IOT Pay

What IOT Pay does

IOT Pay Technologies Inc. is a Canadian payment technology company headquartered in Burnaby, British Columbia, with additional offices in North York, Ontario and Fremont, California. The company operates an omnichannel payment gateway that enables merchants in Canada and the US to accept Chinese mobile payments — WeChat Pay, Alipay, and UnionPay — alongside mainstream credit and debit cards (Visa, Mastercard, Amex), Apple Pay, and Google Pay. Its technology stack is API-first, with a unified order-creation REST endpoint, native SDKs for iOS, Android, PHP, and JavaScript, an embedded JS SDK (IOTPay.js) for PCI-DSS compliant card tokenization, POS semi-integration with PAX terminals, a WooCommerce plugin, and WeChat Pay auto-debit for recurring deductions. The platform supports CAD, USD, and CNY settlement, and the firm holds PCI DSS certification, is federally regulated under Canada's financial system, monitored by FINTRAC, and audited by KPMG.

IOT Pay generates revenue through transaction-based fees on payment processing volume, with pricing negotiated privately per merchant. Its go-to-market blends enterprise field sales (securing logos such as Air Canada, BMW, Ford, Lincoln, and Chopard) with a product-led growth motion targeting SMBs through Pay By Link, the WooCommerce plugin, and self-serve merchant onboarding. Customer segments are organized by vertical — hospitality, grocery, retail, tourism, and luxury — with the unifying thesis that Chinese outbound tourists and diaspora customers prefer WeChat Pay and Alipay, and IOT Pay bridges that acceptance gap for Western merchants.

The company is privately held, has raised approximately $6M across three disclosed rounds between 2018 and 2021 (most recently a $4M round from Ginkgo Capital in April 2021), and operates with a headcount of 11–50. No revenue, GMV, or active-merchant figures are publicly disclosed. Leadership consists of founder and CEO Leo Chen, CTO Alvin Leng, and Chief Compliance Officer Kenneth Tong.

Name

IOT Pay

Legal name

IOT Pay Technologies Inc.

Website

https://iotpay.ca

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Payment Gateways & API Connectivity (FSAGABAB)

akta.pro secondary industries

Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), International Bill Pay & Cross-Border Airtime/Top-Up (FSAGAKAM)

Keywords

• Payment processing
• Mobile payment gateway
• Merchant payment solutions
• Cross-border payments
• Chinese mobile payments

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Payment Processing / Transaction Fees: IOT Pay charges merchants transaction fees for processing payments through its platform. The company processes payments via WeChat Pay, Alipay, UnionPay, and credit cards. Merchants pay a percentage or fixed fee per transaction processed. The platform is described as offering 'secured solutions for businesses to drive omnichannel commerce growth'.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

IOT Pay is a federally regulated Canadian payment solution provider that enables merchants to accept Chinese mobile payments (WeChat Pay, Alipay, UnionPay) alongside mainstream payment methods such as Visa, Mastercard, American Express, Apple Pay, and Google Pay. The company offers an omni-channel payment platform with developer APIs, a pay-by-link service, and a merchant mobile application to support in-store, online, and mobile commerce transactions for Canadian and cross-border businesses.

Product overview

IOT Pay is an omnichannel payment platform providing comprehensive payment solutions for merchants in Canada. The core offering is the Omni Channel Payment Platform supporting Chinese mobile payments (Alipay, WeChat Pay, UnionPay) and international credit cards. Key products include Pay By Link for invoice and social commerce payments, the Developer API for custom integrations, Credit Card V3 API with embedded/redirect/direct integration methods, a WooCommerce plugin for WordPress e-commerce, mobile SDKs for iOS and Android, and POS Semi-Integration for point-of-sale terminals. The platform serves diverse industries including hospitality, retail, tourism, grocery, and luxury. IOT Pay Technologies Inc. is federally regulated under Canada's financial system and audited by Big Four accounting organizations.

