payment solutions Archives

Singapore – Mastercard has recently introduced Mastercard Pay Local, a global service that makes it easy for consumers to make card payments to merchants using local digital wallets. With Mastercard Pay Local, resident cardholders or international travelers can easily link their credit or debit cards to a digital wallet and immediately shop at participating merchants, without needing to set up or top up a prepaid account.

With this, residents can pay the micro, small and medium enterprises (MSMEs) that do not accept traditional card payments through digital wallets, while tourists and international travelers can enjoy convenient, seamless payments across the destinations they’re visiting.

Moreover, hundreds of millions of MSMEs can experience increased reach with minimal infrastructure investment or disruptions to their operations.

Lastly, wallet operators can extend their customer base by attracting individuals who primarily use cards, providing a smooth consumer experience and achieving quicker time to market. Card issuers can also deliver more points of acceptance for the consumers they serve.

Leading wallets in Asia-Pacific, such as DANA in Indonesia, Touch ‘n Go in Malaysia, Bakong in Cambodia, and LankaPay in Sri Lanka, will use Mastercard Pay Local to facilitate payments for consumers at more than 35 million merchants in the region that accept these wallets.

Beyond Asia-Pacific, the service is also geared towards regions where digital wallets are widely used for everyday purchases, such as Latin America, Eastern Europe, and the Middle East and Africa.

Sandeep Malhotra, executive vice president, products & innovation for Asia-Pacific at Mastercard, said, “With Pay Local, Mastercard is extending its global network to partner wallets and expanding acceptance by making it possible for Asia’s digital wallets to process card-based payments. This creates a low-cost, simple, stable, and secure connection between over 35 million merchants in Asia Pacific and two billion Mastercard cardholders.”

He added, “Locals benefit from new payment options while tourists can use their cards as they do at home, making travel infinitely easier, with one less thing to worry about while on the road.”

Pay Local builds upon Mastercard’s existing collaborations with leading wallet providers, including Alipay and Weixin Pay in the Chinese Mainland and Octopus in Hong Kong SAR, to offer a convenient way for international visitors to pay like locals when traveling to these locations, regardless of where in the world their Mastercard card was issued.

In addition, a range of digital wallets across the region already accept Mastercard cards for funding, enabling easy payments at merchant locations that accept these wallets, including GrabPay in Southeast Asia, Maya in the Philippines, ShopBack in Singapore, and TrueMoney in Thailand.

Darrick Rochili, chief innovation officer at DANA, commented, “At DANA, we are committed to enhancing the accessibility and convenience of digital payments for all users. By collaborating with Mastercard, we are excited to offer international travelers a seamless way to register and bind their cards to DANA, furthering our mission of bridging financial inclusion across borders. This collaboration reflects our dedication to improving user experience and supporting global financial mobility as we anticipate increased international travel.”

Meanwhile, Alan Ni, CEO at TNG Digital, stated, “As Malaysia’s leading digital wallet and financial services provider, we are proud to have expanded our services beyond national borders, enabling users to travel cashless and make seamless payments internationally. Our collaboration with Mastercard underscores the strength of our open platform strategy, allowing us to extend cashless payment solutions to international travelers visiting Malaysia, contributing to the country’s tourism industry and economy. We are pleased to offer inbound tourists the convenience of cashless transactions via QR payment at over 2 million merchants, retail outlets, and service providers across Malaysia.”

Singapore – Global cross-border payment network Thunes has announced the expansion of its acceptance payment network to Indonesia, Malaysia, the Philippines, Singapore, and Thailand to enable global merchants to accept payments via local payment brands.

The network expansion will enable European and international merchants to receive and settle payments from SEA consumers in their currency of choice.

Thunes’ expansion aims to solve the problem of differences in payment methods, with US and European consumers using credit cards as the main transaction method while SEA consumers use alternative payment systems like mobile wallets, ‘Buy Now, Pay Later’, and ‘Real-Time Payment’ schemes.

With the expanded acceptance network, global businesses can now accept payment from local payment brands in Indonesia (Alfamart, DANA, OVO, QRIS, and ShopeePay), Malaysia (DuitNow, Boost, GrabPay, Maybank QR, ShopeePay, and Touch ’n Go), and the Philippines ( Cebuana Lhuillier, GCash, GrabPay, InstaPay, Maya, PESONet, ShopeePay).

Furthermore, its acceptance payment network also extends to Singapore (Atome, GrabPay, PayLater by Grab), and Thailand (Bangkok Bank, Bank of Ayudhya – Krungsri, KBank, Krungthai Bank, SCB, PromptPay, Rabbit LINE Pay).

