Author: Fei Wang

JP Morgan Chase, whose own Chase Pay mobile wallet has been making serious strides, has acquired the technology that underpins CurrentC, the MCX mobile payment product that never went beyond pilot stage.

Chase, whose Chase Pay got off the ground from its partnership with MCX, will use the technology buy to expand its own mobile wallet more efficiently, in lieu of building separate parallel technology to serve non-MCX members.

In my opinion, The acquisition will provide synergy for JP Morgan Chase. Chase is popular with its Quick Pay to transfer funds between customers. However, in order to earn revenue from merchants and business, Chases should expend its Chase pay like Visa pay.

Reference: http://paybefore.com/top-stories/chase-pay-acquires-mcx-mobile-payments-technology/

China’s largest commercial property developer joined hands with the leading payment services provider on Thursday in the latest example of online to offline integration that is reshaping the nation’s retail landscape.

Dalian Wanda Group and credit card provider China Union Pay announced a partnership that will see UnionPay QuickPass, a chip-based contactless payment service, introduced to 187 Wanda Plazas, 51 department stores, 102 hotels, five theme parks and millions of Wanda partner merchants.

In my option, the mobile payment industry started online and is moving more towards offline.  The online and offline integration is not just getting more consumers by making payment easier. The off-line retails can also take advantage of the data through the mobile payment to study the buying behaviors of the habits and it will help the off-line retails to better conduct promotions online and offline.

http://www.scmp.com/business/companies/article/2075510/china-property-giant-wanda-partners-unionpay-expand-mobile

Starbucks and Tencent Holdings Ltd., a leading provider of internet value-added services in China, have announced a strategic partnership to create a new social gifting feature on Tencent’s WeChat in early 2017. Starbucks said in a press release that the partnership positions it as the first retail brand to combine with WeChat in China in order to bring a locally relevant social gifting and digital payment experience to users.

In my option, Mobile payment is not just a way for users to pay merchants. It is also a way for merchants to promote their goods through gift advertisement. Wechat incorporate both the social network features and payment features together so that users can use apps in one place for multiple purpose. Starbucks can benefit this partnership with Wechat to obtain more customers with more direct advertising through social gifting.

https://www.mobilepaymentstoday.com/news/starbucks-gifting-comes-to-wechat-users-in-china/

IBM is working with Visa to produce a shoe-based mobile payments system. Users can turn shoes into a mobile point of sale system and a secure payment gateway. With this idea, users can go everywhere without a wallet and pay for goods with wearable devices.

In my option, it looks like this shoe-based mobile payment is convenient. However, this method of payment is hard to view and operate. Unlike using a smartphone, you can view the amount to pay and accept the payment thought figure prints. This show-based mobile payment does not have a security protection. Anyone can wear this kind of shoes to make payments. Most people will have problems to accept this method and contact with auto-bill-pay. Overall, I think this approach is overreaching. The mobile-payment market will have a longer time to adopt this method.

http://paymentweek.com/2017-2-21-shoe-based-mobile-payments-visa-ibm-working/

Honda introduced the first demonstration of in-vehicle payment for parking and fuel. The payment process is partnered with Visa checkout. The companies are working with Gilbarco Veeder-Root(a fuel pump manufacturer) and IPS Group ( a parking products provider) to install beacons that will communicate with Honda via Bluetooth to complete payment through Visa Checkout.

In my option, it is not an innovative way for payment. First, it has limitation of the place of use. In-car payment is only limited to car-related places, such as gas station and parking lot, and it may be extended to drive-through restaurants. It has narrow customers relatives to other mobile payments. Furthermore, with the current mobile payment, people have already used mobile payment for parking or drive-through. Customers already are used to this methods of payment. It is very hard to switch to another method of payment. This idea will not give Honda too much advantage over other manufactures. The idea of moving from mobile to car payment is not really innovative.

