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Much quicker than expected the number of digital consumers in Southeast Asia is growing exponentially. There is no doubt that the number of digital consumers in this region will reach several million in the future. The number of digital wallet payments facilitated by leading online payment providers in Vietnam and the rest of Southeast Asia is only going to keep rising in the near future. Take a look at some of the advantages you can enjoy with online or e-bank payments in SEA. Cashless Payments in Southeast Asia When it comes to a digital economy, China has been a clear leader in this regard. Across this populous nation, fintech firms have been instrumental in executing cashless payments. However, in recent years, other parts of Southeast Asia have also provided competition to challenge this status quo. It has been noted that commercial bank customers who form a large percentage of urban consumers in the region, already use the e-bank payment for SEA (Southeast Asia).  Recent Growth and Government Support Southeast Asian consumers are driving a digital payment revolution, which is all set to grow in leaps and bounds. For example, for the development of cashless payments, the Vietnamese government has launched a special financial scheme. Further, apart from local payment solutions, several international players have also started investing in Vietnam. Safer and More Convenient Payments Payment providers try to make online payments safe and more convenient as they strive to improve service quality and develop new features. Online businesses or customers have several different choices when it comes to choosing a payment gateway. Small and medium enterprises can access these services without going through several complicated procedures. Further, reputed providers offer a customized service that can be tailored to meet the requirements of a growing business. A 24/7 service is also often provided to make it more convenient.  Virtual Account Solutions Certain online payment providers in Vietnam offer virtual account options to meet the growing demand of the merchants in the market. Supporting more than ten Vietnamese banks, virtual account payments can be received within seconds. A variety of payment options such as ATM, QR code payments, and e-wallet payments are also taken care of by these providers. On an approval basis, they also support OTC banking options. Reach a Wider Customer Base With flexible settlement schedules, multiple currency transactions, hosted payment pages, mobile payment, batch payment, and multinational transactions, there’s no limit to the options for online payment providers in Vietnam. Get in touch with leading providers so you can get started on offering high-end services to your customers. Do not let the competition get the better of you. Invest in professional online payment solutions to capture the SEA market.
A smooth online customer experience is often the result of a fast, secure, and easy payment process. Looking ahead, customer growth and retention are likely to be driven by high-quality and professional e-commerce payment gateways. The lifeblood of an e-commerce business is payments; thus, the success of your online store will largely depend on your choice of the right online payment solution.  What is a Payment Gateway? The system and infrastructure that facilitates payments from your e-commerce store are termed an e-commerce payment gateway. It enables merchants to accept and manage payments and mitigate fraud in a secure way and helps to process transactions from a website. In simple terms, it can be thought of as a cash register for your online business. What is a Merchant Account? One will regularly come across the term ‘merchant accounts’ when looking into SEA online payment solutions. A special type of bank account for receiving payments from debit and credit cards is known as a merchant account. Since this is where the bank retains funds from credit and debit cards for a particular period of time, a merchant account sits separately from your normal account. As part of their normal routine, banks will then batch process these payments.  When thinking of a SEA online payment solution, there are certain main factors to be considered: 1. Payment Types A number of payment types are processed by online payments. The most common are traditional key entry credit card or scheme debit card purchases; however, other options are now becoming popular. Alternatively, rather than entering shipping, billing, and card details, you can simply enter a password to complete a transaction made through recognized payment providers. 2. Currencies/Localization Has your business become accessible to international consumers from several countries? Today, online retail business crosses geographic boundaries. With high cross border trade, the Asia Pacific market is of special importance. You need to ensure that you can process payment transactions, especially if you intend to ship to such markets. It is important to ensure that the gateway can connect to merchant banks and can process the currencies that you want to accept. 3. Hosting/On-form Payments An e-commerce payment gateway can either be non-hosted or hosted. In a hosted gateway, your customer is redirected away from your e-commerce website at the payment stage. They will be redirected back to your store once payment has been made. These are easier to integrate and to set up. However, it disrupts the shopping experience and can affect the overall customer experience. This could lower your sales volumes since customers are often concerned when they are directed to the third-party hosted solutions. 4. Cost For any business, this is most likely one of the main areas of concern. Since the cost can vary from vendor to vendor, when choosing an e-commerce payment gateway, there are several fees that you need to consider. There is often an initial set-up cost to cover the approval and integration to your merchant account. With regard to how SEA online payment solution vendors charge, there are a number of variations. For each transaction, there is a small percentage charged called the merchant discount rate.  All e-commerce businesses suffer from a growing issue, which is, unfortunately, online fraud. Your brand’s reputation and business can incur significant loss and damage from fraudulent activity online. Therefore, in the long run, it is wise to choose an e-commerce payment gateway that provides maximum security. Data encryption must be integrated into all online payment gateways. Get in touch with leading providers who have ample experience and expertise in this area. 
