OTT Pay Teams With Canada’s Wonderland; Citcon Raises $5M In Series B Funding

Welcome to The Axis, your late look at payments news from around the world. Coverage includes OTT Pay’s tie-up with Canada‘s Wonderland to offer new mobile payment options. Citcon reportedly notched $5 million in Series B funding, Credit Suisse customers in Switzerland will be able to make payments through Samsung Pay and the use of mobile payments is growing in South Korea.

Cross-border mobile payment solution provider Citcon reportedly notched $5 million in Series B funding, Xinhua reported. The company, which is based in California, says it plans to use the funds toward its teams and product applications, along with driving its growth. The company, which started in 2015, reportedly introduced WeChat Pay, UnionPay and Alipay to North America. Citcon Founder and CEO Chuck Huang said, according to the report, “In the past few years, mobile wallet and mobile payment have profoundly changed how merchants interact with consumers, and the digitization of all walks of life has continued at a rapid pace.”

And in Swiss payments news, Credit Suisse customers will be able to make payments from their Swisscard-issued credit cards with Samsung Pay from April 30, according to reports. The move expands its mobile payments offerings, which include SwatchPAY! and TWINT. However, it was noted that Credit Suisse clients in Switzerland have been able to use the TWINT solution since May of 2017. The report also indicated that cash withdrawals at automated teller machines are falling as the share of contactless payments has risen significantly in Switzerland.

In North America, OTT Pay is teaming up with Canada’s Wonderland to offer new mobile payment options to guests, according to an announcement. Customers will be able to tap into Alipay or WeChat Pay as they purchase season passes and tickets. Canada’s Wonderland General Manager Norm Pirtovshek said, “This partnership helps us accommodate the diversity of our guests and their preferred payment methods. As guest demographics and preferences change, we’re adapting so we can make it easier for our guests to purchase tickets and enjoy a day at the park.”

In South Korea, the use of mobile payments is growing as more people conduct financial transactions via smartphones, Yonhap News Agency reported. Data released by the Financial Supervisory Service found that mobile transactions arrived at US$70.4 billion (80.1 trillion won) last year in contrast to 50 trillion won in 2017. The number of financial transactions was 2.38 billion in 2018 compared to 1.4 billion in 2017. Mobile payments encompass mobile purchases made through debit and credit cards in addition to platforms like Samsung Pay.