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William Hung, Payment Asia: "We decided to invest in blockchain in order to maintain the quality of our payment solutions and assist merchants with access to the new-era technology" The birth of blockchain in 2008 (when Satoshi Makamoto first published his astonishing solution of The Byzantine Generals’ Problem) exhibited how proof-of-work chain could be facilitated without passing through the centralised and trusted third-parties. The speculation of bitcoin, the blockchain-backed cryptocurrency created by the enigmatic Mr. Makamoto, which came afterwards, generates an amount of wealth. When time goes by, the financial world realises, even though the boom has burst, that blockchain could be applied in wide ranges of commercial and financial transactions. The development of payment solutions is exactly part of the evolving story. From centralised to distributed ledger In modern business world, merchants often rely on centralised and trusted third parties, like banks, accountants, auditors and lawyers etc., to verify or record any transaction. Before the birth of the Internet, all words or figures were written or printed in black and white. In the age of the Internet, the practices are more environmental-friendly as those words or figures are electronically stored in physical or cloud servers. Still, one big problem remains: no matter in paper or electronic form, nobody can assure the third parties would not fail to perform, either technically or credibly. The Enron scandal told us even a worldwide known accountancy firm would fall down due to the destruction of its credibility. The existence of blockchain is exactly a breakthrough to tackle the issue. Blockchain, or called distributed ledger technology (DLT), originally is the technical element that supports bitcoin to bypass centralised and trusted intermediaries and verification processes to record transactions immutably. Each ‘block’ records part of the information related to all transactions. Blocks are encrypted and arranged in order by time to form a ‘chain’. All authorised parties share the same ledger. When one party changes a record (say adding a new transaction or editing a previous transaction), a new ‘block’ containing the new information will be added at the end of the encrypted ‘chain’ in terms of timeframe to show it is the latest mark of changes. It is a shared ledger, so no single party owns it, and nobody can corrupt it (i.e. everybody will be notified for any changes). Blockchain, payment and smart contract Amid the speculation around bitcoin, the distributive feature of the technology is now being recognised by government watchdogs and financial institutions around the world. The US Federal Reserve issued Distributed Ledger Technology in Payment, Clearing and Settlement in December 2016 to present its extensive research on the applicability of blockchain in financial trading and payment solutions. The research paper highlights the fact that blockchain may help speed up and simplify the current slow and cumbersome cross-border payments processes. The Bank of England in The Macroeconomics of Central Bank Issued Digital Currencies examines a digital currency backed by DLT that may help reduce interest rates, distortionary taxes and transaction costs, which eventually benefit the economy. Another hot discussed blockchain-based element is smart contract, a computer program that automatically performs some actions (terms or conditions) of a contract once the pre-defined conditions are fulfilled. Still, there are technical constraints of blockchain left to be overcome. As the Federal Reserve report notes, the number of concurrent transactions of some blockchain technologies are limited by their algorithm and cryptographic verification, and the continuous extension of blockchains may use up storage capacity quickly. Besides, the concept of smart contract, according to the Fed, may contradict with some basis in contract law, which remains to be reviewed by legal professionals. Our investment and projection of blockchain In the beginning, Payment Asia aims at riding on the express of China business and Asian economic boom, where the demand of payment gateways for facilitating intra and inter-regional trade is growing. It was in 1999, the era of Web 1.0. We are now living in the Web 3.0, where the practices in the Internet are moving away from centralisation and one-way to decentralisation and interaction. As a veteran of payment solutions business, Payment Asia is now exploring the potential of DLT for merchants in different business sectors and looking forward to implementing the cryptographic and distributive technology in the latest ecommerce practices. Of course, it takes time for computer scientists and legal experts to address the storage capacity, reliability and legal concern, but once the peer-to-peer (P2P) technology is widely applied, the time and cost of intra- and international trading and transaction would be saved. It is the reason why Payment Asia decides to invest in blockchain in order to maintain the quality of our payment solutions on the edge, and ultimately assist merchants with access to the new-era technology. We envisage the day of P2P exchange of goods and services would come to our daily life soon, and the application of DLT, like cryptocurrency and smart contract, would be the key for merchants standing out from the crowd in the foreseeable future.
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Payment Asia, Alipay’s World Partner to SMEs Together with the surge of Chinese economy, the advancement of China-based electronic payment gateway is not only dominating the domestic market, but also gradually changing the consumption and payment habit beyond its territory. Starting from of a small branch of Alibaba, Alipay – now under Alibaba affiliate Ant Financial - is already the biggest gateway to the expanding China domestic and Chinese tourism market. Payment Asia, a strategic partner of Alipay, is bringing the brand to the small and medium enterprises (SMEs) in Asia and other parts of the world. From China to the Globe Starting from the 21st century, the development of mobile payment in China catches the pace with the economy. In 2016, the transaction volume of mobile payment in China was recorded more than $5 trillion [1], compared to the $11.2 trillion GDP in the same year [2]. While Chinese people becomes richer, they are more eager to travel abroad to spend money. Chinese tourists spend the most in international tourism since 2012, and China topped the list with $261 billion [3]. As the leader of the prestige market, Alipay dominated the in-store transaction in Asia during Golden Week in 2017 [4]. The third-party payment platform never stops broadening its international coverage and now extends its footprints to European and North American cities where the shopping hotspots of wealthier Chinese tourists. 70 countries with 14 major currencies have been included in the payment platform [5]. As a long-term partner of Alipay, Payment Asia is determined to introduce the payment method to more SMEs around the world to benefit from the growing Chinese tourism. Payment Asia which offers one-stop solutions with competitive service packages is the privilege. Alipay Alipay, the no.1 third-party online and offline payment platform in China, promotes the world leading online and offline payment technology at all time. The recent market data shows Alipay owned 54% of China mobile payment market in the first quarter of 2017 [6]. In term of the transaction shares of online payment market, Alipay also leads the China market [7]. For more details about Alipay, please send an e-mail to pa.pay@paymentasia.com. Payment Asia Established in 1999, Payment Asia has been committing to offer innovative online payment technology and electronic business management solutions to Hong Kong and overseas SMEs and multinational corporations. Payment Asia provides merchants with comprehensive business solutions that includes simplified, cost-effective and real-time performance online payment processing credit card, debit card, and mobile devices. Until now, Payment Asia has served more than 3000 domestic and foreign merchants.
