianba.
Compliance and Innovation
Wu Qi emphasized the importance of compliance and innovation in the industry. He highlighted LAKALA’s commitment to compliance, including the implementation of relevant regulations and policies, as well as the establishment of risk management systems and regular security assessments for outsourcing institutions.
LAKALA’s Development Strategy
In terms of innovation, LAKALA has been actively promoting digital payment solutions, such as the LAKALA Wallet APP, to help small and micro businesses obtain digital operation solutions. The company has also opened its platform to 289 core SaaS service providers, covering 57 different industries, and providing comprehensive digital solutions for over 1,400 large customers.
International Expansion
As a member institution of the five major international card organizations, LAKALA has been actively participating in domestic card acceptance cooperation. The company has become one of the first batch of partners of万事网联 for card acceptance and has participated in the Jinxiu 2024 Action initiated by China UnionPay, vigorously building an international card acceptance environment and optimizing payment services. The company’s international card acceptance services have covered 227 cities in China, with transaction amounts reaching 1.7 times the full year of 2023.
Financial Performance
According to LAKALA’s half-year report, the company achieved a revenue of 2.982 billion yuan in the first half of the year, with a net profit of 0.412 billion yuan after excluding non-recurring expenses, an increase of 45.86% year-on-year. The amount of scanning transactions reached 673.8 billion yuan, an increase of 28% year-on-year, ranking the company among the top in the industry.
Conclusion
Wu Qi concluded by emphasizing the importance of technology innovation, digitalization, and intelligentization in the payment industry. He expressed his belief that with the guidance of regulatory policies and industry associations, the industry will continue to develop and create a new ecological environment for payment industry and economic development.
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