The Digital Money transactions saw a real boost with larger penetration of the internet at the beginning of 2000. From sending bank receipts over telegram to bank transactions carried out in the palm of our hands, payment solutions have progressed very rapidly in the past two decades. The rising popularity of eCommerce websites has further pushed the development of secure and comfortable payment solutions across sectors.
According to a report from Allied Market Research, the global payment processing solutions market was valued at USD 39.57 billion in 2020, and is projected to reach USD 146.45 billion by 2030, growing at a CAGR of 13.7% from 2021 to 2030. This growth is mainly attributed to the increasing popularity of eCommerce websites, growing internet penetration, and the pandemic-inspired contactless payment solutions. The COVID-19 pandemic has only bolstered the technological possibilities, making it accessible to merchants and vendors of all sizes and customers of all ages across the region.
Founded in 2000, AsiaPay, a Hong Kong-based digital payment solution and technology vendor, recently won the title of ‘Best Payment Solutions Provider Pan Asia 2022’. It offers multi-currency, multi-lingual, multi-card, and multi-channeled payment solutions, bundled with their advanced functionalities including fraud detection, tokenisation and more. They reserve the capacity to serve any kind of business of various sizes with the aim for maximizing sales revenue and productivity of the partner merchants.
The fintech company had recently announced a partnership with BimoPay’s digital payment service platform for providing consumers a seamless, flexible installment payment option. It also partnered with Sleekflow to introduce an all-in-one chat solution to deliver all kinds of financial solutions over an online chat session. In order to understand what the payment solution provider has in store for the coming future, we spoke to the founder and the CEO of AsiaPay, Joseph Chan to get more insights into the payment industry.
Digital Approach across platforms, across enterprises
Digitization has made globalization a reality even for small business owners. Payment technology solutions have become far more accessible for everyone. Small and medium enterprises require a comprehensive, global approach to payment processing compliance that evolves in response to their requirements. They require a platform that manages local licensing and regulations to maintain payment compliance and also provides built-in AML, CTF, tokenization and encryption, and KYC and KYB identity verification, making it easy to offer local payment methods, securely, anywhere they do business.
Joseph Chan reveals, “We provide cutting-edge products and services, we simplify compliance, fraud, and security to our merchants. Our latest Xecure3D solution is now EMV 3-D Secure 2.0 ready and includes 3DS SDK, 3DS Server (3DSS), Access Control Server (ACS) and Cardholder Management System (CMS).”
AsiaPay, along with Indodana, an Asian leader for the ‘buy now pay later’ platform, have come together for a new concept in Indonesia. Under this new partnership, the consumers will get to experience a seamless and a flexible installment payment option during the checkout at thousands of online, mobile and offline retail across Indonesia. At the time of the unveiling of the partnership, Joseph Chan stated, “In the post-economic era of the epidemic, “BNPL” is developing rapidly around the world, playing a positive role in alleviating economic pressure, promoting consumption, and boosting the digital economy.” Indodana Director Jerry Anson beamed out that the joint partnership with AsiaPay will be vital for bringing positive value for Indonesian customers. He stated, “We are optimistic that Indodana PayLater feature in the AsiaPay system will bring a good impact to the increase in digital transactions at AsiaPay merchants as well as supporting the acceleration of the financial inclusion in Indonesia.”
Easy Payment choices for businesses
AsiaPay provides multi-payment methods ranging from one-stop comprehensive credit and debit cards, eBanking, QR payments, and P.O.S. It also comes with a multi-currency payment feature that accepts payments from cross-border countries. AsiaPay also runs a multi-channel platform that allows convenient payment transactions from any web-connected device. AsiaPay enables merchants to securely accept the most popular digital payment methods from credit cards, internet banking, and more on a single platform.
Its latest Xecure3D solution, a 3D secure solution, is now EMV 3-D Secure 2.0 ready. The 3D solution, including 3DS SDK, 3DS Server (3DSS), Access Control Server (ACS) and Cardholder Management System (CMS), is fully compliant with the security requirements of EMVCo, the card networks worldwide and Payment Card Industry 3-D Secure (PCI-3DS). ACS readily supports Visa, MasterCard and UnionPay International. 3DSS has already supported Visa, MasterCard, UnionPay International, American Express, and soon will cover Discover and JCB.
AsiaPay is popular among its customers for
- One-stop payment management (Single platform for multi-card, multi-currency, multi-acquirer processing and settlement controls)
- Comprehensive payment coverage (Widest range of credit, debit payment options and acquirers, covering 100+ banks and payment brands)
- Multiple Payment Channel Capability
- Comprehensive Risk and Anti-Fraud controls (PCIDSS compliant since 2006, with built-in anti-fraud and risk management system)
- Robust and Certified Technology (3-D Secure and Digital Wallet Vendor for Visa, Mastercard, American Express, JCB, Discover Global Network and UnionPay in Asia-Pacific)
- Reliable and High Availability + 99. 9%
- Flexible and Highly Customizable
- Extendable and Expandable
- Proven Track Record and Solid Industry Expertise
- Broadest World-class Enterprise Service in 13 operative offices in Asia-Pacific
- Anti-fraud and Security (Anti-fraud/ Customized Payment Page/ Member Payment/ Card Tokenization / VTS)
- Processing (AppPay/ PayBooth/ Payment Link/ QR Code/ Recurring Payment/ Batch Payment/ Voucher Payment/ Event Payment/ API/SDK Library)
- On-Us Processing (Instalment Payment/ Card Promotion Discount/ Loyalty Point Redemption)
- Module (Shopping Cart/ Hotel Reservation System/ Event Enrolment System)
- Big Data (Payment Analyzer)
- Regional (Multi-Currency Processing /DCC & MCP/ Multi-Lever Report)
Demarcating the path of growth
Exploring the darker side of the prospect, the digital payment solutions are laced with issues ranging from third-party payment service charges to the unavailability of proper connectivity. No matter how tough the security protocols are, customers are always looming under the anxiety of sharing their transactions and account details with third-party services. Joseph Chan is confident for the safety of his partners and customers with the implementation of several security solutions, including 3-D Secure, Master SecureCode, American Express SafeKey, Verified by Visa, J/Secure Works and more.
The AsiaPay founder is pragmatic towards the rising popularity of mobile wallets, mobile point of sale, contactless payments, Artificial Intelligence and Machine Learning-based security, Biometric authentication, the EMV technology, AI smart speaker payment, and more.
Article by Ujal Nair
