Is Asia the next big payments market? (Interview)

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Here Joseph Chan, CEO of AsiaPay, tells PaymentEye why Asia is on the verge of a payments boom and what trends providers should be paying attention to in 2016.

Tell us about AsiaPay – what makes it unique in the market?

Founded in 2000, AsiaPay has been a leading electronic payment service and solution house in Asia for 15 years. We strive to provide secure, integrated and comprehensive payment processing services for businesses, charities, associations and payment solutions for both the financial services and banking industries.

Among other payment service providers in the Asia Pacific region, we have the widest payment processing and settlement network of credit card acquirers and alternative payments methods across 12 countries. This enables us to provide merchants, banks and even other payment providers the best combination of payment methods per country based on local infrastructure and consumer preferences.

We’re also one of the very few players capable of providing local quality payment processing and service support to merchants in 12 countries located in Asia. We’ve specifically designed our payment gateway platform to deliver unparalleled security, customizability, scalability and reliability. We are also one of the few providers in Asia to be Level 1 PCI DSS Certified. Our bank-grade security is recognized by acquiring banks and card associations worldwide.

What truly sets us apart from the competition is our ability to provide custom solution development tailored to our client’s specific requirements. Our data-driven approach allows us to analyze your business needs thoroughly and empower our experienced IT team to craft a solution that best meets your project’s challenges. Whether it’s an in-app payment system, a digital rewards platform or even an online registration system, we’ve got it covered.

Which trends in the payments space – in Asia specifically and more broadly – should the financial sector should be paying attention to right now?

Without a doubt, the surge in mobile penetration in Asia has had a positive impact on the e-payments industry. More and more people can now be reached through their mobile devices, allowing businesses and even financial institutions to tap into previously untapped markets where billions of people do not have an account with a formal institution.

From NFCs to mobile point-of-sale solutions, these innovations in the e-payments space have enabled us to live in a world where people can now pay in a matter of seconds by simply tapping their phones or swiping their cards. Public awareness and interest in mobile payment adoption has also slowly increased in the past year thanks to the popularity of ApplePay, SamsungPay and AndroidPay.

Besides new forms of alternate payments and e-wallet services such as Visa Checkout and MasterPass, the demand for breakthrough omni-channel processing and big data solutions are now the development focuses in the ePayment space.

What opportunities does Asia as a region hold for western players, particularly in Europe and the USA?

eCommerce growth in Asia continues to surpass Europe and USA thanks to the increasing number of companies adopting eCommerce as an essential part of their business strategies and the growing volume of smartphone users in the region. Online consumers and travelers will continue to play an important part in the continued growth of eCommerce players in EU and US in the coming years.

How can AsiaPay help these banks and payment service providers boost their business?

As one of the leading electronic payment service providers in Asia, we’ve specifically designed our solutions to deliver secure, reliable and cost-effective for banks, PSPs and businesses of all sizes to help them mitigate fraud and risks, reduce operation and ownership costs and enhance operational efficiency.

Furthermore, our diverse suite of payment solutions allows both western and Asian businesses as well as financial institutions to carry out cross-border eCommerce easily and securely.

One such solution is our proprietary loyalty and rewards platform, called Redeem-n-Pay, which allows banks to drive ’on-us’ rates by enabling cardholders to purchase items online using reward points they accumulated from card usage. Redeem-n-Pay is also available as a white label solution.

What’s next for AsiaPay? Do you have any exciting new products, geographies or initiatives on the horizon?

2016 will be an exciting year for us at AsiaPay. We will continue to expand our footprint in the market through our coverage as well as new payment solution research and development. We look forward to empowering businesses and financial institutions to keep pace with the technology and market disruption by offering comprehensive suite of payment solutions across channels, markets, devices and technologies.

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