Differentiator

Problem solved

Functional benefit

Products and services

• Omni Channel Payment Platform End-to-end payment processing platform that enables merchants to accept multiple payment methods including WeChat Pay, Alipay, UnionPay, Visa, Mastercard, American Express, Apple Pay, and Google Pay across in-store, online, and mobile channels.
• Pay By Link Hosted payment-link service that allows merchants to send customers a secure URL to complete payment transactions remotely, useful for businesses without a fully integrated checkout.
• Developer API REST-based application programming interface that allows developers and integrators to embed IOT Pay's payment processing, transaction management, and reporting capabilities into custom applications and systems.
• Credit Card V3 API Specialized API for processing credit card payments from Visa, Mastercard, and American Express, with tokenization and 3-D Secure support, targeted at merchants needing card acceptance alongside Chinese mobile wallets.
• IOTPay Merchant App Mobile application that enables merchants to accept payments, monitor transactions, and view settlement reports from their smartphones or tablets using the IOT Pay platform.

Quantifiable outcome

• Merchants can create a Pay By Link payment in under 2 minutes
• +1 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature9 records

Partnerships

Four partnerships are on record, tiered core.

• IOTPay iOS SDKcoreTechnology or IntegrationOfficial iOS SDK (IOTPay-iOS) available on GitHub for integrating IOT Pay payment capabilities into merchant iOS applications. Provides native iOS integration for Apple Pay and other payment methods.
• IOTPay Android SDKcoreTechnology or IntegrationOfficial Android SDK (IOTPay-android) available on GitHub for integrating IOT Pay payment capabilities into merchant Android applications. Supports Android payment integration including Google Pay.
• IOTPay PHP/JS SDKcoreTechnology or IntegrationOfficial PHP and JavaScript SDK (IOTPay-PHP) available on GitHub for server-side and client-side payment integration. Enables PHP-based e-commerce platforms and JavaScript web integrations.
• WordPress WooCommercecoreTechnology or IntegrationOfficial IOT Pay plugin for WordPress/WooCommerce websites enabling merchants to accept WeChat Pay, Alipay, and credit card payments. Version 2.0.3 supports Gutenberg editor and 3D Secure authentication. Compatible with WordPress 6.8.1 and WooCommerce 9.9.5.

Scale indicators2 records

Expansion highlights5 records

Broad incumbents

• Stripe: Global payment processor offering broad payment acceptance including APIs, POS, and developer tooling. Competes indirectly with IOT Pay as enterprises may choose Stripe over specialized Chinese payment gateways for unified global processing.
• Worldpay (Fiserv): Large global merchant acquirer under Fiserv offering omnichannel payment processing across North America and globally. Competes for enterprise merchants needing omnichannel capabilities with broader geographic coverage than IOT Pay.
• Alipay+: Ant Group's global merchant acquiring program enabling direct acceptance of multiple Asian e-wallets including Alipay, WeChat Pay, and others. Competes directly with IOT Pay as the underlying platform itself, potentially disintermediating regional gateways.
• Adyen: Global unified commerce platform serving large enterprises with omnichannel payment processing across channels and geographies. Competes with IOT Pay's enterprise payments ambitions for large multinational merchants.

Direct peers

• Silkpay: European-headquartered payment gateway enabling merchants to accept Chinese mobile payments (WeChat Pay, Alipay) and UnionPay. Directly comparable niche focus on Chinese outbound tourist payments in Western markets.
• Pagsmile: Payment processor focused on enabling Chinese mobile payment acceptance for global merchants, particularly in Latin America and emerging markets. Directly comparable business model and merchant target.
• AsiaPay: Hong Kong-based payment service provider offering Alipay, WeChat Pay, UnionPay, and credit card processing across Asia-Pacific markets. Comparable omnichannel gateway serving merchants needing Chinese mobile payment acceptance.
• Citcon: US-based payment platform enabling global merchants to accept WeChat Pay, Alipay, and UnionPay alongside major credit cards. Most direct competitor to IOT Pay given similar cross-border Chinese mobile payment focus and omnichannel gateway offering.

Regional players

• 2C2P: Thailand-based omnichannel payment platform supporting alternative payments including Chinese mobile wallets across Southeast Asia. Comparable in offering unified payment processing with strong APAC alternative payment coverage.
• Hi Sun Fintech (China ePayment): Hong Kong-listed payment processor with strong China cross-border payment capabilities. Comparable cross-border Chinese payment processing expertise, though primarily focused on Asia rather than Western merchants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/iot-pay

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IOT Pay