Tag: Payment

Philippines – Philippine super app Gcash has recently unveiled its reinforced international services during the Singapore FinTech Festival this 2023, aiming to deliver the convenience of using the app towards Filipinos looking to travel or work abroad. 

Notably, GCash also revealed a new feature in the app where users can view real-time foreign exchange rates in select countries such as Singapore, Japan, and the USA.

This strengthens the efforts of GCash, which has been growing its reach beyond Philippine shores through its partner, global payments giant Alipay+, by allowing travellers to use the e-wallet for cashless transactions in 17 countries such as Singapore, Japan, and the USA. 

This initiative in turn has enabled users overseas to sign up for GCash using international mobile numbers in six countries such as the USA, Italy, and Japan.

Partnering with Visa as well, GCash users can also make cashless transactions with over 80 million merchants across 200 countries. Customers can order the new GCash Card via the app, and can pay with GCash in establishments that accept Alipay+ by either scanning their QR codes or generating a code.

Talking about these features, Martha Sazon, president and CEO of Gcash, said, “Through GCash services, Filipino travellers as well as those who live and work overseas can enjoy the same benefits as those who own credit cards and bank accounts. They can use the app to pay in stores and establishments that accept Alipay+ or accept card transactions.”

Singapore – Nium, the global platform for modern money movement, has acquired Socash, a Singapore-based alternative payments network platform in a definitive agreement. The acquisition provides Nium with the team and technology to enable multiple forms of local payment acceptance for digital commerce, especially in emerging markets. Cash is still a preferred method of payment across the Asia Pacific and Latin American markets, and the acquisition of Socash allows Nium to accept cash for transactions online – bridging the physical and digital worlds. 

Socash brings together financial institutions and digital commerce merchants into a thriving network that allows consumers to deposit, withdraw, and make payments with cash from more than 30,000 local shops, cafes, and grocery stores.

Together, Nium and Socash become the full-stack, platform-of-choice for global merchants with capabilities for local acceptance, multicurrency accounts, foreign exchange, and global payouts.The acquisition is expected to close in third quarter of 2022, subject to customary regulatory closing conditions.

Pratik Gandhi, co-founder and COO of Nium, said that the Socash team has built an impressive platform that bridges payments in the digital space with payouts in the physical world.

“When compared to current in-app payment costs, we estimate Socash saves up to 30 percent in commissions paid. With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance through to global payouts,” Gandhi said.

Jakarta, Indonesia – Indonesia’s Buy Now, Pay Later (BNPL) platform Kredivo together with global financial services company Mastercard and Bank Negara Indonesia (Persero) (BNI), a technology and payment innovation has launched the Infinite Card, a virtual card that can be used to pay on all e-commerce and online platforms by simply entering a few pieces of data, just like a credit card.

Through the collaboration, the new feature enables Kredivo’s customers to transact using Kredivo’s credit limit across all of Mastercard’s online merchant network. In result, millions of online shops who accept Mastercard can now accept Kredivo payments.

All transactions made with the Infinite Card will be removed from the Kredivo credit limit, which can go up to 30 million IDR (about US$2,500). Kredivo’s interest rates are the same for Infinite Card transactions: 0% for 30 days and 3 months installments, and 2.6 percent per month for 6 and 12 months. Each and every digital platform that accepts credit card payments can take use of the Infinite Card’s convenience features. The Infinite Card will be gradually rolled out to Kredivo’s user base over the next few months.

Umang Rustagi, CEO of Kredivo Indonesia, said that Kredivo is committed to providing retail credit products that are fast, affordable, and widely accessible. The Infinite Card, as the name implies, will provide unlimited access to online transactions, anywhere and at any time, making Kredivo a credit-card like product for our nearly 5 million Indonesian customers. 

“This innovation dramatically reduces the accessibility gap between traditional credit card holders and Kredivo customers,” Rustagi said.

Navin Jain, country manager for Mastercard Indonesia, commented, “Mastercard is proud to collaborate with Kredivo and BNI to bring the benefit of Mastercard’s acceptance network in Indonesia and globally to millions of consumers.”