Andrew Stewart, executive vice president of Account Management and Network at Thunes, said, “While Southeast Asia’s rapid growth offers a remarkable and enticing opportunity, the speed of change in this region can pose a daunting challenge for merchants. In order to keep up with ever-evolving consumer preferences, businesses must be agile and provide a range of local payment options.”

“At Thunes, we’ve hand-picked the most relevant payment brands in Southeast Asia to help merchants in gaming, eCommerce, and marketplace platforms enter new markets and expand their footprint. Through our extensive acceptance network comprising 300 payment methods in 90 countries, businesses can easily tap into the vast digital-first consumer market, creating instant connections with millions of potential clients,” he added.

Singapore – Mobile technology company Grab has partnered with payments technology company Circle Internet Financial (Circle) to bring the first-ever Web3 customer experience in the country via the launch of ‘Grab Web3 Wallet’ in the Grab app.

Through this partnership, Circle’s new Web3 Services platform is integrated into Grab’s mobile app. With this, Singapore-based users can now set up a blockchain-enabled wallet, earn rewards and collectibles, and use non-fungible token (NFT) vouchers.

Circle Web3 Services aim to help both existing Web 2.0 internet companies and new pure-play Web3 start-ups safely and easily bring the power of stablecoins, digital assets, and smart contracts to consumer and enterprise applications.

Launched as a pilot for the SG Pitstop Pack, the ‘Grab Web3 Wallet’ supports the use of these NFT vouchers at popular stores and adventures in Singapore during the F1 Singapore Grand Prix. Furthermore, the collaboration between Circle and Grab supports the Monetary Authority of Singapore’s (MAS) Project Orchid initiative as a real-world demonstration of purpose-bound money.

Jeremy Allaire, co-founder and CEO at Circle, said, “Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realising the full potential of responsible digital asset innovation.”

Meanwhile, Dante Disparte, chief strategy officer and head of global policy at Circle, shared, “Circle is thrilled to partner with Grab to accelerate adoption of blockchain-powered innovation and support Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation.”

Singapore – With half of commuters in Asia Pacific using four or more different payment methods for transportation each month, Visa’s ‘Global Urban Mobility Survey’ conducted by Wakefield Research shows that 58% of respondents expressed a desire to use a single payment method for all transport modes, which would encourage them to use public transport more.

The study surveyed commuters across Australia, Indonesia, Japan and Singapore, with 96% of respondents expecting public transport providers to offer contactless payment methods, and 65% of respondents likely to use a contactless payment option for their public transport needs.

These options include contactless debit, credit or prepaid cards. Benefits cited for leveraging contactless payments include convenience, having less worry about the amount of cash on hand, and a guarantee of the best possible fare through fare capping limits.

That being said, the study also shows that half of commuters are willing to use public transport on a more frequent basis if they are fare-capped. Contactless payments guarantee exact fares for transit riders as opposed to other methods such as cash. Fare capping also limits how much a commuter pays for their total rides in a day, week or month, eliminating the need to tie up funds.

Talking about the results, T.R. Ramachandran, head of products and solutions at Visa Asia Pacific, said, “The study reveals a strong demand among commuters in Asia Pacific for seamless and convenient payment options in public transportation. At Visa, we continue to work closely with governments and transport operators to offer a unified payment experience that accommodates a wide range of payment methods to boost urban mobility by focusing on customer convenience.”

“Digital payment methods for public transport play a key role in supporting underbanked and unbanked individuals, for which public transport remains a necessity. As a leader in digital payments, Visa is committed to ensuring inclusivity in the urban mobility ecosystem through accessible financial solutions,” he added.

Manila, Philippines – Security Bank Corporation, a universal bank in the Philippines, has signed a contract with real-time payment software company ACI Worldwide in order to improve on the bank’s real-time payment hub.

ACI will be providing their cloud-native ‘Enterprise Payments Platform’ solution for Security Bank to be able to unify its payments platform and facilitate the interactions between payment services and gateways for high and low-value payments such as InstaPay, Philippine Domestic Dollar Transfer Service System or PDDTS, PESONet, Swift, and PhilPaSSplus on ISO2022 standards.

This modernised payment hub allows Security Bank to roll out products and services to customers faster and add new payment types seamlessly and cost-effectively to its core infrastructure.

Leslie Choo, senior vice president and managing director of ACI Worldwide-APAC, says,”Security Bank is at the forefront of driving customer centricity and redefining the digital real-time payments landscape in the country, and ACI is proud to support the Bank with cutting-edge payment hub technologies in leading this transformation.”