Every day, we learn something new. In the corporate world, innovation and adaptation are the keys to being successful. The same is applicable to the world of consumers. Consumers want what is hot, what is trending, and what is easy.   What is the Contactless Payment?   Contactless payment is a secure payment method where customers purchase products or services using a debit or credit card or any other device using near field communication (NFC). Mobile app payment and online payment using any of the above-mentioned methods come under the same category. With the advancement in wireless technology and the ever-increasing popularity of smartphones, this technology has become a game-changer. This is because consumers need not carry physical currency any longer as all transactions can be carried out using the consumer’s smartphone.   Why is Contactless Payment Gaining Popularity?   The year 2020 has seen the rapid spread of COVID-19. Since the virus has been understood to spread through contact, we have to find ways to carry on doing things using contactless methods. To stay ahead in the game, online payment providers in Vietnam are offering contactless payments as an option that fits very well with the current scenario.   For consumers, contactless payment offers a far more convenient, flexible, and secure alternative to other modes of payment. It allows them to manage all aspects of their transactions. This includes actions such as viewing transactions, resolving disputes, and scheduling purchases to meet their individual requirements. It works well for merchants, too, as it eliminates costs related to cash management expenses.   The momentum with which contactless payment is gaining popularity shows no sign of slowing down. Experts predict that a new cultural standard has been set, and merchants and online payment providers in Vietnam are being advised to embrace this shift.   Advantages of Contactless Payment   Contactless transactions are quick and can ensure reduced queuing at establishments as mobile app payments do not require a PIN to be punched. These transactions are often more secure as it involves data encryption and dynamic data technology. Bulky wallets are a thing of the past as your NFC enabled smartphone is all you need to complete your transactions. From the business owners' perspective, contactless transactions help reduce the time that businesses spend on operating card machines or counting cash. Most online payment providers in Vietnam offer contactless payment facility without any additional charge.   When looking for an online payment provider, always check their reputation and credibility in the industry. There are several leading service providers who have only a transparent and stress-free service, keeping your company objectives as their central focus. Get in touch with them to find out how they can integrate these services into your business.
