Fast Money is the executive director unit of the Payment and Clearing Association of China and one of the shareholders of Netlink. As a 14-year-old third-party payment provider, at the end of 2014, Wanda acquired a 68.7% stake in Fast Money for $315 million, positioning itself as a "physical commercial Internet", and Fast Money achieved this goal with the help of more than 330 offline scenarios across the country.
Fast money is mainly involved in e-commerce, insurance, air travel, retail, education, etc., and its characteristics are to cut into the market with the needs of industry payment scenarios, rather than to "open the way" with POS products. The advantage of this business model is that it can effectively gather the reputation of well-known brands in different industries. The disadvantage is also obvious, that is, the coverage rate of small and micro merchants is relatively small, and the proportion of small and micro merchants is relatively large. To give a more obvious example, Fast Money's partners in the education and training industry include New Oriental, EF Education, Global IELTS, Xueersi Education and other well-known education and training institutions, competing for the resources of such a leading large business, which will be more conducive to Fast Money to continue to develop other potential major customers in the education industry, and will also make Fast Money's brand more widespread.
In addition to having excellent customer resources in the education industry, in the insurance industry, Fast Money began to test the waters in 2008, and in 2019, the annual transaction volume in the insurance industry reached 100 billion yuan, and the customer coverage rate reached 95%. In terms of the air travel industry, Fast Money cooperated with nearly 10 airlines, and in 2020, when the epidemic was serious, the aviation industry lost money, and the price of air tickets fell to the price of cabbage, Fast Money launched measures to exempt airline companies from payment handling fees, and at the same time quickly responded to a large number of refunds, refunds, account settlements and other urgent needs of the epidemic.
The types of stores, in addition to some self-employed, and a large part of them are chain stores and franchise stores, including online and offline and other forms, which has a certain demand for account sharing. The POS machine products of fast money can be set up with smart accounts, which are suitable for online and offline, dealers, franchise stores, shopping guides and other account sharing demand scenarios, and the platform and merchants can configure account sharing ratios and rules. In terms of value-added services, fast money POS products can be used to market single products, support the issuance of membership vouchers, and place advertisements. In terms of payment methods, it supports mainstream QR code scanning payment and face payment.
