Consumer Gold Mine
Companies in the North America are beginning to see the Asian market for what it is: A consumer gold mine. Any global company that does not at least try to penetrate into this market is at a major disadvantage. Yet, there are still a vast number of them that are not willing to ‘launch out into the deep’. This is mainly due to concerns about bringing their product to a largely unknown foreign market.
One of the most worrying factors is Cyber security. For example, a US online retailer needs to know that their product can be safely shipped and delivered to its Asian customers. This means maneuvering through the logistics and custom duties of both countries. Once this issue being sorted out, then the challenge of having a secure payment method is the most important component. The transactions would have to be completed online and you will need a trust worthy payment provider.
Making the Jump
It is true that launching your product to another country or region is a huge project. The culture is so diverse that there is a fear of a policy problems, culture differences, competition etc. There are few companies that can make this process much easier. The key is to partner with industry experts who already know the cultural challenges of penetrating the markets. Take for example, AsiaPay which is one of the top electronic payment solution and technology providers in the Asia pacific region.
AsiaPay is an ISO certified payment service provider in Asia. We provide a one-stop comprehensive payment processing in the Asia-pacific region (multi-acquirers and local settlement) and across various prevailing alternate payment methods and channels. This is especially the case for Asia where payment is very different from the West. While Americans and Europeans are still attached to cash and credit cards, China has ditched them both. The major payment method is directly through one’s phone through applications like WeChat and AliPay in China. AsiaPay has the widest payment processing and settlement network of ‘Credit Card Acquirers’ and ‘Alternative Methods of Payments’ across 14 countries. This enables the organization to provide merchants, banks, and other payment providers the best combination of payment methods per country based on local infrastructure and consumer preferences.
Besides, AsiaPay has specifically designed its payment gateway platform to deliver unparalleled security, customizability, scalability, and reliability. It is also one of the few providers in Asia to be certified as Level 1 PCI DSS. Importantly, AsiaPay’s bank-grade security is recognized by acquiring banks and card associations worldwide.
Presently Asiapay is processing a total of 144 currencies in global transactions in real time. This creates simplicity for the merchant who is able to use one base currency for multiple currency processing. It also creates transparency for the customer who can see a clear currency conversion to his or her domestic currency. This is very crucial in the checkout process. If the customer can see a near accurate price, they are more comfortable purchasing the product.
Partnering with companies like AsiaPay makes the transition process significantly easier and provides a streamlined system for analyzing payment data.
In summary, North America’s online retailers should consider having a strategic entry plan into the Asian market. Without doubt, Asia is the new super power in terms of population growth, economics and purchasing power.
A Focused and Clear Vision
AsiaPay has achieved tremendous success in a short span of time. A large part of the credit goes to its founder, Mr. Joseph Chan, who is also the CEO of the company. He established AsiaPay in August 2000 and led both management and product development during the challenging early days.
He today contributes to the company by focusing on strategic planning and management in the areas of finance, electronic banking, and internet and mobile product services.
Joseph has also contributed to the growth of the industry by filling the role of an inspirational and insightful leader. His contributions to the industry has been recognized with various awards and commendations, including “China Outstanding Innovative Entrepreneur Award”, “Asia Pacific Entrepreneurship Awards 2013”, “the Most Promising Entrepreneurship Award” , “EY Entrepreneur of the Year 2014” award, “Cards & Electronic Payments International (CEPI) Asia Disruptor 2016” Award，”2017 (Industry) Influential Leader” ，World Business Leader 2017– Award”，and 2018 ‘The 50 Most Influential Payment Professionals awards ’.
Joseph work tirelessly to take AsiaPay forward with a focused and clear vision of growth to guide the company to becoming a leading global electronic payment company.
About the Author
Joseph Chan is the Founder and CEO at AsiaPay, where he is expanding the standard of e-payment of several businesses and applying technology in the financial industry globally. Joseph founded AsiaPay in August 2000 and leads the company and its product development together with his qualified management team, to become one of the most successful electronic payment service and technology company in Asia. At present, AsiaPay operations are covering 16 countries worldwide with its unified payment solutions. With his successive positions in banking and finance industry, Joseph has consolidated his expertise and experience in strategic planning, management and implementation of financial, electronic banking, Internet and mobile product services and systems in Asia.
“The passion to apply technology in the financial world drove me to boldly start an e-payment business,” asserts Joseph at the China Daily Asia Leadership Meet.
Before AsiaPay, Joseph worked at various management positions at Barings, Citibank N.A., Bank of America, and Dah Sing Bank. He carries Bachelor of Science degree and Master of Economics degree from Monash University in Australia. He is also actively participates and contributes to the development of e-Commerce and e-Payment in the community and is an active member of various renowned associations in Asia.