As the global payments industry continues its rapid growth, the Asia-Pacific (or APAC) region is gaining increased prominence in the marketplace. Certain global payments leaders are strategically expanding into the APAC region while APAC-based start-ups are also jumping into the fray.
For perspective, the Fintech Global industry research firm detailed the 2023 predictions of currency transaction facilitator Currencycloud. Specifically, Currencycloud believes the APAC sector will see landmark growth in 2023. This upward trajectory will include more cross-border payments, cross-industry partnerships, and an expansion of payment types.
These positive trends contrast with a historically fragmented APAC payments marketplace in which each nation’s consumers could only access limited payment options. So, today, each APAC country offers multiple payment choices, with e-wallets most prevalent across the board. Credit cards, debit cards, and bank transfers are popular payment methods.
Merchants who want to reach the growing Asian market should consider working with a cross-border payment services provider. Here are five payment services companies to watch in 2023.
PortOne Global, a payments orchestrator based in South Korea and Singapore, continues to increase its Asian market customer base. The company currently provides over 2,500 Asian eCommerce merchants with robust payment service solutions.
Operating from one API and digital platform, PortOne Global enables merchants to easily manage eCommerce payments across multiple sectors. In fact, e-commerce retailers can offer over 100 payment options to customers. This increases the chances a customer’s favorite payment method is available.
PortOne Global’s highly efficient network oversight makes each merchant’s costs manageable. In effect, the company offers merchants an economy of scale without the high engineering overhead cost to achieve that goal.
In addition, PortOne Global offers multiple value-added applications. Examples include customizable checkout options and cross-border customer payments. Business customers can access PortOne Global’s app seamlessly via the company’s website. The Shopify platform also provides access to the PortOne Global app.
PortOne Global’s Value Proposition
The PortOne Global concept grew out of founder Daniel Shin’s experience with another eCommerce business. In 2020, he launched PortOne Global to bring diverse payment options to the South Korean market. “PortOne was founded based on my experience running an eCommerce company at TMON.
“The Asian payment landscape is extremely fragmented, and I found it very difficult to manage a team of engineers to integrate all of the payment options. PortOne solves this problem by serving as a single API to connect to all payments in Asia,” Daniel Shin explained.
“PortOne started off in Korea but has been expanding aggressively across Asia (e.g., Thailand, Vietnam, Indonesia, Singapore, and India). While the new markets are less developed from a digital landscape than Korea, it’s exciting to see the growth in the early stages of the market development,” Daniel Shin remarked.
Established in 2000, AsiaPay provides global online businesses with integrated digital payment processing services. Based in Hong Kong, AsiaPay maintains 16 APAC sector operations offices. Each office offers local account services and technical support capabilities.
Through one dedicated platform, AsiaPay enables merchants to accept credit cards, debit cards, and digital wallets. The platform also embraces social commerce such as Facebook/Instagram/WhatsApp Commerce.
AsiaPay also supports eCommerce, Buy Now, Pay Later (or BNPL) transactions, and bank account/net banking operations. The AsiaPay mobile app facilitates all of these transactions. Multilingual and multi-currency features are compatible with diverse Asian countries’ operating requirements.
Finally, AsiaPay’s fraud detection and tokenization mechanisms help drive merchants’ secure transactions. Data analytics provide insights that can help facilitate merchants’ growth and expansion.
NTT Com Asia
Based in Hong Kong, NTT Com Asia is owned by the Japanese NTT Communications Group. The company courts international eCommerce and mobile commerce businesses that want to expand into the Asian market.
NTT Com Asia operates one distinct platform for in-country and cross-border transactions. So this enables merchants to accept currencies used in over 45 countries. Payment acceptance occurs in more than 140 transaction currencies, while settlement takes place in over 25 settlement currencies.
NTT Com Asia also covers the expansive Chinese market. Overseas merchants can execute cross-border eCommerce transactions in renminbi (or RMB), the official People’s Republic of China currency.
United States-based Spreedly is a well-known payment orchestration platform. Established in 2008, Spreedly serves companies experiencing rapid growth and/or poised to enter new markets.
Businesses that want to reduce operating expenses or lower compliance costs represent potential customers. The company can’t modify its payment infrastructure to accomplish its stated goal in each case.
As a payment orchestrator, Spreedly routes numerous payment gateways through one API. Using tokenized payment information, customers can utilize varied payment services without accessing sensitive end-user card data. A PCI-compliant virtual vault facilitates transaction security.
With this system in place, customers can partner with multiple third-party payment offerings. Each Spreedly customer can accomplish their goal while minimizing its transaction risks and infrastructure impacts.
In July 2022, FIS-owned Worldpay expanded its global presence by entering the South Korean marketplace. This well-known payment services provider partnered with Korean merchant services company TossPayments. This collaboration enabled Worldpay to gain access to South Korean domestic credit cards and debit cards, along with alternative payment-acquiring capabilities.
Worldpay’s South Korean market entry was designed to facilitate global businesses’ access to this previously fragmented marketplace. The country’s eCommerce market has recently seen especially strong growth.
Today, Worldpay offers a full suite of payment types, increasing the chances that in-store or eCommerce customers will buy. Cross-border payments are another desirable Worldpay benefit.
Worldpay’s cloud-based solutions sync with enterprise payment systems, using diverse platforms and channels to facilitate smooth purchase experiences. Finally, Worldpay’s software is compatible with 123 third-party software integrations.
About Daniel Shin
High-achieving serial entrepreneur Daniel Shin is the force behind PortOne Global’s success. In 2020, he founded this Singapore- and South Korea-based payment orchestrator. Today, Daniel Shin serves as the firm’s co-Chief Executive Officer.
Daniel Shin’s business education and previous ventures equipped him well for business world success. He spent most of his early years in the United States. 2008 Daniel Shin earned a B.S. in Economics from the University of Pennsylvania’s Wharton School.
Putting his degree to work, Daniel Shin accepted an entry-level business analyst position at McKinsey & Company. His work at this global management consulting company especially provided a well-rounded entre to the corporate business environment.
Three Thriving South Korean Businesses
In 2010, Daniel Shin returned to his native South Korea. He established three growing companies, bringing lessons learned from each venture into the next business.
First, Daniel Shin brought Ticket Monster (or TMON) online in 2010. This eclectic business is South Korea’s second-largest mobile commerce company. Presently, TMON sells “daily deals” products from over 15,000 merchants. More than 80 percent of TMON’s transactions take place on mobile devices.
Not content to rest on his laurels, Daniel Shin co-founded Fast Track Asia in 2012. This South Korean business incubator has sparked five growing companies. Some businesses have been sold, while others bring significant venture capital.
Most recently, Daniel Shin launched PortOne Global in 2020. This full-featured payment orchestrator meets a regional industry need. Moreover, the Asian business marketplace enthusiastically embraces this “win-win” payment option.
PortOne Global’s Daniel Shin Closely Monitors the Payments Industry
The Asian payment services industry continues to evolve. PortOne Global’s Daniel Shin is fine-tuning the company’s framework to serve more regional merchants. He also remains alert for potentially advantageous business opportunities.
Featured Image Credit: Photo by Alexander Suhorucov; Pexels; Thank you!