He added, “Our robust solutions go from powering country-wide real-time payment ecosystems to interconnecting cross-border real-time payment networks and enabling the integration of different types of payments, such as the convergence of high-value and low-value payments into a single, unified, intelligent, cloud-native payment hub. “

Meanwhile, Stephen John Bell, senior vice president and channels network group head at Security Bank, said “Digital real-time payments are becoming ubiquitous, with today’s customers looking for a hyper-connected, frictionless customer experience. ACI’s modern, scalable, and cloud-native architecture will power real-time payments to meet the dynamic demands of our customers in the digital era. This initiative and our investment in innovative payment technology are testament to our unwavering commitment to customer-centricity.”

Lastly, John Cary L. Ong, external vice president and transaction banking, group head at Security Bank, also supports the enhancing transition into real time payment in the Philippines, saying,”A modernised real-time payment solution offers financial resiliency and agility for businesses in the Philippines through enhanced cash flow management and improved business liquidity. For Filipino consumers, they can look forward to a fast and seamless customer experience through secure digital channels. As Security Bank celebrates 72 years of enriching lives and empowering businesses, the partnership with ACI signifies our commitment to deliver a BetterBanking eXperience.”

Sydney, Australia – As e-commerce company Shopify brings to Australia its latest suite of integrated retail hardware and payments for retailers in the country, the company has recently published a study on the status quo of the local retail scene.

According to the study, despite online shopping likely to double, most Aussies still prefer to shop in-store. However, retailers are having to cater to and accommodate new ways of shopping such as contactless payments, local delivery, and click-and-collect that have been accelerated by the global pandemic.

Furthermore, Aussies are increasingly turning online to make their purchases. The research shows the number of shoppers buying mostly online will likely double post-pandemic vs. pre-pandemic, from 7% pre-pandemic to 15% now that many COVID-19 restrictions have started to ease.

Shopify also noted that buying in brick-and-mortar stores, still tops Australia’s shopping preference with 64% of people choosing to buy mostly in physical stores post-pandemic, compared to 79% before COVID-19.

“We are experiencing a fundamental shift in how people shop following the global pandemic. This new retail renaissance is forcing retailers to adapt to new business models, as digital disruption is fueled by rocketing customer expectations for convenience, personalization, experience, and safety,” said Shaun Broughton, managing director APAC at Shopify.

The report also reveals the number of Australians buying online for click-and-collect or local delivery will continue to grow compared to pre-pandemic. The former increased from 17% pre-pandemic to 23% post-pandemic, and deliveries from online purchases grew from 37% to 43% accordingly. On the other hand, buying through social media is predicted to stay relatively low among Aussies, sitting at 5-6%.

In other data, Shopify noted that the top 3 expectations of consumers are free shipping (64%), easy returns (58%), and efficient customer service (57%). About 8 in 10 shoppers say buying local is important to them, with proximity (77%) and supporting local business owners (60%) cited as the main reasons why.

Meanwhile, 29% of online shoppers would select pick-up from a physical store location if free-shipping is not available, and 52% expect retailers to offer ‘click-and-collect’. Furthermore, 93% have used a non-cash means of payment while shopping in-store (e.g debit card, credit card, mobile wallet).

“Australia has quickly become an important market for Shopify, so bringing integrated retail hardware and in-store payments to our Australian retail merchants is a pivotal step in future-proofing their businesses,” Broughton added.

Shopify’s hardware launch, categorized under the Shopify Point of Sale (POS) and Shopify Payments suite, aims to bring said benefits:

The ability for retailers to accept all major payment methods, however, and wherever they need to in order to make the sale
Secure and reliable checkouts for both retailers and customers when completing a sale, all through a single POS system.
Unified back office to track and manage sales, payments, and payouts across online and in-person retail all from a single location
Returns and exchanges helping retailers assist customers with purchases made online or at other locations
Upfront pricing with a single rate for all credit cards and no hidden fees or hardware rental fees

Manila, Philippines – Philippine installment payment platform BillEase has announced new partnerships with four ecommerce platforms namely Shopify, WooCommerce, Magento and Prestashop to bring payment installment schemes for merchants and retailers in the country

Merchants that use any of these platforms can now integrate with BillEase and activate ‘Pay Later’, ‘Pay in Installments’ and ‘Pay with Down Payment’, which will provide customers with flexibility in payments and smoother shopping experience.

The multi-platform partnership is in response to retailers doubling their efforts in ‘moving’ their businesses online in the mid of the pandemic. Furthermore, as many Filipinos are still unbanked and uncarded due to signup processes, BillEase provides both merchants and customers ease of service.

BillEase, which is developed by SEA-focused fintech company First Digital Finance Corporation (FDFC), enables customers to spread the cost of their purchases over time at a low interest rate, giving them flexibility and increased purchasing power. It also allows customers to afford big ticket purchases beyond their credit limit with a down payment solution.