Choosing an online payment gateway that is best suited for your business requirements can be a very tedious process. You should ensure that the customer experience through the online transaction is smooth, secure, and quick, with the least number of clicks. If the customer experience is positive, it will ensure that customers will come back to purchase other products or services in the future. The top three considerations to make while selecting an online payment gateway in Indonesia are listed below. Safety Regulations & Security Features Mobile payment gateway providers should have permission from Bank Indonesia to run their service, and in addition to this, they should have a license from PCI DSS with Level 1 as per government directives. Online payment has become part of our daily lives. We are processing online transactions not only through credit cards or debit cards but also through other modes like internet banking and e-wallets. Considering the sheer volume of transactions carried out using online payments, the risk management team behind the online payment gateway must monitor all transactions in real-time. They should be able to notify merchants or customers immediately in case any risks are identified. With greater technological advances and with more merchants and customers opting for online transactions, there is always the risk of cyber fraud and hacking. Online payment gateway service providers should also be able to ensure that merchants and customers’ privacy is not breached, and data is not unintentionally leaked. Customization and Support Online payment gateway providers should be able to provide easily customizable payment platforms to offer a seamless experience for customers from browsing to checkout. The provider should also be able to provide easily manageable APIs for mobile apps to attract more customers in this digital age. Your partner offering mobile payment gateway should provide customer support 24 hours a day and seven days a week. This customer support service can be in the form of email, phone, or WhatsApp. The service should be efficient and responsive with quick turnaround time. Customer service support should be free of cost, and it is worth noting that customers are entitled to it. Multi-Currency and International Acceptance Business owners who sell their products and services overseas will largely benefit if transactions are smooth and if payments can be realized instantaneously. On the other hand, international customers are more likely to complete their purchases if they can make the payment in their own currency. In Indonesia, there are only a few providers who allow transactions in international currency. Therefore, in the interest of fulfilling the requirements of reaching a global audience, business owners must look for a provider of online payment gateway in Indonesia who can offer the option of multi-currency transactions. As international boundaries are nonexistent in online transactions, business owners can now use technology to their advantage to attract international customers comfortably.
In the current digital era, businesses are forced to adapt quickly and oftentimes without warning to match the ever-changing consumer expectations and buying habits. In order to succeed, you need the right e-commerce solution provider who can focus on the digital aspects of your business while you focus on the more important areas of your business.   Background and Integration Experience   To shortlist your e-commerce solution partner for online payment solutions in Thailand, the first step would be to verify/research what your potential partner has delivered in the past and to whom. It is imperative to choose a partner who has a proven track record in all areas of e-commerce. It is worth noting whether they have delivered projects across various industries to successful clients and also whether they have experience servicing their clients globally. You would also want to look for a provider that has the skills and expertise in integrating the systems with which you are currently working. This would include ERP, POS, CRM, payment gateways, and personalization.   Multichannel Reach   With rapidly changing technology, customers’ online behavior is continually changing. To respond to these increased customer expectations, you will have to take your business to wherever your customer is. Customers want to shop when, where, and how they want. Your presence should be in every channel, and your e-commerce solution provider should be able to position you in every channel from the physical store to the application, website, delivery tracking, and payment. The partner should be able to maneuver across each of these channels to provide a seamless experience that today’s customers demand.     Efficiency and Economy   You will need to look for an e-commerce solution provider who will offer solutions with a quick turnaround time to mitigate any negative impressions on your customers. The provider has to be sensitive and responsive with a proven track record. On your part, you need to understand how new solutions have affected your potential provider’s clients’ traffic, growth, revenue, and any other metrics that could affect your business. This will equip you to understand better whether your potential partner can turn technological inputs into real, tangible outcomes for your business.   Once you have decided on a budget, you will need to look for a partner who will fit within this budget. You need to be wary of the way potential partners will pitch their prices. Some may offer a quote based only on fixed costs based on predetermined deliverables. Some others may quote a low rate to clinch the deal and then hit you with individual hidden charges, which will pile up over time as things get added when your business is live. It is wise to opt for transparent pricing, keeping long term objectives in mind, rather than have unprecedented expenses which are not within your budget.
