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Tag: ipay88

  • Grab launches ‘Buy Now, Pay Later’ option

    Grab launches ‘Buy Now, Pay Later’ option

    Grab has expanded its fintech offer with “Buy Now Pay Later” facility and an online store check-out plugin.

    Through its joint venture with Credit Saison, the ride-hailing platform offers a post-paid payment facility which allows customers to pay for Grab services at the end of the month, without additional fees.

    This is geared towards consumers who face exceptional expenses, but are keen to avoid being hit with high credit card or personal loan interest payments.

    The platform will also launch another pay-later product, which will allow consumers to shop online immediately, but pay for their purchases in installments.

    Only Grab’s most creditworthy customers can use these two products. Credit risk is based on their tenure on the Grab platform, frequency of use and spending patterns.

    Grab has been boosting its financial services in Southeast Asia in recent years. Its GrabPay service has teamed with e-commerce platforms such as Qoo10 and 11Street.

    It has recently signed with Adyen, Boku, iPay88, Dragonpay, Cathay Cineplexes, and SM Cinema in the Philippines.

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  • iPay88 spreads its wings

    iPay88 spreads its wings

    IPAY88 Sdn Bhd, an NTT Data company, a fully homegrown Malaysian payment gateway provider is targeting the global e-commerce market while it continues to expand in SEA.

    Co-founder and executive director Chan Kok Long says, “iPay88’s proven payment solutions are well recognised and trusted regionally. As e-commerce grows in the SEA region, we are determined to be the sought-after payment gateway for these countries.”

    Since its inception in 2006, iPay88 has grown to be a technological and online payment solutions leader in online payments in Malaysia as well in the Asean region.

    The company’s payment gateway systems support over 70% of all e-commerce businesses in Malaysia. To date, iPay88 has a footprint in almost all Southeast Asian countries including Cambodia, Indonesia, Thailand, Vietnam, Philippines and Singapore.

    iPay88’s first international footprint was set in Indonesia in 2006, followed by the Philippines in 2014.

    Today, iPay88 is one of the leading payment gateway providers in Indonesia as well as the Philippines.

    Market expansion to a region as diverse as Asean and the Asia Pacific is not easy as each country’s online payment environment is unique and business environment varies.

    The opening of Indonesia and Philippines markets were important milestones for iPay88, as Chan says, “Our successful ventures in these two markets (Indonesia and the Philippines) have acted as a blueprint for us to continue exploring the other Southeast Asian markets.”

    “In the next two years, our growth in Malaysia is expected to be the largest ever in terms online transactions and sales volume. However, our growth in Indonesia and the Philippines will eventually outrank Malaysia in terms of numbers of transactions and sales volumes as these countries have a larger population and growing appetite for e-commerce.”

    According to Chan, the next few years will also see tremendous e-commerce growth in Thailand, Vietnam and Myanmar where smartphone penetration is one of the highest in the world.

    These countries have a big population and research shows that the younger generation (gen Y) prefer to make online purchases.

    Their governments are also seeing the potential in e-commerce and encouraging the growth of its e-commerce sector.

    Next step – global expansion

    “Apart from our strong presence in Southeast Asia, we have since expanded our footprint to other parts of Asia including Hong Kong and Bangladesh,” says Chan.

    Chan details that although Bangladesh is a late entrant in the e-commerce sector, the company has observed that it has recorded tremendous growth within a short time.

    “The e-commerce industry in Bangladesh, like other developing countries, has a ‘latecomer advantage’. However, it is encountering similar issues that we have encountered and addressed in SEA. Currently the sector is facing challenges such as delivery channels for its customers, affordability, erratic internet connections and online fraudulence. We believe, in no time will be the next major driver of economic development in Bangladesh.”

    Since iPay88 has just ventured into Bangladesh, no transactions have been recorded yet.

    Besides Bangladesh, iPay88 is also actively looking into opportunities in the Middle East. The company hopes to build a strong presence in Apec by the end of 2018.

    Malaysia continues to lead in revenue contribution

    iPay88 expects its revenue contribution from international markets to increase in accordance to its expansion plans. Chan says he is confident that by the end of this year iPay88 expects to double the sales volume from international markets compared to last year.

    “We are looking at a local:international revenue ratio of 80:20 by the end of 2018,” says Chan.

    iPay88’s Q1 and Q2 revenue in 2017 was contributed mainly by Malaysia.

    While Malaysia still leads in terms of revenue growth, in terms of sales volume, we are seeing a 34% growth in Indonesia for Q1 and Q2 of 2017 as compared to the same period in 2016. The number of transactions in Indonesia also grew by 97% in the same period.

    Meanwhile, the sales volume in the Philippines, surged by 64% and the number of transactions recorded a growth of 44%.

    “Doing business online offers a lower cost of operations from many aspects – the biggest advantage of doing business online is having the capability to span across geographical borders, meaning that you can reach out to possibly more lucrative overseas market easily,” he explains.

    “While these countries grow their e-commerce sector, iPay88 plans to be right there ever ready to aid them with our state-of-the-art and trusted payment platform to ensure fast and secure online payments,” he says.

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  • Malaysians spending up online, says iPay88

    Malaysians spending up online, says iPay88

    Despite a sluggish economy, Malaysians are buying online more than ever, according to payment service provider iPay88.

    A subsidiary of Japanese company NTT Data, iPay88 claims to cover 70 per cent of Malaysia’s e-commerce market. It recorded 38.2 million online transactions via its payment gateway systems last year, a leap of 161 per cent from 14.6 million in 2015.

