Said to be the most successful of all payment modes, digital payment has taken over the world like wildfire. Available at the tip of your finger, this unique technology not only enables you to perform controlled financial transactions anytime, anywhere but also allows you to keep a track of your expenses and curb the unwanted ones. Though digital payment is a huge success today, the scene was far from ideal when it was introduced. The shift from cash transactions to digital payment was indeed not at all easy. So how did that happen?
Established in the year 2000 by Founder Joseph Chan, AsiaPay is a leading premier digital payment solutions and technology provider in Asia. Apart from being a certified IPSP for merchants, it is also a certified international 3-D Secure vendor for Visa, MasterCard, American Express, JCB, Discover Global Network, and UnionPay. Recognized as a World-class Provider of e-Payment Services & Technologies in Asia-Pacific since 2000, AsiaPay offers a variety of award-winning, multi-currency, multi-lingual, multi-card, and multi-channel payment solutions. Headquartered in Hong Kong, it has 15 offices across Australia, China, India, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.
“Follow close to technological world’s G.D.P. (Globalisation, Digitization, Personalisation) with your G.P.S. (Goal, Plan, Strategy),” says Joseph Chan CEO of AsiaPay.
A bold decision
When AsiaPay was launched, it was an era where the internet economy was not a global sensation and people majorly believed in cash or card transactions. It was a time when digital payment was still just a technology of a distant future. The visionary mind of Chan spotted an opportunity and decided to come up with something that made payments convenient. Launched with a mission of making digital payments a new normal, AsiaPay’ s prime purpose was to bring secure, integrated and frictionless payment services and technologies to different Asian markets and industries. Believing that digitalization is key to the future of payments, AsiaPay through its advanced payment technology and services promotes its omni-channel contactless payments in other parts of Asia.
Leader for a reason
As an EMVCo technical associate, AsiaPayconsistently 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 especially for 3D Secure and tokenization. Through this PCI DSS certification, AsiaPayconsistently strives to protect user payment information security and is committed to safeguarding its clients in Asia and the payment industry.
On top of comprehensive credit and debit cards, bundled with comprehensive alternative-payment in Asia such as eWallets eBanking, QR payments, over-the-counter payments, AsiaPay takes things further by offering its merchants one-stop value-added payment solutions that accepts payments from local market and cross-border countries.
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.
How to leverage big data to insight your business results?
Data is a very important core part of AsiaPay’s business and industry, especially in relation to:
For part of Security
Trust – they need to ensure their data processed and managed meet the highest industrial standard such as PCI level 1 since 2006. And, this is what the company believes trust and confidence is built upon.
Protection – they make effective use of the data collected to allow them to effectively apply anti-fraud processing to protect AsiaPay’s clients from unnecessary fraudulent losses;
Moreover, for Business Values
Sales and service enhancement – With more variety of payment data today, it allows AsiaPay and their clients to gain far more business insights and better understand consumer behaviour and how to more effective reach and serve them, e.g. what the customer prefers to use to pay for, such as online/mobile, browsers, languages, time, and optimize sales reach and sales conversion, and better implement their marketing strategies;
Enhanced sales conversion with frictionless payment – with more data collected during payment process, it allows AsiaPay to follow the latest 3D Secure 2.0 standard to help card issuers to more effectively authenticate the cardholders without the need to mandate OTP, hence shorten payment time and minimize payment dropout;
Productivity savings – AsiaPay can make available to banks and merchants of various real-time reporting and MIS tools in single platform to ease settlement reconciliation as well as payment management across countries, banks, payment methods, channels…etc.
The future is digital
The global economies challenges are immediate, with long-term implications for eCommerce industry. In the current situation, cashless transactions have become a new normal. With people relying on digital payment modes for almost everything from online shop, the importance of digital transformation is increasing day by day. As the pandemic is pushing global economies towards a digital future, AsiaPaystrives to generate new values and opportunities to banks and merchants in Asia through the latest digital payment and commerce technologies.
When it comes to implementing safety protocols and social distancing norms in the workplace, AsiaPay takes no compromise and no exceptions. With its employees working from home, it has ensured that everyone remains safe and yet can deliver their best. AsiaPayhas taken a pledge to keep getting better, embrace change, and innovate capitalizing on the latest technological trends. By addressing the coming evolution of digital commerce, IoT, mobility, adoption of AI, payment data analytics, and blockchain technologies, AsiaPay looks forward to continuing its winning streak.