John had landed at the airport and boarded his taxi to take him to a meeting. In his rush, he forgot to carry his wallet. But he was comfortable knowing that he could use his e-wallet on his phone to make this particular payment.   What is E-Banking?   Electronic banking or e-banking is a method of transferring funds from one account to another using an electronic medium. The different forms of e-banking include, but are not limited to, internet banking, ATMs, telebanking, smart cards, debit cards and mobile payment solutions or mobile banking.   Benefits of E-Banking   Payments made electronically are realized immediately. This saves time for customers and business owners. The cost of transactions for customers is minimal, and in many cases, without any cost involved. Customized statements are always available online, and tracking expenses can be done very quickly. This saves you from the occasional trip to the bank to update your statement. Transactions can be done 24/7 using mobile payment solutions as banking apps can be used even after banking hours. Many merchants also provide a variety of offers for customers who use mobile wallets for payments. Over time, banks can save money by reducing staff as customers are not dependent on physical banks anymore. While making online payments, customers can make worldwide payments instantaneously because there are no geographical boundaries within the internet.   Concerns with E-Banking   Many customers who use mobile payment solutions for the first few times will run into problems. To address this, banks will need to have a very strong and well-trained customer support department to deal specifically with these issues. Using the internet has its share of concerns when it comes to dealing with security. Online fraud and theft have been rampant in the past. With the advancement in technology, banks will need to keep all security features up to date to protect the privacy of its customers and provide the highest level of security for the funds that belong to its customers. E-banking is dependent on telecommunication systems. Any failure in this will be an inconvenience to customers and merchants.   The Future of Cashless Transactions is Here   SEA is at the cusp of a financial revolution. About 49% of urban bank customers already use mobile wallets. The proportion is set to reach 84% by 2025. E-bank payment in SEA is still in its nascent stages, but it is set for a big rise owing to the dense population and the dynamic economic growth. Over one-third of SEA, customers expressed their willingness to shift to any form of digital transactions rather than stick to traditional banking activities. Research has indicated that up to 12% of credit card users in Indonesia, Malaysia, Thailand and Vietnam could move to non-bank digital players in the market. SEA is fast emerging as a mega-market for digital consumer finance, where more than 70% of the millennial are connected to the internet.
As a business merchant, it is essential to understand the aspects that help to enhance your business. This includes providing materials and services that are impeccable. For a merchant, keeping up with the quickly changing marketplace includes choosing a trustworthy and reputed online payment gateway. Let us understand why merchants cannot do without one. A Swift Means of Transaction Having the support of a strong online payment gateway can ensure a hassle-free and instant transaction. Despite the geographical restrictions, customers can easily make payments with just a simple click. The customer and the seller are immediately notified once the transaction is complete. It enhances the scope of merchandise sales and boosts the business. A Secure Means of Transfer Merchants have numerous sales per day and online invoice software is far more secure than cheques. Online payment gateways integrated technologies like APIs and Artificial Intelligence protect the owner by monitoring fraud and list the customers and orders according to the merchant’s preferential setting. This prevents undue losses to the merchant or confusion that could hamper the customer-base. It also saves them from worrying about exchange rates since providers may accept payments from different methods. Access to Customers Around the World Simply put, further the reach, the better the reputation. Business owners need to constantly increase their customer-base. Considering that, online payment gateways should allow access to customers anywhere in the world. Asian countries have now become a priority as they have a majority of online buyers. Providing and accepting payment solutions in Malaysia and other Asian countries will not only increase the number of customers but the reputation of your business as well. Optimal for Impulse Buyers and Last-Minute Sales Online payment gateways are constantly trying to increase traffic for business owners. With their help, you can increase your sales, especially with impulse buyers. Any customer who lays eyes upon a product and wants to buy it immediately would not want to wait for a complicated and elaborate payment process. But the option of instant payment lures them to buy their favorite products from you. It is also optimal for last minute sales when several customers are rushing to complete the payment before the deadline. Your site helps them speed up the process to buy more with less work. Consider payment solutions in Malaysia to take your business to the next level. Offers and Vouchers to Ahead in the Game The constant competition requires merchants to gain the trust of their customers and a strong reputation in the market. Registering with a reliable online payment gateway for a specified duration creates affiliated programs with lucrative offers and vouchers for customers. Such affiliate programs offering vouchers or discounts helps the business to get that competitive edge.
Payment gateways have helped to simplify the payment procedures in a secure manner. Here is a guide to understanding payment gateways and what should the merchants consider while choosing the best. What are Payment Gateways? Modern technology has come a long way since the genesis of the internet. As easy as it has made a life for everyone, a constant threat of misuse always seems to loom over its usage. That is when payment gateway methods step in as the savior. This simple technology allows the customers to make payments either physically in bricks and mortar shops via credit and debit cards or provides easy processes to register for online payment methods. Choosing the best online payment service provider can be a challenge. Here are a few things to look out for. The Payment Methods Offered The online payment service providers are entrusted with making the transaction process easier for the merchants as well as the customers. Choosing a gateway that offers a wide range of payment methods can make the task simpler for both parties. Methods like card payments, mobile applications, crypto-currencies, and services like Payment Asia can help the merchant to accept payments from across the globe. A Global Outreach for Merchants With the unrelenting markets and constant new businesses, it has become necessary for merchants to reach out to customers abroad as well. Thus, any online payment service provider that restricts the same, affects the business of the merchant. Asia has a majority of online transactions on a regular basis. So choosing an online payment gateway for the Philippines and other Asian countries can boost the online business. API Services for Better Security Money always runs the risk of being lost or misplaced. Therefore, the online payment service provider should have top-notch security for its customers. It should ensure that only for the owner and the customer has access to the transaction details. The gateway must provide a safe channel along with other services like maintaining the customer list and keeping a track of the orders. A Reliable Customer Service The online payment service providers are responsible for not only the transactions but other services like generating traffic and securing the merchant’s finances. This requires a customer service that is available 24/7 to answer all the queries immediately. A business that intends to trade on the global front requires a multi-lingual customer support service. It helps the companies to direct the queries without fearing delay in translations. Some online gateways offer fraud monitoring which prevents the customer from suffering losses due to fraudulent activities. A Team of Experts Managing a business that is constantly dealing with customers around the world, the support of a dedicated team of technical experts is always required. An online payment service provider that has a team of experts creating customized development solutions and regularly updating technology to provide a better experience is the best choice. So, consider these aspects before registering with one!
Recent research has shown that there are about 2.05 billion online shoppers as of 2020 which works out to a little over a quarter of the world’s population. Many of the purchasers are habitual shoppers and they shop from just about anywhere. In Vietnam, the number of people making payments using their mobile phones has grown faster than elsewhere in Southeast Asia according to a report from PwC and these include mobile app payments. From 37% in 2018, the percentage of consumers using mobile payments increased to 61% in 2019 in Vietnam. It is important that as a business owner you use these facts to leverage your position as a great service provider to your customers be it in-store or online from start to finish including a seamless platform to complete a purchase over and over again. A Comprehensive Data Analysis At a basic level, when a customer makes a mobile app payment, you receive payments faster which helps in reducing your operating costs. But the customer does more than just pay you. He leaves a digital footprint which leaves you with plenty of verifiable amounts of data for the purposes of analyzing. Your most important business decisions can come from the insights that you draw from this analysis. You can forecast sales and predict trends that will enable you to make changes or redesign your offerings. As the sales data is made available to you in a short time, you get a complete analysis based on your preference. You can also print reports sooner for comparison on a day to day or week to week basis. Simplify Shoppers’ Experience Many a time, people may forget to carry their wallets but not their mobile phones. This provides them the convenience of simply scanning your QR code or providing a PIN or OTP to complete the sale. Here, both parties get an instant notification. If there is any error, steps can be taken to correct it immediately. Besides, purchases made via cards are dependent on an electronic swiping machine and other external factors such as poor internet connectivity, chip damage, and so on. Multiple Currency Acceptance Today, a customer has the choice of sitting in Mumbai and purchasing a box of herbal tea sold by a retailer based in Hanoi. No matter where the customer makes his or her purchase from, you can always receive your payment in the currency of the country you are located in. Such are the benefits of using mobile app payments. At the end of the day, you are going to get paid through various channels and when it comes to anything pertaining to a digital platform, you must ensure that your online payment provider in Vietnam is able to help you with much more than just receiving payments.