This is an unprecedented period for all industries in crisis despite the digital option. The COVID-19 pandemic is a black swan event that has turned our world upside down and had a startling impact both on a personal and professional level.
Mr. Max Ng, Associate Director of AsiaPay is a digital payment solution expert that helps customers save more than 99% of the time spent with their online advanced payments security and minimizing the PCI (Payment Card Industry) work and investment through AsiaPay.
Highlights of the interview between Max. Ng and Insights Success
Many industries such as retail, airlines and travel hospitality will arguably need to be more innovative than ever during these unprecedented times we’re experiencing.
Along with the COVID situation, we can observe some “changes” and “difference” in the market. In connection, whenever there is a risk, there could be an opportunity. As there are more concerned about face-to-face transactions, “Digital Commerce and Payment will continue to be the trend.”
It is going to be a difficult period for retailers that generate a lot of their revenue from physical locations,” said Max. Ng, Associate Director of AsiaPay. I believe that those that have a strong eCommerce presence will do their best to shift as much foot traffic as possible to their website. It seems unrealistic to expect retailers to make up for all their instore revenue through eCommerce sales, so a lot of retailers will take a hit. How big of a hit will depend on how long the crisis lasts. But On the other hand, retailers can strongly initiate for an eWallet payment like SmartPOS that can drive your in-store sales performance powered with valued added functionalities.
As for the consumables and delivery industry, the essential establishments are receiving a public demand in this pandemic. To strengthen your business operability in this challenging time, businesses must re-examine the customer needs. Food apps and grocery deliveries are also at their peak with lockdown being implemented in most countries.
A business halt is inevitable for almost all industries especially face-to-face but can survive this economic decline by building good customer relationships and giving back to the less fortunate communities. Through Corporate Social Responsibility and staunch customer service, businesses can strengthen their business immunity and survivability amid the COVID crisis.
While governments encourage social distancing, AsiaPay encourages its merchants to bring this secure regional secure digital payment platform to their eCommerce stores and mobile Apps and be able to offer premier payment methods to their users, from card to netbanking, from wallet to instalment payments. AsiaPay values every merchant as a partner to support their business growth in financial terms. As part of our goal to innovate, we newly launched our SDK to facilitate a secure interface from merchants’ mobile APP to our gateway. It supports in-app payments for iOS and Android operating systems. Further, AsiaPay’s PayDollar SDK serves as a tool to help fast track the development and testing of mobile payments applications.
On top of that, merchants can offer seamless ePayment to their customers by completing their ePurchases on-the-go via mobile devices. Merchants can increase their business productivity and generates more sales and profitability.
With digitalization and technological innovations taking over the economic sector of the world, AsiaPay strives to bring advanced, secured, integrated and cost-effective digital payment processing solutions and services to banks and eBusiness globally. On data security, we have been PCI DSS level 1 compliant since 2006, one of the earliest PSPs in Asia that achieves such a high standard of Data Security for payment processing, over 14 years in Asia. On Risk control and monitoring, we offer our advanced anti-fraud processing and reporting tools to the merchant, bundled in our payment service, FREE (no extra costs). These have been used every day by all our banks and merchant clients in 12 countries in Asia since 2005.
On payment Authentication, we are one of the very few 3D Secure certified vendors in Asia that is and compliant with 6 card brands – Visa, MasterCard, Amex, Discover/Diners, JCB and CUP for issuing side and acquiring banks since 2003, not only existing version 1.0 but also latest 2.0. We are one of the very few certified vendors that support the latest card tokenization standards of Visa (VTS) and MasterCard (MDES)