Raymond Qu , Founder and CEO , Geoswift

Once my parents start saying they don ’ t want to pay with cash and prefer mobile – that will be a success .”

Where Geoswift comes in is allowing a high volume of small transactions to run smoothly – a must for retailers wishing to improve consumer experience beyond China . “ We ’ re not a competitor for banks ,” Qu clarifies . “ The whole banking system was designed for one-to-one transactions . If I want to wire $ 10,000 from A to B , I will go to a bank . However , nowadays with internet and mobile , transactions are fragmented

and of a smaller size . If a client wants to move $ 1mn to 10,000 different people , it ’ s impossible for banks to deal with this , so this is something for us to try . The beauty of new technology is it allows us to work with small value , big volume transactions .”

As Geowsift continues to build its business , Qu says that events like Money2020 will remain a key part of the company ’ s growth and the overall advancement in payment technology . “ The main reason we come to Money2020 is networking . We ’ ve been in the business for over 20 years so we have a lot of friends and clients here . It ’ s good to meet with them in person at least once a year . Another important part is to learn what ’ s new in the industry . It ’ s fantastic . You get to see so much new technology , and every time we get a lot out of the event .”

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