The soaring market of the digital payment industry reached achieved higher feats amid unprecedented times. With the lockdowns being imposed worldwide, the traditional payment methods gradually declined; however, on the flip side, digital transactions became the new norm. Though the looming risk and trust factor is a significant issue, leaders in the digital payment industries had to take strategic decisions to make people safe while carrying out transactions. Utilizing his extensive expertise for over two decades, setting a solid foundation of the digital payment industry, Joseph Chan led with a visionary approach attaining various milestones as the CEO and Founder of Asia Pay.
Joseph ensured the world with an outstanding payment service, solutions, technology provider, and merchant aggregator across Asia. He provided a comprehensive array of secured, advanced, and integrated payment processing solutions and technologies to banks, payment service providers, and merchants with Asia Pay.
The Idealistic Approach
When Joseph founded Asia Pay, he spearheaded with a sole aim to bring safe, convenient, and integrated payments to different Asian markets and industries. His visionary takes on electronic payments started as a Hong Kong-based firm back in 2000 and now operates in 11 markets in Asia.
Joseph aimed towards delivering the consumers their desired payment convenience, values, and merchants’ integrated payment processing, settlements, and reporting, which stands as key factors why AsiaPay is built, leaving his mark on the industry. The award-winning payment solutions that the company created eyed for the future generation’s potential for whatever source, form, means of payments for consumers and merchants across continued expansion of digital commerce channels.
Joseph faced several significant challenges at the initiation, and among them, gaining trust from international banks and partners in new markets for business collaboration was the toughest one.
Joseph’s commitment to drive and hold innovation projects initiatives engaged targeted partners and clients. He played a significant role imparting in the company is being an Innovator and purveyor of change in the financial market. He helped business partners prosper by increasing conversions by providing innovative and cost-effective digital payment solutions to make them competitive in the commerce landscape.
Joseph worked with multiple teams to continually monitor the trends and development on digital commerce, digital payment, regulatory and technological changes to design innovative products and services to address the current and coming market needs
Leading the Way
Asia Pay envisions to be the leading DIGITAL PAYMENT SERVICE & TECHNOLOGY player in Asia and beyond. It is on a mission to help its business partner’s growth by providing innovative and cost-effective digital payment solutions/services that will make them competitive in the commerce landscape.
When Joseph founded Asia Pay two decades back as a premier digital payment solution and technology vendor in Asia, striving to bring advanced, secure, integrated, and cost-effective digital payment processing solutions and services to banks and e-businesses worldwide. He asserts, “Our integrated payment services cover credit and debit cards, bank account/net banking, digital wallets, over-the-counters, prepaid cards, and other digital means.”
Asia Pay is an accredited payment processor and payment gateway solution vendor for banks and certified international 3-D Secure vendor for Visa, Mastercard, American Express, JCB, Discover Global Network, and UnionPay. It offers various award-winning, multi-currency, multi-lingual, multi-card, and multi-channeled payment solutions, bundled with advanced functionalities including fraud detection, tokenization, data analytics, and much more.
Moving Ahead with Technology
Joseph mentions that technological advancements have led to step changes in innovation; with payment becoming streamlined, Asia Pay launched SDK to facilitate a secure interface from merchant’s mobile APP to its getaway. It also leaped to omnichannel payments solutions to support omnichannel commerce. The company has been providing safe, reliable digital payment processing, quality local client service, 24/7 technical fully support
Asia Pay focuses on enhancing customer experience, business growth, and competitive edge, especially under uncertain times, by deploying data to protect against fraud and make all payments touchless. Other solutions, such as BNPL, eWallets, and alternative payment methods for the unbanked, also address the various needs of the consumers.
Preparing for Transformative Shifts
Joseph expresses that the transformation in the payments industry is set to accelerate. He notes the possible changes below:
- Politics and Regulation: payments move center-stage; Nation-states will launch their digital currencies to retain the control of economic policy regulators will police payments processes rather than providers.
- The Economics of Payments: the payments value chain will be built on data. And it will reach an international consensus on data privacy.
- Towards Social Network: Almost every global citizen will have their own biometrically enabled digital ID, and the social experience will converge with payments technology.
- Technology: Real-time payments will become the norm, even for cross-border transactions.
- Operation: Payment’s ecosystems will evolve from the collaborations between new entrants and incumbents
A Safe & Sound Digital Future
Joseph aims to lead with clear strategic direction and strives to provide secure, integrated, and most comprehensive payment processing services for businesses, charities, and associations. The payment solutions blended with the latest technologies for the financial/banking industries readily enhance one’s quality of life and maximize business opportunities, efficiency, and productivity.
To become a trustful payment service provider, Asia Pay communicates and encourages R&D colleagues to continuously refine and upgrade its payments products over time, enhancing its security technology, introducing new products according to customers’ requirements and needs.
Joseph advises budding entrepreneurs aspiring to venture into the payment sector to demonstrate perseverance to overcome obstacles in the face of adversity. He says, “Demonstrates strong leadership skills and an unflinching desire and determination to be successful. Balance the concepts of effectiveness and efficiency of business plans.”
“Be open to learn from others and gain experience and show the capacity to be an independent thinker and to take on and manage risks in the face of uncertainty. Always have a mindset that adjusts to the constantly changing demands of this modern generation,” Joseph concludes.