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Despite the economic boom of the region, a majority of Southeast Asians have surprisingly remained unbanked. The current situation opens exciting opportunities for FinTech platforms, providing e-commerce businesses and customers with more payments options.
If you’re planning to incorporate an electronic payment service to your business, then we’ve got you covered. Make an informed choice by learning more about the top online payment systems in the region below.
As ecommerce and freelance work continue to make their mark on Asia, new developments are made to streamline the payment process. Asian consumer markets are now open to electronic payment platforms. They are convenient, fast, and real-time. And they happen to cater to peer-to-peer payments, online payment options, and more.
Cashless transactions in Asia are expected to hit 276.8 billion by 2020. This is likely since the region claimed 40% of the $1.8 trillion total payment industry revenue in 2014.
This hasn’t stop Southeast Asian companies like Grab to step up their game. GrabPay is becoming a multifunctioning e-wallet that can cater to various services, including ride haling, food delivery, and online grocery shopping.
Alipay is a third-party mobile and online payment platform launched by the Alibaba Group. Today, it is available in eight Southeast Asian countries and 40 countries globally.
Resorts World Manila adopted Alipay to facilitate payments for dining, hotel stays, and other recreational activities within the complex. The Sule Shangri-La Hotel in Yangon, Myanmar also accepts payments through Alipay as well as various shops in Vientiane, Laos.
GrabPay is the e-payment platform of Grab, a large tech company based in Singapore. It is used for Grab rides, in-store purchases, and GrabFood deliveries.
Its features include GrabPay credits, instant credit shares with family and friends, credit/debit card links, and more. The e-payment platform is currently strong in Singapore, Malaysia, and the Philippines.
Note: You can’t make a purchase in another country using GrabPay wallet if you didn’t top up using the said country’s currency.
PayEase’s payment services include SMS mobile payments, internet banking, and point-of-sale terminals. They also provide online payment services to established western retailers.
AsiaPay is based in Hong Kong. They provide professional payment consulting and local payment services in 12 Asian countries. This includes China, India, Indonesia, Singapore, Taiwan, Thailand, and Vietnam.
GCash is a mobile wallet in the Philippines that lets users buy load and items from affiliate businesses, send and receive money, pay bills, and more. They recently partnered with Alipay to make the platform more global.
PaySec provides debit card payment processing services for China, Thailand, Malaysia, and Indonesia.
PaySec can provide online payment support to any industry. Some of the current companies they work with are in travel, e-commerce, forex, and many more. They offer personalized services for each client.
Red Dot Payment is based in Singapore. They support payments using Visa, MasterCard, China UnionPay, eNETS, Alipay, Tenpay, and 99Bill. Their focus is on cost reduction, revenue growth, and flexibility.
MOLPay provides payment services for credit and debit cards. They cater to more than 170 currencies. MOLPay also provides domestic online banking for more than 100 APAC banks.
Since 2005, they have linked international brands to Southeast Asian consumers, making them a leading payment platform in the region.
2C2P is a leading payment services provider in Southeast Asia. They are involved in e-commerce and m-commerce businesses. 2C2P supports payments in seven Asia-Pacific countries. This includes Myanmar, the Philippines, Malaysia, and Indonesia.
Ayannah was founded in 2008. They have several payment services that cater to the unbanked. One of their widely used services is Sendah Direct — a web and mobile platform for resellers of digital and physical products.
Doku is an established online payment platform that has been around since 2007. They are connected to most major Indonesian banks such as BCA and Mandiri. They also accept Paypal payments in foreign currency.
Ipay88 caters primarily to markets with e-Commerce and m-Commerce platforms. Aside from that, they also extend their online payment services to government agencies, industry associations, and more.
Selecting the biggest company isn’t exactly the best way to approach your payment needs. It’s best to see which features your business needs the most before settling for a platform. Understand how the money moves from your customer to you as well as the gateway’s different processing fees and policies.
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