TechnologyWeChat Pay and Alipay partner QFPay raises $20 million to develop new digital payment solutions

Digital payments startup QFPay announced today that it has raised $20 million in new funding led by returning investors Sequoia Capital China and Matrix Partners. MDI Ventures, the investment arm of state-owned Indonesian telecom Telkom Indonesia, Rakuten Capital and VentureSouq also participated as new strategic investors.

According to Crunchbase, this brings QFPay's total raised so far to $36.5 million. The funding will be used to develop new digital payment products.

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Although WeChat Pay is much newer than its main competitor Alipay , its already huge user base has It was first introduced in 2003 as an online digital payments solution for the Alibaba website. The main difference between WeChat Pay and Alipay is that WeChat Pay is an in-app feature of the

With a $ 20 million Series B round of funding, the startup is The New York Times produced a great video highlighting some of the smaller apps within WeChat and how they The feature spawned from WeChat ’s own team who wanted an easier way to pay small monetary bonuses around Chinese New

QFPay is the largest global partner of WeChat Pay and Alipay, enabling them to process payments to merchants around the world. Founded in 2012, QFPay first launched in China and is known for its QR code-based technology. Its products include end-to-end online and offline mobile payment solutions and add-on services like food ordering and customer loyalty programs. The company claims that it has served over 1.2 million merchants and processed over 1 billion transactions.

QFPay is currently present in 13 markets: Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and United Arab Emirates.

In a statement, co-founder and CEO Tim Lee said “We have built our track record, know-how and expertise in this industry since we launched in China, which is dubbed as the birthplace of digital payment. We are excited to leverage what we have learned in the past seven years to help lead the cashless movement in the rest of Asia as demand for digital payment, particularly QR-code payment method, heats up."