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In this tough business climate, online retailers need to create interesting immersive experiences for their customers, without having any obstacles to purchase. When it comes to a mobile payment gateway, it plays a big part in the purchase process. In this article, we focus on mobile payments, what they are and how they work. A mobile payment is essentially any payment that is made via a mobile device. Usually, the process is that customers enter their credit or debit card details into an online form while checking out. This remains the most common form when it comes to mobile payment solutions. However, many other methods are growing in popularity, such as PayPal, prepaid cards, bank transfer modes of payment, mobile wallets, cryptocurrency, as well as many others. If you are an ecommerce website, then there are three main types you should be aware of: a. Traditional payment forms: This happens when the customer enters their debit or credit card information via a form through a browser. Many online stores will allow their customers to save this information, so they don’t have to repeat entering the details every time they shop. b. Mobile wallets: Many mobile online payment services will enable users to save their credit or debit card details on their phones. Certain stores even allow their customers to make the payment using mobile wallets, which removes the need to re-enter their details every single time. Nowadays, mobile wallets can be used in storefronts as an alternative to cards. NFC or near field communication allows customers to make payments at kiosks and terminals specially designed for this. c. Online wallets: These include services like PayPal, which enable users to save their debit or credit card details through a third party. This way, the online payment technology enables customers to login to their account to process their payment. There is increased security using this method, which is why many customers prefer this method. Why are Mobile Payments so Important in Ecommerce? Many retailers believe that it is enough to simply offer the traditional credit or debit card forms of payment. However, when it comes to mobile payments, it can offer an extra edge to a retailer in remaining competitive in the business. a. More mobile sales: Every year, mobile sales are growing and therefore it is essential that retailers provide a wide array of options if they want to cater to a broader spectrum of customers. This is especially true of the younger generation, which prefers a mobile payment gateway to the traditional forms of payment. b. Removing security issues: By offering mobile payment services to customers, retailers do away with a lot of the security issues. Many customers have concerns about the safety in entering their debit and credit card details online. Offering the customer, the option to checkout without having to key in their details is a big bonus. c. Streamlined options: Many streamlined options for mobile payments help in removing the friction often present during the checkout process. This can help boost conversions. Customers are able to check out on the online payment services without having to spend extra time inputting their card details. Many mobile payment techniques can help to reduce fraud for retailers. This is because every buyer is always vetted by the mobile wallet providers before such buyers can use these services. Therefore, there is lesser chance of false payments. In addition, by offering these alternatives in mobile payment, it helps the retailer to increase overall customer satisfaction, and improve customer retention as a result as well. Happy customers are more likely to re-visit your store.
We live in the era of the internet. In addition to making the world a global village and connecting people across boundaries, its applications have revolutionized every sphere of human life. In business, the Advent of the internet was the precursor to the development of e-payment technology which is the reason for the global success of the e-commerce industry. During the initial years of its inception, e-commerce relied on 'cash on delivery' as a payment option. However, with the advancements in e-payment technology, payments can be made online not only for goods and services acquired online but also for payments in offline stores. With the help of payment solution providers, merchant's can now ensure that users have a hassle free and secure payment experience. The Benefits of Online Payments Online payments have proven to be beneficial not just to customers but also to merchants. They do away with the need to carry cash around and one does not ever have to worry about running short of money. In addition to this, online payments can be made at one's convenience, all that is required is a device connected to the internet. Furthermore, through e-commerce payment gateways money is wired directly from the customer's bank accounts to the merchant's. This money trail can be easily traced and statements of the same can be procured. How does E-Payment Work? Online payments have two key players working between the customers and the merchants - the payment gateways and the payment processors. Payment gateways handle the first step involved in an online payment transaction, which is card authorization. Here, the customers enter the details of their cards and authorize the payment. The second step is the transaction settlement and payment processors take over. The information entered by the customers is communicated to the banks who in turn contact the card companies with the data. Upon confirmation from the card companies, the authorized amount is credited to the merchant's bank account and the online payment is complete. Who are E-Commerce Solution Providers? E-commerce solution providers, as the name suggests, offer solutions to any glitches or issues that merchants face with regard to payment options. They offer multiple methods of payment on a single platform and help expand the customer base. Some of the options offered include payment by credit and debit cards, e-wallets like Alipay, PayPal, etc. and payment by China Union Pay. What Makes a Good Payment Solution? A good payment solution must seamlessly integrate the various payment options made available to the customers and ensure that the payment gateways are secure. Customers must be able to follow the directions to make payment easily. For instance, one of the most popular and efficient means of payment requires customers to simply scan a QR code to make the payment. With the advancements in online payment technology, various payment options have flooded the market and payment solution providers will help merchants figure out which payment option works best for them.
