Asia is one of the biggest markets for corporations that are looking to expand their operations globally. The Asia-Pacific region is quite populated; it is home to more than 4 billion people, which is more than 60% of the world population. The APAC region is responsible for more than $878 billion of online retail sales, which increase every year with unbelievable margins. To put icing on the cake, APAC holds a clear majority of digital retail market with more than 53% of the total global spend. It is predicted that the future holds nothing but goodies for this region, making it one of the most prime areas for global expansion.
The Rise of Ecommerce in Asia
Being a growing global market, the APAC region has seen the rise in the growth of online retail markets. In order to make operations successful, corporations weighing to expand to the APAC region have to find solutions to a few challenges. Such challenges include currency differences, delivery logistics, secure payment solutions, ecommerce solutions, point of sale payment solutions, and the target market’s access to the internet and online spending habits.
As corporations expand to the Asian markets, there is an increasing need to look for effective ways to get payment from their customers. This means that there is a need for cross border payment services, mostly provided by merchant providers such as UnionPay merchants.
Top 5 Merchant Services Providers in the Asia Pacific Region
Alibaba, one of China’s largest online retail outlets has a cross border payment service, Alipay, which is dedicated to helping international merchants to sell directly to their Chinese customers who pay through the local currency.
This is how it works; once a product has been paid for in renminbi (RMB – China’s national legal currency), Alipay converts the money to one of the 12 world most common currencies depending on the preferences and sends the money to the merchant.
PayEase offer comprehensive payment services including mobile money transfers for purchases made, internet banking, and optional point of sale services. The company, which was recently acquired by the USA based Mozido, has strategic partnerships with more than 20 major Asian banks that support more than 80% of the domestic market as well as support more than 60 credit and debit card types.
NNT Com Asia
This is a China based Japanese company that support eCommerce as well as m-commerce transactions by offering comprehensive payment options to international businesses. The company has a single platform for both international and domestic transactions, which allows merchants to get payments from well over 45 countries in any preferred currency of the 25 settlement currencies. NTT Com Asia is in China, being one of the biggest markets for most international companies, and it allows these corporations to carry out their business in RMB.
Paysec is one of those merchant services providers that specialize in debit card payment processing in the APAC Region with 11 major currencies acceptable in the transactions. This services provider also offers 3 distinct API options, all of which are backed by round the clock support services to make it easy to integrate into existing merchant systems. The services provider is rapidly expanding, with plans to have operations in more Asian countries.
Established way back in 2012 in China, this company is a combination of two other Asian online payment solutions pioneers Econtext and VeriTrans. Econtext had been established in 2000 while VeriTrans had been in existence since 1997. The aim of merging these two to form econtext Asia was to reach out to a wider audience in APAC region.
This company offers merchants a range of retail services for their online operations such as eCommerce solutions, payment solutions, and online shopping malls. The current suites of services are mainly meant for companies operation in the APAC region, mainly Japan and China. The company also offers point of sale services in convenience stores meant for online purchases.
Benefits of Having an Asian Merchant Account
An Asian merchant services account is your best bet for secure, affordable payment solutions. The best thing is that you need not have an Asian bank account to have a merchant account! Additionally, you can always browse around to get the best service provider depending on your preferred services. Different merchant services providers offer varying packages depending on the merchant’s needs.
As the global economy increasingly expands, the world class population grows with it, and the APAC region’s numbers are estimated to be about 67 of the global total by 2030. This growth is directly attributed to a more globally connected, better educated and more socially engaged market. The growth in technology, mobile internet access and better ecommerce platforms have made all these possible.