Introduction
"Establishment of My Payment's APP TO APP payment network”
In the past, most of the payment methods in the commercial settlement market were cash. Since then, credit cards, called the plastic revolution, have emerged, and credit cards still have a market share of nearly 80%. With the advent of credit cards, the payment market rapidly became common as a market for credit cards. During this period, large companies rushed into the credit card business, and VAN, a value-added communication service provider that transmits merchant payment information to card companies, created a new payment service provider, and credit card companies and VAN companies achieved great success thanks to the growth of the credit market.
In addition, with the spread of the Internet, credit cards have proudly become the mainstream of payment methods in the online market due to the revitalization of the e-commerce market, and PG companies have emerged that act as online payments. In other words, in the offline payment market, VAN, a value-added communication network operator, and PG, a payment agency operator, have established itself as a payment provider in their respective areas.
However, the emergence of smartphones created the simple payment market and the O2O market as payment methods were installed on the convergence platform of smartphones, not PVC cards, and online e-commerce entered the smartphone.
Simple payment refers to providing a simple payment application on a smartphone, and O2O refers to breaking down offline and online areas that were clearly distinguished before. Smartphone simple payment and O2O market have created a new payment method called VANLESS APP TO APP payment, and many fintech companies are changing their payment paradigm from credit card payment market to APP TO APP payment market with payment platforms.
As such, the era of My Payment is coming with APP TO APP payment through users' smartphones, and it can be said that the commercial payment market for virtual assets is opening through APP TO APP payment method.
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