The generation of this day has much easier access to sell and purchase. Thus, there is an incessant need to speed up the process. Unlike the pre-internet era, the people of today intend to make transactions with the click of a button. The online payment technology makes this process easy and secure. A number of websites have popped up to ensure that customers can make various transactions and payments through a simple click. These payment solutions save you time and effort and often give moderate cash returns on certain payments. Along with these offers, online payment methods are comparatively more secure than the other modes. You can always trace your money thus, making it tougher to misplace your money. Saves Your Time and Effort The option of online payment services has ensured that consumers save time by making their share of payments through their desk laptops or mobile phones. Consumers are no longer required to stand in long queues to make basic payments. This in turn also saves the unnecessary efforts and hassles that one has to go through to make a transaction. Providers, in turn, have ensured that consumers do not follow elaborate procedures for online payments. This helps them to have a concrete footing among the other providers as the customers prefer simpler and safer means of online transactions. So, you don’t need to remain stuck on your traditional payment methods and save your time and energy by making online payments. Transparent Payments Add to the Benefits Online payment technology has ensured that the cash flow is transparent and speedy. Customers can get easy alerts when they make a transaction from their account and they would also be informed in case a transaction was made without their knowledge. A large number of consumers had often complained about not being notified within time and thus, losing their money. But, with the option of online transactions, your information and money are safe in your device. One can easily check the history of their transactions and are not required to reveal important information to unnecessary websites. Online payment solutions are built to automatically make it a transparent transaction. The details of the transaction are shared only with the parties involved. It prohibits any third party from viewing the details thus, ensuring the security of every transaction. These payments can be made without hassles and secure to carry out. Unlimited Transactions with Credibility One of the major benefits of online payment technology is the credibility that it offers for every transaction. Consumers had often worried about their accounts being hacked or details being leaked. However, the providers have now come up with a number of artificial intelligence that prohibits and protects the account details of the consumers. Along with that, the customers can also make as many transactions per day as they may require. While traditional methods required a given number of transactions per day, mobile payment gateway does not impose such restrictions. So you can send and receive according to your wish.
Changing Trends in Payment Gateways Competition is an essential component of market dynamics. To stay on top of the race merchants must be well equipped with the latest technology and incorporate innovations into their business model. The advent of internet has revolutionized markets in that it has created a virtual market that spreads across the globe wherein merchants can sell their products and services. In order to be successful in today’s day and age, merchants must have an online platform where from customers can avail services and make easy and secure payments to procure the good or of their choice. This is where service providers of online payment services come into the picture. They help merchants navigate through the technicalities involved in online payment technology so as toensure to the users the best shopping experience possible. What are Mobile Payment Gateways? Mobile payment gateways refer to the way in which monetary transactions are made over the internet. In other words, it refers to how the money from one account is wired into another account by means of online payment technology.One of the most important decisions that an e-commerce merchant has to makeis choosing the right payment gateway. The key factors in zeroing in on a gateway are – ease of use and security of information entered. The payment process should be simple, not involving very complex steps, there must be multiple payment options and there should not be glitches as one makes payments. And it is in this regard that payment solutions are offered to merchants. Service providers offering the same help merchants ensure a seamless and reliable payment procedure. What is the Payment Solutions Offered? Online payment solution providers help merchants procure a reliable and efficient mobile payment gateway for their transactions. They offer payment solutions that are wide ranging so as to ensure a wider customer base. What this means is that they provide a payment platform that accepts payment from various sources including credit cards, debit cards, China Union Pay, Alipay, etc. The Different Types of Payment Solutions Payment via credit card is the most popular payment method preferred by customers. This is because it is universally recognized and has been proved to be secure and efficient. Despite this popularity, a lot of customers prefer China Union Pay to make their payments. This is mainly because the rate charged per transaction is far lesser than that in credit card transactions. The advancement of online payment technology has led to the creation of various other methods of payments as well including e-wallets, mobile payments, direct bank transfers, direct debits, etc. Payment via e-wallets is becoming increasingly popular in today’s market. Cards are directly linked to the customer’s bank accounts making direct transfers to the merchant account by means of a smartphone or a computer. Some of the most popular e-wallets include Alipay, PayPal, WeChat Pay, etc. Alipay offers a very simple payment procedure, scanning of a QR code using a mobile opens the payment gateway.
With the advancement in online payment technology, numerous online payment solutions have been available in the market. Merchants are increasingly preferring online payment options as they involve direct transfers from the customer’s bank to the merchant’s and does away with the need of maintaining heavy hard cash flow on a daily basis. In addition to this, customers also prefer online payments as the process of payment is quick, easy, secure and hassle-free. Thus, online payment solutions are beneficial not only to the merchants but also to the customers. Benefits to the Customers Any process that is easy to understand, quick to use is and ensures security of information is always preferred. Online payment services check all of these boxes. Merchants offer a wide range of payment options including payment via credit cards, debit cards, e-wallets like AliPay, China Union Pay, etc. This inclusivity ensures that the online payment service is available for a wider customer base. In addition to this, the payment process has been made extremely simple, to the point where all a customer has to do is scan a QR code to make payments. Online payment also does away with the need to carry cash and the right change in order to make purchases. Every transaction done online is recorded and makes it easy for the users to track the flow of money even if the receipts are missing. The best part is that one can make these payments from anywhere using a smartphone as long as there is an internet connection! Benefits to the Merchant In addition to ensuring a wider customer base, mobile payment gateways benefit the merchant in keeping track of the money flow. The banks linked to the payment gateways provide elaborate statements regarding the transactions and thus helps merchants do away with book-keeping of accounts. This saves them expenses that would have been incurred in having a clerical department. Furthermore, online payments do away with the risk of cheque bouncing and assure payment for the goods and services procured by customers. The technology involved in online payment ensures a credible flow of cash without risk. Online Payment Solutions Merchants and customers are not the only players in involved in an online payment transaction. Online payment solution providers are the middle men who help merchants navigate through the technicalities involved in the transactions. They help merchants procure the best payment gateways such that the platform chosen would cater to a wider customer base and ensures that the glitches, if any, are solved. Seamless integration of the various payment options coupled with security of information entered form the crux of payment solutions offered. These solution providers are equipped with technical experts who ensure that payments are easy to use and reliable and secure. For instance, one of the most popular payment solutions available in the market today involves scanning of QR codes to make direct payments. This does away with the need to feed in card details every time.
Payment Asia joined HKTDC SmartBiz Expo 2018 from 5-7 December to exhibit our latest one-stop ecommerce solutions to merchants. We gave a brief public seminar to introduce the necessity of integrated ebusiness solution amid the digital and mobile age. We received merchants wholeheartedly sharing of their first-hand experience in practical operation. Here we would like to thank you to all who remind us what merchants need.
Artificial Intelligence to Amplify Customer Satisfaction Hong-Kong-based firm catering to the finance on its virtual platform to allure customers. However, this sector, wanted to revamp its business by firm soon realized that the exciting offers are not enticing implementing an online platform to carry out many visitors and in fact generating many complaints. transactions, and thus remain relevant. A decryption of this requirement revealed that the holistic online platform should enable effortless customer onboarding, data encryption, and implementation of e-KYC, a component that seamlessly authenticates users indulging in online transactions. The firm’s pursuit for an ideal solution vendor led to, a subsidiary of Prizm Group, based in Hong Kong, known for engineering digital products and services powered by Artificial Intelligence (AI). Since its inception, the firm has carved a niche by engineering innovative online and mobile payment solutions that have benefited several enterprises around Hong Kong. “Our aim is to empower clients by delivering enterprise-specific data analytics and AI solutions,” mentions William Hung, Business Development Director, The company’s idea of product development revolves around integration of AI with a client’s existing system to mitigate business challenges. Additionally, the talented resource pool tries to identify the scope of engineering a product that can end the woes of firms facing similar hurdles. Datatech has assisted several marketing firms by delivering object identification and facial recognition solutions, by installing cameras in public spaces. However, one of Datatech’s most noteworthy contributions is the deployment of DTalk, its interactive Chabot, which offers the best concise advice to customer inquiries 24x7. The natural language processing abilities of the platform facilitates real-time interaction between customers and the firm. Unlike other auto-conversational chatbots available today, DTalk, empowered with machine learning and natural language processing capabilities, comprehends the context of a conversation and renders suggestions accordingly. To illustrate the capabilities of Datatech better, Hung recalls the recent experience of working with one of his clients. The customer organization had offered coupons Datatech integrated DTalk on the client’s online platform to facilitate seamless customer interaction and decipher the pattern of queries. A compilation of customer interactions over a month since the installation of DTalk led to the inference that the procedure involved in coupon redemption was not quite user-friendly and demanded telephonic conversations with customer care executives of the firm, a reason behind 80 percent of queries and complaints. One of Datatech’s most noteworthy contributions is the deployment of DTalk, its interactive chatbot, which offers the best concise advice to customer inquiries 24x7. The Datatech product suite also comprises of DEye and DEar, which imitate human capabilities. While DEar suggests product trends based on the voice inputs of users, DEye is a tool known for being instrumental in processing images and documents. Elaborating his firm’s abilities further, Hung mentions that one of the vital products of his firm’s suite is DRun, aimed at assisting logistics enterprises in effortlessly amassing payments online by the implementation of an e-wallet system. Currently, Datatech is making waves for ClickABite, a solution for food & beverage reservation and seamless restaurant management. This unique product enables clients to reserve a spot and eliminates the age- old hassle of queuing up for a table. The firm is planning to amplify the capabilities of its product suite to stay relevant in the current climate of rapid AI evolution. “We are also planning to enhance the capabilities of our chatbot to facilitate online payments, apart from answering queries of customers in the days to come to eliminate cash transactions,” states Hung, revealing a glimpse of the company’s roadmap.
