Ennova's Digital Finance Solution: A Blockchain Paradigm in the Financial System

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SINGAPORE / ACCESSWIRE / May 26, 2021 / The global digital payment market is a structurally growing market. Recently, the importance and high growth of online channels have been adequately highlighted due to the impact of Covid-19. On the other hand, offline channels have been pushed out of the interest from the investors and the short-term adverse effects of offline channels were emphasized. At this point, examining the trends of the online and offline digital payment market as well as the drivers of growth will be helpful in making investment decisions.

Ennova, Wednesday, May 26, 2021, Press release picture

Let us look at the trends in the global payment market.

First, it is a transition to a cashless society. The trend is shifting from cash payments to cashless and digital payments. The United States, Europe, and Japan are classified as financially advanced countries, but the proportion of cash payments among personal consumption expenditures is still high. In particular, the proportion of cash use is high in small business owners (small and medium-sized stores), everyday-life closely related businesses, and micropayments. Therefore, there is enough room for growth. Recently, cashless has been accelerating due to technological advances, policy efforts from each country, and the impact of Covid-19.

Second, is the growth of contactless payments. In offline payments, contactless card payments are growing. Offline mobile payments are also growing rapidly as contactless payments. Mobile payments include all basic payment methods such as prepaid recharge accounts for e-wallets, bank accounts, and credit/debit cards. There are various technologies and processing methods, such as QR Code, barcode, magnetic security transmission, and short-range wireless communication. Contactless payments are growing rapidly due to their high convenience and the Covid-19 effect that has made them reluctant to contact.

Third, is the emergence of the MZ (Millennials and Generation Z) generation. MZ generation is showing high interest in financial services and investment techniques as they face the global financial crisis and the economic impact of Covid-19. In particular, the growing uncertainty in the financial market is leading the investment culture in various ways, not limited to investing in traditional products. As they are proficient in using digital devices, they must acquire investment information in various ways such as YouTube and SNS and prepare for the economic trend that will change as MZ generation rapidly flows into the main consumer group.

Ennova's AUC project supplies domestic card systems in domestic and foreign markets through the establishment of its own digital payment system and the development of an IC card system. In addition, it is a global project that promotes digital transformation into a cashless environment by supplying a blockchain-based AUC token and a global remittance and payment system based on en-Cash, an own open-chain system.

In the fintech sector last year, "X-as-a-Service" emerged, such as "Payment as a Service," "Banking as a Service," "Remittance as a Service," and so on. In particular, we will provide new solutions for various customers in B2B area and will expand our scope within the payment field.

The payment as a service operates based on a cloud platform and provides specialized services such as card issuance, payment clearing, cross-border payment and remittance, expenditure, and e-commerce gateways. This is a game-changer in the fintech sector. Fintech as a service can greatly reduce operating costs by providing easy integration and cloud-based solution updates.

Ennova aims to enter the fintech (digital payment and remittance) market that combines blockchain and virtual assets through the AUC project.

The payment and remittance system of the AUC project uses blockchain technology to reduce the increase in transaction costs caused by a third party (middleman), such as transaction fees incurred when using existing credit cards or cash, and bank fees incurred when using online remittance services. The platform is developed so that it can be used conveniently by creating a user-friendly platform and provides a high level of security.In addition, the core project of the AUC project, cross-country remittances will improve the financial infrastructure of underdeveloped countries by realizing safe, simple, fast processing and low fees.

Customers can experience Ennova's blockchain simple payment and remittance service through a simple payment app called the ‘Tier™', a mobile POS system, and a self-issued IC card.

‘Tier' is a global simple payment app that can be used in any country or region in the world, from underdeveloped countries to developed countries, and is designed to use all electronic payment methods in cooperation with companies in existing payment markets such as banks and credit card companies.In addition to payment, domestic individual remittances and international remittances can be used within the app, and a virtual asset payment function will also be installed, allowing virtual asset holders to execute payments using AUC tokens in our simple payment app.

Ennova, Wednesday, May 26, 2021, Press release picture
TIER™ App Image

Ennova's mobile POS system uses its off-chain digital money (en-Cash™) payment system from mobile POS devices.In addition, the development of an IC card payment system (card issuance and management) linked to en-Cash, and the lease and operation of related infrastructure are entrusted to NICE Information & Telecommunication, a VAN company in the Republic of Korea. Currently, the payment and settlement system of the AUC project is in the process of developing POS devices and application packages with the goal of the first half of 2021.

The Ennova IC card system is a unique IC card payment system with its own card application running on the COP (Chip OS) within the IC card and security logic for validating the linkage system of overseas banks and card companies. A network is also established to provide a payment network dedicated to card payments in each region.

Ennova IC card has DUKPT-type security logic used in the global financial sector, and Ennova has its own HSM (Hardware Security Module) for processing the security logic and built a system for payment security at the existing legacy level.This HSM is based on the Thales payment HSM of the French defense industry company Thales Group, and provides security of asymmetrically encrypted transaction data based on the PCI standard security multi-key.

Existing blockchain payment projects still have many challenges to be solved to be conveniently used even if they implement a platform that can be used in practice by introducing blockchain technology to payment solutions.First, online, offline, and payment environments (such as terminals) are different for each region, and affiliated stores have traditionally low technology acceptance. In order to distribute payment solutions based on virtual assets to them, it is a reality that a lot of infrastructure investment and resources, such as various education and development support, are required.

In addition to simple payment solutions, the AUC project has optimal access to establishing payment systems for government and public institutions, such as fines, utility bills, and pensions, which are difficult for general projects to proceed with. The AUC project is currently conducting POS-customized payment solutions in South Africa for the first time in cooperation withNICE Information & Telecommunication, aNo.1 VAN company in the Republic of Korea.Various payment methods such as mobile phones, QR Code, Bar Code, Gift Card, and online points have already been developed and will be commercially available in 2Q 2021, and once a virtual asset payment module applied with blockchain technology is developed and applied to the current solution, it can also be used right away.

We hope you enjoyed the introduction of our project. For more information and updates about the project, please follow our website. We also periodically provide information on social media: