As a new market for moving cards, the overseas business has become a new business growth highlight.
On March 21, China's leading payment-based technology platform, Transfer Card Co., Ltd. (hereinafter referred to as “Transfer Card” or “Company”, stock code: 09923.HK) released its 2023 annual results report. Compared with the same period last year, the revenue of the mobile card in 2023 increased 15.6% year over year to RMB 3,951 billion; adjusted EBITDA (profit before interest, tax, depreciation and amortization) reflecting core business and financial performance increased 160.6% year over year to RMB 556 million.
As a new market for moving cards, the overseas business has become a new business growth highlight. According to financial reports, in 2023, Transcard officially launched the cross-border payment business brand YeahPay. Transcard has launched local QR code and bank card billing services in Singapore and Hong Kong, China, serving more than 5,000 well-known local merchants covering the catering, retail, hotel, luxury goods and other industries, including brands such as Xiabuxiabu, TWG Tea (TWG Tea), Pullman Hotels, and Rolex.
In addition, Mobile Card is actively expanding cooperation with overseas card organizations, and has jointly expanded its business with well-known wallets around the world, and successfully signed a letter of intent for global strategic cooperation with Alipay International.
According to information, in 2021, Card Transfer began exploring overseas markets, successively obtained licenses such as Hong Kong MSO, Singapore MPI, and US MSB, and built an intelligent risk control system to reduce users' transaction capital and regulatory risks, and the cross-border payment service network was continuously improved.
Furthermore, in order to better serve expatriates coming to China, Transcard has become one of the first Mastercard Mastercard Online Wild Card billing partners, and has obtained Visa membership to help merchants provide payment collection services for expatriates visiting China and help facilitate payment and spending.
For card transfers, going overseas for payment services is not only looking for new business growth, but also the internationalization of the entire group. According to the performance report, overseas companies that have invested in mobile cards have provided SaaS services to well-known local merchants such as Starbucks, Bread Heart, and Pizza Hut.
In 2024, Mobile Card will further develop payment, exchange, and settlement services globally, enrich the company's overseas product matrix, establish a new pattern of mobile card overseas payment business, and continue to deepen compliance management, focus more on commercialization, and promote the collaborative development of payment services at home and abroad. International business will be one of the strategic priorities for the development of mobile cards.