AsiaPay: Adopting latest technologies in Market-Led Innovation to Become Singapore’s Leading Digital Payment Service Provider

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The year 2022 saw the rise in the popularity of biometric authentication, code-based security points and mobile point of sale. Some of the major players in the fintech industry from Asia are making foray into incorporation of Artificial Intelligence and Machine Learning while Blockchain technology remains the favourite buzz word across the globe. Innovative digital payment solutions have attained a new level of popularity in this post-Covid period, leading to many startups in this sector.

World Business Outlook recently announced AsiaPay as ‘Best Digital Payment Service Provider’ in Singapore and the ‘Best Digital Payment Partner’ in Hong Kong. AsiaPay is a leading digital payment service provider in the Asia region. With one of the widest network of partners, including Visa, Rupay, MasterCard and more, AsiaPay’s app is fully equipped to handle all kinds of digital payments with one of the highest grades of security features. AsiaPay operates from 13 offices in Asia Pacific including Australia, China, Hong Kong, India, Indonesia, Vietnam, Singapore, Malaysia, Taiwan, Thailand and The Philippines. It provides integrated multi-channel digital payment processing solutions and services to banks and e-businesses covering credit and debit cards, bank account/net banking, digital wallets, buy now pay later, over-the-counters, prepaid cards, and crypto payments and more.

Ujal Nair, Editor of World Business Outlook, interviewed Ernest Lo, COO of AsiaPay, to learn more about the company’s innovative products and services and its approach to technology among other topics. Innovations play a crucial role at every step of AsiaPay’s journey. To support the continuous growth in business, AsiaPay has put a lot of emphasis on two areas –Technology Adaptation and Product Innovation.

The Web 3.0 Strategy

As a leading digital payment solution and technology provider in the Asia Pacific, AsiaPay works closely with our partners in the metaverse and NFT-related businesses. With the capabilities on the web3 payment, we aim to strengthen the sales scene, use virtual social space as attraction, product display, and sales as a reality, and enhance the interest and purchase intention of potential buyers, coupled with cryptocurrency-led payment.

AsiaPay is helping its various merchants to embrace the new experience of selling, socializing, and making money while playing in the post-Instagram era. Another announcement from the AsiaPay camp in June this year brought word of a new partnership in the field of token-based economics. Moonland Metaverse, a world for NFT collectors and meta businesses, enables merchants to enhance their user experience by plugging their business into the metaverse and tapping into digital-first users to increase their brand image and sales channels.

Adopting New Payment Trends

The payments space was incredibly robust across the Asia Pacific region in the first half of 2021, and the BNPL space was found to be one of the fastest-growing subsectors. “The pandemic has not only adversely affected businesses but also consumers’ disposable income. As a result, with the rising demand for consumer financing and the growth in eCommerce sales, BNPL services have emerged as a major new payment method and short-term credit facility for consumers,” Ernest explained. “At AsiaPay, we are partnering with most of the popular BNPL service providers to increase the potential of BNPL service adoption and gain access to a wide range of merchants currently using our digital payment solutions.”

One Single Integration for All

“To win today’s eCommerce battlefield, you must analyze every part of your customer journey to ensure the user experience you offer your customers is flawless, especially the check-out. “Ernest explained. “To make adding payments to your e-store and website as easy and frictionless as possible, you should invest in the right digital payment tools. By using AsiaPay’s payment gateway, PayDollar, which allows you to add payment options and widgets without any hazzle, you can give your customers exactly what they want in minimal time (and with maximum success)—allowing you to focus on other important areas of your business as your sales grow.” In Singapore now, we support over 7 different BNPL & eWallets payment methods, Crypto Payment acceptance, and China Payments in one single integration with the PayDollar platform.

Security Is Always Our Priority

In this highly competitive and fast-changing business environment, the ability to make more effective use of data will set its business apart from other players in the same industry. Ernest explained. “Being a digital payment service company in Asia Pacific, we process tons of payment transactions for merchants and banks in every minute via online and mobile from credit cards to net banking, from wallets to QR. etc. On the security front, we ensure the data handling process complied to the highest industrial standard such as PCI level 1 since 2006. And also, we make use of anti-fraud processing to protect our clients from unnecessary fraudulent losses.

A Glimpse of Future

AsiaPay continuously grows by seeking for further product, market expansions and stronger partnerships with its integrated payment features and solutions. In the meantime, we will continue to bring advanced, comprehensive, integrated, and secure services to Asia Pacific.

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