On the other hand, the payment platform benefits merchants by paying them in full, absorbs all credit and fraud risks through its proprietary credit decisioning technology. BillEase also lifts conversion rates in the online space to accommodate payment with less friction and faster approval time.

“With this integration, we’re bringing our financial product closer to consumers by making it easier for merchants to add our point-of-sale financing option. Installment purchase is already a very popular option for most Filipinos when they shop in malls. But these offline offerings often don’t translate well to the online world and the payment experience is not seamless,” said Georg Steiger, CEO and co-founder of FDFC.

He added, “Our goal is to help merchants improve their conversion rate by making the online buying experience a pleasure for customers. Spreading payment over monthly installment with extremely affordable rates makes their shopping experience lighter. For merchants, they can enjoy an increase in basket sizes and more conversion as we also support 0%-APR plans with no cost to customers. Over 90 percent of Filipino consumers are disenfranchised when it comes to credit cards. In contrast, BillEase is a simple, safe and transparent cardless alternative to revolving credit lines for online shoppers who primarily use debit cards and are usually underserved.”

Singapore – Ascenda, a loyalty solutions company, has launched OffersHub, a meta-aggregation and personalization engine that allows merchants to personalize their offers and loyalty programs for their customers.

Primarily targeted to banks and other digital payment platforms, the recent product launch aims to allow these merchants create customer connections through their reward values.

“Our proposition delivers a rich pool of personalized offers with sustainable funding mechanisms – all delivered in a turnkey solution. The unique meta-aggregation engine at the heart of OffersHub enables our enterprise clients to tap into deal content across multiple sources, so they can provide the most compelling proposition to their customers and capture the greatest return of investment (ROI) on their marketing investments,” Mark Mullinix, head of strategy & partnerships at Ascenda stated.

Included within Ascenda’s offering are streamlines for various gateways of reward programs such as card-linked offers, coupons, e-commerce affiliate rewards, and discounted gift card purchases. A hyper localized approach is also offered to predict relevance factors such as demographics and geo-location.

Manila, Philippines – Local-based telecommunications company PLDT has recently partnered up with e-commerce Shopee’s payment platform ShopeePay to bring convenience to payment gateways for services provided by the local telco.

The recent partnership aims at providing more payment service options for PLDT customers in settling their payments for postpaid plans, WiFi, and other bills.

Users can pay through ShopeePay in the Shopee app, under the “Load, Bills & eServices” option.

Accompanying the recent partnership is a chance for PLDT Home subscribers to receive rewards just by paying through the ShopeePay platform. Users may enjoy Shopee coin cashbacks for the following promos:

300 Shopee coins cashback when users pay every Monday, Thursday, and on November 11 by using the voucher code PLDTBILL300.
250 Shopee coins cashback every Tuesday, Wednesday, Friday, Saturday, and Sunday with the voucher code PLDTBILL250
200 and 150 Shopee coins cashback respectively when they pay their bills with PLDTBILL200 and PLDTBILL150 voucher codes

“As more consumers are turning to our platform to stay connected and fulfill their daily needs, we are committed to providing them easy access to digital payment services such as ShopeePay for seamless payment,” said Martin Yu, associate director at Shopee Philippines.

Shanghai, China – Customer-centric innovations and features—this has been Alibaba’s focal point this year as they recently announced their plans for the annual 11.11 Global Shopping Festival.

As ‘11.11’ continues to grow by the year, Alibaba focused on launching new strategies in the midst of changing consumer behaviors. Strategies include promotion of Alipay’s digital lifestyle platform, ‘doubling’ of shopping windows that will aid in featuring more brands and merchants, consumer reach and promotions, and utilization of livestreaming technology to drive more engagement from customers, especially from Chinese consumers, which has been noted to create the largest international presence to date.

Alibaba’s Alipay digital lifestyle platform aims at connecting almost two million local service providers in China, including micro-merchants such as street stalls and small-scale grocery stores. On the other hand, the company recently launched its Taobao Deals’ “RMB1 Sales” campaign, which aims at encouraging consumers to purchase goods at huge discounts and free shipping. Lastly, in regards to the livestreaming strategies, Alibaba aims to launch a shopping festival concept in Southeast Asia-namely in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam markets.

Jiang Fan, president of Taobao and Tmall, expressed his hopes for the 11.11 Global Shopping Festival, stating that through these innovations, the company hopes to adapt to the changes this year has brought to the consumer market.

“The pandemic has fundamentally changed consumer shopping preferences and accelerated digital transformation of many businesses. Through our expansion from ‘single’ to ‘double,’ 11.11 will be offering more opportunities for merchants both online and offline to engage with consumers as well as provide a better consumer experience overall,” Fan stated.