C-CASH's mobile payment system, Cpay, upgraded to a hybrid payment system (C2E)
CPay is a blockchain-based Web3 mobile wallet offering fast, transparent deposits and withdrawals with low fees. Business users can receive payments via a mobile app, and CPay can be settled and cashed out daily.
The foundation of C-pay payment gateway design the 6 major global payment trends
The global payments industry is evolving, requiring payment gateway providers to analyze customer needs and large data sets. In the Philippines, card payments are projected to grow by 17.2% in 2024, with mobile devices driving a rapid shift to digital payments.
First, fast speed and transparency
Digital technologies and global supply chains have accelerated money movement, making traditional slow payment systems inadequate. With over 40 countries adopting real-time payment systems and blockchain technologies like Ripple facilitating instant payments, cross-border remittances are now processed in real time.
Second, activation of open banking-based API
Payment services are evolving with faster speeds and new business models, notably through open banking, which fosters collaboration between banks and third parties via custom or open APIs. This model promotes competition and innovation, allowing fintech companies and new banks to create better products and services for users.
Third, business expansion and fee reduction through data utilization
Traditional payment systems are shifting from transaction fees to new profit models based on customer data, with big data and open banking enabling personalized services while competition and blockchain technology drive down transaction fees.
Fourth, the emergence of various payment platforms
Payment services, once exclusive to banks, now face competition from non-bank PSPs, with Alipay and WeChat Pay leading mobile payments in China, and non-bank PSPs also gaining ground in the Philippines where electronic payment usage exceeds 42.1%.
Fifth, acceleration of growth of integrated payment platforms due to economic globalization
Economic globalization and international trade are driving the adoption of payment hubs, which integrate multiple infrastructures into a unified payment platform.
Sixth, convergence with existing payment systems and activation of P2P mobile payment system
New payment infrastructures are integrating P2P payments with traditional methods like cards, EFT, and wire transfers, with card-based apps like Visa Direct and Mastercard Send enabling mobile peer-to-peer transactions through card networks.