Decades ago, digital payment was just a concept known and utilized by very few. The unawareness of the digital payment methods led to the acceptance of traditional payment methods such as cash, cheque, etc. Soon, the wave of digitization hit the world which brought a gradual shift from traditional payment methods to digital payment methods. The popularity rapidly increased as it offered a much faster and secure mode of payments. Though, the response was unevenly scattered globally. Presently with the outbreak of COVID-19, there is an urgency of accepting the digital method.
New players are coming into the market offering various payment solutions and services. AsiaPay is one such digital payment solution and technology provider that strives to bring advanced, secured, integrated, and cost-effective digital payment processing services and solutions to banks and e-businesses around the world. Incepted in 2000, the Hong Kong-based company provides professional integrated digital payment solution consultancy and quality local support across 15 markets in the Asia Pacific.
Empowering Banks with Security Solutions
As an EMVCo technical associate, AsiaPay consistently offers a comprehensive range of digital Payment Authentication and Security solutions to support its bank and corporate clients. The company continues to be listed as Visa Approved third-party providers of Visa products or services who have validated their security compliance. Through this PCI DSS certification, AsiaPay consistently strives to protect user information security and is committed to safeguarding its clients in Asia and the payment industry.
AsiaPay provides a variety of award-winning, multi-currency, multi-lingual, multi-card, and multi-channeled payment solutions and new products services including,
- Retail Payment AppPay: A new mobile application by AsiaPay allows merchants to accept Alipay, WeChat Pay and other local QR payments in Asia, such as FPS. Without extra hardware installation, real time transaction can be done by your smart phone.
- Alternative Payment eWallets: with over 200 banks and payment partners to accept the popular eWallets e.g.—LINE Pay, GooglePay, Apple Pay, SamsungPay, WeChatPay, AliPay, FPS, BOOST, DANA, GCash, GrabPay, PayMaya, Touch’n Go, PromptPay, Krevido, ZipPay, netbanking, cash counters and many more.
- Value-added Payment Solutions: Payment Processing/Recurring Payment/Batch Payment/Voucher Payment/Payment Link/PayBooth
- On-Us Card Processing: Installment Payment/Loyalty Point Redemption/Card Promotion Discount
- Mobile Payment: Mobile in-app SDK
- Big Data: Comprehensive data Analytical tools for digital merchants;
- Anti-fraud Security:3DSecure 2.0 / Card Tokenization (Member Payment/Visa Token Service/ MasterCard MDES)
- Chatbot Sales interface
- AI Based modules: Product recognition, Anti-Fraud System
Moreover, AsiaPay has successfully launched 3-D Secure 2.0 ACS (Access Control Server) Solution Service for banks covering Visa, MasterCard, JCB, and UnionPay. This service enables issuing banks to participate in a 3D Secure 2.0 program and facilitates its cardholders to enjoy a more frictionless payment experience during online and mobile checkout. Furthermore, it also cuts down the cost of ownership with this hosted service model so that banks can readily enjoy any customization service as well as quality local service at all times.
A Fintech Veteran Leveraging his Experience
AsiaPay is the brainchild of Joseph Chan, the Founder and CEO of AsiaPay. Since establishing the company in 2000, he has been spearheading the company and product development together with his management team and has been instrumental in making AsiaPay one of the most successful digital Payment Service and Technology Company in Asia. Nowadays be in the ranking of the High-Growth Companies of Asia Pacific 2020 by Financial Times & Statista.
Having handled multidimensional roles in the banking and finance industries, he is leveraging his expertise and experience in strategic planning, management, and implementation of financial, eBanking in Asia. Joseph continues to pursue the vision and dream to make AsiaPay the predominant digital payment service and technology provider in Asia.
Overcoming the Obstacles
Every organization comes across several challenges on the path to success. Likewise, AsiaPay also faces challenges such as—validating the viability of business and solution model to assess all the related risks, effectively building the right team, gaining trust and support from banks and partners in the new market, and fending off risks due to compliance and regulatory changes.
AsiaPay combats these challenges by engaging a like-minded team across Asia to timely assess and evaluate necessary strategies, technologies, and processes over the time. The company also focuses on effective empowerment and delegation to the team which demonstrates perseverance in overcoming the obstacles. Advising to overcome these challenges, Joseph said, “Always be prepared for the expected and the unexpected, be an independent thinker to take on and manage the risks in the face of uncertainty, and keep learning.”
Unparalleled Service through the Crisis
Apart from the traditional challenges, the COVID-19 pandemic has also posed numerous challenges in front of the payment landscape. AsiaPay however, has been able to counter these challenges. The company has prioritized the implementation of safety protocols and social distancing orders in the workplace.
Besides, it has been providing secure, reliable digital payment processing, quality local client service, as well as 24/7 technical fully support through the crisis while offering fee concession to merchants with businesses being seriously impacted. The recent launch of AppPay also facilitates retail Sales to extend selling to the digital channels anytime. Moreover, AsiaPay’s regional virus taskforce continues to communicate and closely monitor the latest development of the virus and related government policy in each country and timely apply necessary measures from time to time.
The Digital Transformation Trend
Due to the pandemic, more companies are starting to leverage digital technologies to move their traditional offline business activities online. Moreover, the pace at which digital payment alternatives are emerging in the market and being embraced it is signaling towards a larger digital transformation trend.
Making the most of these opportunities, AsiaPay further brings its advanced, secured, integrated, and cost-effective digital payment processing solutions and services to its retail clients’ . AsiaPay has launched AppPay, a new mobile application that allows retail merchant users to real-time accept AliPay, WeChatPay, and many other prevailing local QR payments. Through this application, users can accept real-time payment transactions by their smartphones without extra hardware installation. “AsiaPay will continually embrace change and innovate capitalizing on the technological trends and strength especially addressing the coming evolution in the payment landscape,” adds Joseph.
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