“Kredivo is a pioneer in bringing financial access to new-to-credit consumers in Indonesia, and with Mastercard’s innovative value-added services, their consumers will now be able to use their purchasing power across online platforms accepting Mastercard payment cards. These solutions will bring consumers more choice and encourage them to use digital payment methods, an important goal of OJK (Indonesia’s Financial Services Authority) and the Central Bank,” Jain added.

Kuala Lumpur, Malaysia – Goobat, a Malaysian-based pharmaceutical technology company, is now accepting the cryptocurrency Bitcoin as a mode of payment on its e-commerce Goobat.care. 

Bitcoin, the cryptocurrency founded in 2009, has risen its validity within the financial market earning its spot as an acceptable new store of value. 

“There is a growing number of cryptocurrency enthusiasts in Malaysia. In fact, we have listened and learned that there is an increasing demand from consumers calling for the acceptance of Bitcoin and cryptocurrencies as a payment option and so, we believe this is a step in the right direction,” said Asher Looi, co-founder of Goobat.

He added, “Numerous central banks have been reported to begin exploring and adopting these cryptocurrencies. As part of the retail industry, we feel it is important and timely to educate the public that Bitcoin transactions are safe, and that users will still have full control of their money in their wallets,” pointing out that cryptocurrencies like Bitcoin are the future of finance.

Bitcoin payments through the Goobat.care web store will be powered by US-based cryptocurrency clearing gateway Bitpay.

The existence of the Goobat.care e-commerce is a response to the local issue of some pharmacies in sub-urban areas that may not have full access of the much-needed medications. Further, due to the lack of economy of scale, these outlets would tend to retail products at steeper prices.

“When we set up Goobat.care, we wanted to ensure that we could help suburban consumers find what they need. So now we have more than 3,000 products online to offer, at affordable prices,” Looi added.

The Goobat.care e-commerce site.

Once a transaction is completed on Goobat.care, Klang Valley customers can choose to receive their products by Goobat.care’s 3-Hour Express Delivery, or opt for the Standard Delivery option. The latter is available to customers nationwide. 

Goobat also assures that it will provide special handling for some products that may be temperature sensitive, or can be affected by changes in humidity like probiotics and other medicines. By the end of January this year, Goobat plans to introduce a mobile app and incorporate more languages into its platform.

“We integrate the Big Data concept into the core of all touchpoints. Our end goal is to build an artificial intelligence (AI) model in the future to serve our clients better. In the long run, this AI model will serve to identify risk groups based on their [consumption] patterns, or buying patterns of Goobat.care, and we will offer personalized supplements suggestions to our consumers,” he added.

Singapore – French prestige beauty company Sephora in Singapore has now partnered with buy now-pay later service Atome, to allow customers flexible payment options on their e-commerce website, mobile app, and brick & mortar stores.

For Alia Gogi, Sephora Asia’s president, the recent move ensures safer payment options for the consumers.

“The shopping behavior and profile of Sephora customers has evolved in the last few years, but especially so this year. They now not only expect a secure, seamless, and easy payment experience but also flexibility and choice in how they shop and pay for their beauty products online, on mobile, and in-stores.”

She added, ”We’re delighted to partner with Atome in introducing ‘buy now pay later’ flexible payment options to first our Singapore — and later Malaysian — customers, enhancing their shopping experience both online and in our stores.”

Alia Gogi and David Chen
(Left) Alia Gogi, President of Sephora Asia; (Right) David Chen, CEO of Atome

David Chen, CEO of Atome, commented, “We’re really humbled to partner Sephora, a global brand that is not only a leader in beauty and retail, but is also constantly evolving and staying on the forefront of the latest consumer shopping behaviors and payment trends. We’re thrilled to be able to offer Sephora customers in Singapore, and later Malaysia, a safe, easy, and flexible payment experience, especially as we enter the festive end-of-year shopping season.”

Atome is available on the App Store and on Google Play.