Reference: https://www.mobilepaymentstoday.com/blogs/are-in-car-payments-innovative/

SAP adds new functions and features on enterprise information management(EIM) to help users to better manage and control data assets. The new EIM updates the following features:

1. SAP Data Services: It extends the support and connectivity to integrate and load large data and different data types, it can transfer from Google BigQuery to data processing tools such as Hadoop, SAP HANA Vora, SAP IQ, SAP HANA or other cloud based tools. It also connects to Amazon Redshift and optimize data extraction from HIVE table.
2. SAP  Information Steward: An enhanced metadata management capability provide data stewards and it is ealier to search metadata and discovery meaningful data.
3. SAP Data Quality Management microservices: It also provide data cleaning serives and data validation and enrichment for address and geocodes

Reference: http://www.cio.com/article/3163464/it-strategy/sap-adds-new-enterprise-information-management.html

More and more airline passengers are using smartphone and other mobile devices to book airline tickets and other travel arrangement. Airline industry is getting more competitive . There are three factors(passengers, payment, profitability) that are very important to airline companies.

 

1. Passengers:

There is a significant large demand of passengers booking through mobile phones. Based on the source[1], 84 percent of travelers requires to access their travel information as they travel, even 60% needs internet even on vacation. About 20 percent of passengers book flights over mobile phones, and there is a potential of increase of the percentage. Over 70 percent of people plan a trip with mobile phones. Airline companies must provide payment methods over mobile devices to earn the revenue.

2. Payment:

The mobile payment industry is growing really fast and airlines should catch the revenues from mobile payment ecosystem and transfer from credit/debit card payment. Airlines shall work with mobile payment providers who are already in the market to be more cost effective.

3. Profitability:

Traditionally, airlines’ book depends on travel agencies, but airlines have to share its profit with those travel agencies. Now, airlines keep it profit through direct-channel sales and loyalty programs. However, in order to keep mobile users into their direct sale network, airlines shall also include mobile payment as their strategy planning.

 

https://www.mobilepaymentstoday.com/blogs/3-success-factors-behind-airlines-and-their-mobile-payments-strategies/

Mobile payment is becoming more common to use. You can use your smartphone to pay for grocery shopping. In 2015, the revenues from mobile payments reached $450 billion. The mobile payment also extends to wearable payment. Apply watch can be used to pay merchants who accept contactless payment.

MagicBands are wristbands is in Disneyland as a wearable payment. The band can be used to pay tickets, gifts, foods as well as opening rooms of Disney hotels. It eliminates bags to carry around when having fun in Disney.

Sources: https://www.mobilepaymentstoday.com/articles/will-mobile-payments-give-way-to-wearables/

In China, it is not until late 1970 that people started to use computers. Nowadays,  the continuing development of digital technologies are widely used into many aspects of management.

In accounting, these technologies started from single entry accounting to comprehensive financial accounting, to integrated financial reporting. Accounting information system (AIS) improved decision-making and reduced organizational boundaries. Finance, business, and management functions supported by the Chinese AIS have become fully integrated.

AIS has been moved to complete automation of original vouchers, accounting vouchers, accounting records and statements, and financial reports. Now that enterprise resource planning (ERP) is widely used, processing information from accounting records to statements is fully automated.

Organizations provide financial and accounting information through different channels for users to satisfy specific needs. Appropriate care is needed to ensure that accurate information is delivered while avoiding over disclosure, which might produce unnecessary security risks.

The development of information technologies in China and the broad application of AIS will bring business and accounting closer.  finance and accounting functions will become more closer to data processing department. The demand for book-keeping will be decrased since the implementation of AIS.

Source: http://economia.icaew.com/en/opinion/january-2017/how-it-developments-are-changing-accountancy-in-china

Traditional accounting system is usually a single stand-alone system. The current accounting system is integrated with other systems to improve efficiency and boost revenue. Rather than relying on a huge data center, Accounting system is moving to the cloud computing to serve more clients with less spending on hardware infrastructures.

First, system on cloud can help CPAs to better serve their clients. CPAs take note that “the customization options cloud computing offers bring more efficiency, strategic insight and automation”. CPAs can work on higher-margin roles such as consulting and analysis rather than dealing with backend manual workflows. Cloud-based accounting systems can also create an audit trails as part of general ledger, which makes auditors’ job simple.

Cloud-based accounting system is also secure. The advance encryption technology and safeguards minimize the worry of moving data to the cloud. Since multiple copies are kept in data centers at different location, the likelihood of lost data is also reduced.

Reference:

http://www.cpapracticeadvisor.com/news/12294496/how-small-accounting-firms-find-big-advantages-in-the-cloud