Is Asia ready for a Cashless Generation?
Associate Director, AsiaPay
Whether you are shopping for your daily essentials in a brick and mortar store or scrolling through trendy outfits available in an online shop, when you are about to pay for your selected goods, various payment options are being offered to complete your purchases. These payment methods include cashless payments and it has become a popular payment method among Asian countries. Innovation technology and high penetration of the Internet are leading the changes in consumers’ behavior towards the need for simple, fast and convenient shopping experience.
Cashless payments include card payments, e-banking, and QR payments.It being the preferred payment method for the consumers as it provides fast, a hassle-free and convenient transaction for both retailers and consumers. With today’s advanced technology and the increasing number of e-commerce markets in Asia, it scaled those Asian regions such as China, Hong Kong, Singapore, Japan, South Korea, Taiwan, and Malaysia which have a higher penetration of card used for online purchases. Although in some developing parts of Asia like Vietnam, Philippines, Cambodia, and Indonesia there is low card holders rate and banked population. However, alternative payment methods such as QR payments and e-banking become popular within their e-market transactions.
The emergence of e-payment transactions offers seamless cashless payment services for consumers. B2C commerce operates with integrated QR codes, link and e-wallet payments tailored for online business patrons. Secured check out pages with tokenization feature simplifies customers’ card authorization payment process without reaching an actual point of sale, this is a quality feature that caters e-market users shopping convenience.
with the accessible payment process, AsiaPay offers simple, convenient, secure and stable payment gateway as part of their payment solutions. Throughout its experience over 19 years in the payment industry, AsiaPay offers customizable payment solutions that fit the needs of all retailers yet also suitable for all online transactions’ needs of various types and sizes of businesses in various industries. Other than that, AsiaPay is also one of the few providers in Asia to be Level 1 PCI DSS certified dated back 2006, and its bank-grade security is recognized by acquiring banks and card associations worldwide. Now, AsiaPay is no longer just a PSP that helping retailers increase their business’s productivity and revenue. It has become one of the payment solutions technology providers (PSTPs) by providing payment technologies for other PSPs. Furthermore, AsiaPay is also an accredited payment processor and payment gateway solution vendor for banks in the Asia Pacific.
Along with that, AsiaPay is appointed technology partner and vendor that working closely with the most of payment networks worldwide namely Visa, MasterCard, American Express, JCB, and UnionPay and involved in security system development for payment industry. Therefore, AsiaPay has become the preferred PSP for businesses across the Asia Pacific region.Through its expansion plan, it continues to expand its footprint in the region by providing its merchants a platform to expanding their business and enable to accept various types of currencies, cards payments, and nevertheless those QR payments which popular across Asia.
Other than that, it's a risk-free payment platform for its merchants that supported by its advanced fraud detection and management solutions. These multi-layered security systems include features such as 3D Secure card payment system, tokenization, and risk and fraud management services.Through these integrated features and services, retailers not just able to enhance their business performances and decreasing churn rate by enriching consumer's shopping experience with a simple, convenient and secure payment platform.
There’s no doubt that cashless payment has become the preferred payment method among Asian for their purchases. Retailers are urging to adopt and start accepting cashless payment for their businesses’ transactions for staying ahead among competitions. Therefore, partnering with a reliable PSP becoming their curial key success to ahead in competitions. The main criteria of the partnership selection are providing them a secure, stable and customizable payment solution to enhance the businesses’ productivity and revenue.
AsiaPay always initiates themselves to provide effective solutions that helping and prepared their merchants ready for opportunities and challenges plus staying ahead in all situations. These integrated solutions come with a user-friendly data monitoring system which helps its merchants to analyze and understand their business and customers’ purchasing behavior. Thus, these merchants are able to have better control of their inventory and rolling out a series of effective promotional campaigns to increase their business revenue. Alongside its advanced fraud detection and management solutions, AsiaPay is considered to be the most preferred PSP for businesses in this cashless generation.