    Executive director Lim Kok Hing says e-commerce and online purchases soared by 210 per cent last year, mainly because of convenience and the ability to find better deals online.

    Transactional data from iPay88 shows that the volume of marketplace shopping for the first quarter of this year grew by 293 per cent, with purchases mainly being online games, ticketing, and fashion and apparel.

    While the type of goods being bought online have not changed, people are spending more online. Main purchases include apparel and footwear (RM25.3 million, or US$5.7 million), accessories and jewellery (RM5.1 million), and electronics and sports equipment (RM3.3 million).

    An interesting trend noted by iPay88 is that online shopping spikes during week days, with the two daily peak times being 11am to 3pm, and 7pm to 11pm. The most popular days for shopping are Wednesdays, Thursdays and Fridays.

    Set up in 2006 and headquartered in Kuala Lumpur, iPay88 has also established a presence in Indonesia, Singapore, Thailand, the Philippines and Vietnam.

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  • Paypal now available for iPay88 merchants

    Paypal now available for iPay88 merchants

    Malaysian online payment service iPay88 has entered a collaboration with online payment company PayPal to promote and support cross-border trade for iPay88 merchants.

    For small businesses in particular, cross-border eCommerce provides a chance to sell to the world, and iPay88 believes the collaboration will enable its merchants to leverage PayPal’s 184 million active accounts and presence in more than 200 markets.

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    Executive director KL Chan says iPay88 has nearly 10,000 e-merchants, including SMEs and conglomerates, but there is also a large, untapped market of businesses and companies still considering moving into eCommerce. “This collaboration with PayPal is timely as it will help capture this market effectively by offering both online banking and credit-card payment options.”

    Merchants signing up for a PayPal account can now do so through iPay88. Approvals will be sent to merchants within three working days. Aside from the quick sign-up process, iPay88’s online merchants will also be able to benefit from PayPal’s multi-currency checkout.

    Chan estimates the collaboration will drive extra revenue for iPay88 in 12 months.

    “It has always been a challenge for businesses, especially small ones, to expand and sell overseas,” says PayPal Southeast Asia GM Rahul Shinghal. “PayPal is committed to helping them grow by leveraging the power of eCommerce, which gives them a level playing field when competing with larger export houses.”

    A subsidiary of NTT Data Corporation, iPay88 was set up in Kuala Lumpur in 2006 and has an established presence in Indonesia, Singapore, Thailand, the Philippines and Vietnam.

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  • NTT Data to support VietUnion payment service

    NTT Data to support VietUnion payment service

    Japanese payments company NTT Data Corporation has agreed to take on pioneer Vietnam fintech company VietUnion Online Services, which has an intermediary payment services licence issued by the State Bank of Vietnam.

    VietUnion, a group company of Saigon Construction Corp (SCC), mainly provides payment services through big chain retailers such as convenience stores.

    VietUnion has been expanding its payment business primarily through Payoo, which enables users to make payments to about 4000 stores, including supermarkets and in shopping centres.

    Payoo also has a smartphone app that can be used for internet banking, and it provides software for mobile POS systems, smart cards for transport and tuition fee management for more than 1700 schools in Ho Chi Minh City.

    With more than 30 years of experience in the payments business in Japan, NTT Data will help VietUnion expand its non-cash payment services and help develop Vietnam’s payment infrastructure.

    NTT Data will introduce Payoo and other payment services to its customers in global eCommerce and financial institutions in APAC regions through collaborations with its other companies – iPay88 in Malaysia, NTT Data Hong Kong, and NTT Data Thailand.

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  • The rise of mCommerce in Malaysia

    The rise of mCommerce in Malaysia

    Online payment gateway provider iPay88 has seen a sharp rise in mobile traffic with its total online payment transactions representing close to 70% of the Malaysian market.

    Chan Kok Long, executive director of iPay88 said this was refelctive of the growth of mCommerce in the market.

    In year 2015, iPay88 recorded that 3.7 million online shoppers who made purchases through its systems used mobile devices. A year ago it was only 2.0 million.

    It is also seeing a rise in merchants actively promoting mobile purchases in 2016 following the mCommerce waves. In the last few years, the percentage of mobile traffic have also increased substantially, with the number being 27% in 2014, to 38.4% in 2015, up until 48.6% in 2016 so far.

    In the first quarter of 2016 alone, 1.6 million shoppers have purchased through their mobile devices on iPay88, the company said.

    With the rising number of mobile device users increasing, the mCommerce trend is predicted to follow suit. Mobile penetration has reached 136% in 2015, with 47% of Malaysians using their smartphones to online shop.

    Statistia, one of the leading statistics companies on the Internet projects the value of retail goods purchased via mobile to exceed USD$1 billion in 2018. Paypal has also cited that 28% of the 4.9 billion payments it processed in 2015 were from mobile devices.

    A survey on mobile shopping last year ranked Malaysia third in terms of mobile shopping growth rate in Asia, at over 20%, from 25.4% in 2012 to 45.6% in 2014. Many popular international online stores including Amazon, Apple, Walmart and Google Play have recorded an increasing number of consumers purchasing on their mobile.

    In Malaysia, 35% of the purchases on smartphones go to ticketing, while 29% goes to marketplace/group buying, but airline tickets are the most commonly purchased items on Malaysian tablets.

    Additionally, the rise of new platforms such as Uber and Grabcar that leverage on mobile booking and transactions also contribute to the rise of popularity in mobile usage and purchasing.

    “No doubt the availability of cheap smart phones and laptops have made the Internet accessible to a whole new demographic. The advent of tablets and smart watches has also broadened the spectrum of Internet usage,” Chan said.

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