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After successfully empowering enormous number of online businesses across geographies with its efficient and sophisticated payment gateway solutions, Payment Asia enables online businesses with Ecommerce solutions which includes shopping carts, payment integration and many other resources. The Ecommerce Edge Ecommerce has largely shifted the focus of consumers from traditional physical shopping to online shopping. Big players within the Ecommerce realm like Amazon and eBay have already proven to the world the power and success of utilizing Ecommerce and now, SMEs are routing towards using the Ecommerce model given it is more affordable, reliable and user friendly. For example, The Shopping Cart function is easy to use and to maintain, giving consumers a direct pathway from selecting items to checkout and merchants a great way to manage its sales and relevant payments. Top Shopping Carts Available for your Business There are many successfully established Ecommerce shopping carts available for SMEs. Some of them are Magento, OpenCart, BigCommerce, Woo Commerce, osCommerce, ecshop and shopex. These Shopping carts have helped millions of businesses to establish their Ecommerce store which in-turn gave them high revenues and sales. Shopping Carts can be easily implemented on your existing website to make it an Ecommerce platform which is highly useful in creating new avenues for your business. USPs of Shopping Carts Payment Asia carried out intensive research on Ecommerce frameworks and selected best shopping carts for SMEs. 1) Magento: It is a highly popular Ecommerce platform with excellent features like HTML5, PHP 5.5x, jQuery, Full page caching and additional Magento performance kit for better optimization of website. 2) Opencart: It is deemed to be the best yet, with new features including a new modification manager, tracking codes, Multiple payment methods, Multi-Language, and a responsive default theme. 3) PrestaShop: It is an open source ecommerce platform that users can have hosted in the cloud or downloaded from it’s website with features like eCommerce SEO, over 50 world-class payment solutions and gateways support and powerful set of integrations. 4) BigCommerce: It is one of the most reliable Ecommerce platforms available. It is highly customizable, only ecommerce platform with PayPal One Touch and Access to hundreds of apps and integrations. 5) WooCommerce: It is one of the most sought after Ecommerce solutions for small businesses. WordPress Support, Easy migration, Support unlimited products and Highly affordable. 6) OsCommerce: OsCommerce is one of the most comprehensive and popular open source Shopping Cart system in existence. It is compatible with all PHP versions, multilingual support, Object oriented backend, Secure transactions with SSL, accept numerous payment options 7) Shopex: Shopex's Cart2Cart integration enables merchants to enter the world of cross border ecommerce at no risk. Its main USP is Quick Set Up, International Payment Methods, and safety from charge backs and frauds Endless Benefits of the Shopping Cart 1) Multiple Payment Mode Compatibility: Shopping carts allow merchants to accept payments in various modes whether it is by Credit Card, Debit Card, Bank Transfer or Cash on Delivery. 2) Digital Product Storage and Delivery Systems: Shopping carts allow consumers to do seamless shopping on a merchant’s website and allow merchants to efficiently manage inventory as well delivery process. 3) Tracking Sales Trends and Visitor Patterns: With options for analytics, merchants can track consumer behavior as well as track sales. It also helps in forecasting demand and analyzing the success of any particular merchandise. 4)  Improved Product Management: In the era of technology, Ecommerce solutions are allowing merchants to manage their warehouses as well as inventory efficiently. Why Ecommerce Platform? Payment Asia provides reliable and robust solutions which are highly recommended for SMEs. Ecommerce platforms are mobile and SEO friendly, which can easily attract more visitors, eventually leading them to become consumers.  As technology continues to advance, Ecommerce platforms are no longer sitting the backseat, but theynow drive as the preference for SMEs and allow merchants to successfully establish an online store without any hassle and provide for a new revenue stream in a cost-efficient way. There are infinite customization options available when designing an Ecommerce store and best part is there is multiple language and currency support. This feature ensures cross border customers to gain access to your store. Why Payment Asia? SMEs can now grow their business easily and affordably with the help of Payment Asia. Ecommerce platforms serve as the solution you need to fuel your business and to commence attracting a wider scope of revenues. Payment Asia can help with creating an online store, making the process easier than ever and not to mention reliable as Payment Asia will be with you the whole way. As a one of the leading players of providing Ecommerce platforms, Payment Asia has put in place protective measures to ensure the security of funds and ensures that all solutions being provided are safe. About Payment Asia Payment Asia is a payment service provider which is specialized in electronic payment solutions. We are experts in providing reliable and productive payment solutions for merchants. Payment Asia provides merchants with a comprehensive business payment solution that is cost-effective, and can simplify real-time process of various payment options such as credit card, debit card, and mobile payment.
A couple years ago, our IT team with increasing stability and security in mind, decided the implementation of Amazon’s Web Service. As a result, in early 2016, most of our services had gone through successful transition and had achieved significant reduction in hardware and networking malfunction downtime to approximately zero.