非接觸式的手機支付方式近年如雨後春筍般湧現,對用家來說選擇確實多,但對商戶來講,究竟應該採用哪套支付系統才最合適? 流動支付系統的應用趨勢 聽就聽得多,廣告宣傳也不少,那麼流動支付系統在香港的普及程度有幾高?跟據今年年中的統計數字,Alipay HK及微信支付分別擁有150萬及100萬用戶已經安裝相關app並進行消費;而生產力促進局在另一項電話訪問中,調查了一千多名受訪者,當中有超過8成表示聽說過Alipay HK及微信支付,而兩者目前總共佔去流動支付市場的4成份額。 除了本地人,遊客亦是流動支付的使用對象,支付寶就公布了內地遊客在2018年暑假於境外使用支付寶消費的數字:人均消費較去年同期增長43%,而他們在香港的人均消費達到2,219元人民幣(2,549港元),金額較去年同期增加80%,交易筆數更是去年的4倍。 上述的統計正好說明,隨著科技進步,越來越多人使用流動支付消費,就連街市都陸續加入Alipay HK的行列,商戶更應及早採用相關系統,以期在流動支付這塊仍在開發的市場捷足先登。 流動支付系統與信用卡的比較 Payment Asia一站式的網上及流動支付供應商 Payment Asia是一間在1999年於香港成立的公司,主要提供電子支付及商貿業務,為來自本地以至亞洲的中小企及跨國企業,提供一站式的網上及流動支付方案,涵蓋支付方案,支付閘道及融合,以及人工智能各大範疇,可說是目前服務最完備的支付方案供應商之一。 拓展海外及本地旅客業務:Payment Asia自2007年起已和中國支付寶推廣網上收款功能,近年跟Alipay HK亦有緊密合作,既令商戶較易吸納來港遊客的消費,亦有助商戶進軍海外市場,拓展業務至世界不同的角落。 涵蓋多款另類支付方案,支付方法無障礙:各大發卡及收單機構,銀行轉帳以至是直接扣帳。 完善的管理及支援:Payment Asia設有管理平台,商戶可隨時翻閱所有交易記錄之餘,又會提供商業及核數技術基礎支援,例如分析報告及發展工具;在客戶支援服務層面,除了有全年無休的客戶服務熱線,亦設有防欺詐監控,確保帳戶安全。 發掘你的最大潛力:Payment Asia與本地著名數碼營銷公司Prizm合作,為客戶提供營銷策略、O2O轉化率、CRM等建議;而Prizm旗下的DataTech,就專注於新技術上的研發,由AI、大數據入手,令商戶不落人後,以最佳的狀態衝刺電子商貿業務。 Payment Asia為商戶提供的方案不單能完善你的收款功能,更能帶來更多的銷售及加強和客戶的關係! 對數、收款更清晰方便:透過PA Pay App,商戶能即時查閱以支付寶結帳的收款,加上手續費用比信用卡低,而且能收取支付寶的人民幣錢包和港幣錢包,並以港幣結算,不但方便了商戶,亦大大降低營運成本;除了PA Pay App,較具規模的商戶可選用POS終端機,因為終端機能提供多種支付方式如Alipay HK、微信支付及Paypal等,吸引顧客消費。 Payment Asia登記優惠 如果你對Payment Asia的服務感興趣,不妨趁這個機會申請,因為現在優惠多多!只要按此填寫申請表格,並提供相關的證明文件,即可享用試用套餐,不但可享免安裝及免年費,更可免費得到POS終端機,更多優惠詳情請按此。
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.