How PSP Made Purchasing Process Easier

Online payment service providers(PSPs) give shops a medium of accepting payments online through different payment methods, including credit card and bank transfer. The Internet brought the e-commerce industry and it has totally redefined the way products/services are bought and sold.

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Embracing disruptive technologies strengthens payment solutions

Asia Pacific region (APAC) is home to over 4.2 billion people comprising nearly 62% of the world's population. The APAC region has two of the world's largest populous countries on Earth - China and India. In 2015, the e-commerce market transacted nearly 900 billion dollars’ worth of sales. This figure is slated to reach nearly two trillion dollars by 2018. India, China followed by Indonesia are leading the charge. China has nine cities that are classified as e-commerce pilot areas meaning imported goods are stored under bond before customs duty is paid.

To facilitate payment of such goods the APAC region is witnessing serious competition among payment service providers for facilitating cross-border payments. Here is a partial list of the top payment service providers

Leading the pack is Alipay; its dominance is due to its parent company Alibaba Group. Their strength is maximizing Alibaba's customer base to directly buy foreign goods and paying in RMB - Renminbi. Tenpay is the main rival to Alipay and is an offshoot of Tencent the service behemoth from China. Their strength is the loyalty program dubbed QQ Caibei that allows credits to be offset by payments in future purchases. AsiaPay supports payments from India. Singapore, Thailand, Taiwan, and Vietnam. Payment Asia is headquartered in Hong Kong and provides payment services with its strength in multi-lingual multi-currency approach making this service provider a key player. NTT Com Asia is a Japanese payment service provider and is backed by communications giant NTT Group; most comprehensive and robust policies with 25 currencies settlements for cross-border e-commerce transactions in over 45 countries.

PaySec and Red Dot payment along with Paymentasia and Alipay are now going head-to-head in Indonesia, which has recently opened its doors for e-commerce ventures. The strength of the payment solution providers can be gauged in social media; for example paymentasia reviews has threads with conversations that throw light on deficiencies and strengths of almost all players. Payment Asia reviews have proved that disruptive technologies such as social media can be harnessed to improve services and as the technology evolves, the enterprise that embraces it completely will emerge stronger.

Related Source: https://paymentasiareviewshonkong.wordpress.com/2016/10/17/embracing-disruptive-technologies-strengthens-payment-solutions/

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There are two distinct reasons that are attributable to the rise of E-commerce. The first undeniably is globalization. Competition across borders has now become trade without borders. Trade agreements between countries now become trade between regions. The TPP (Tans Pacific Partnerships) between countries encircling the Pacific or TAP (Trans-Atlantic Partnership) is the forerunner to the existing trade agreements such as NAFTA (North America Free Trade Agreement) and EU (European Union). With Brexit happening there is bound to be an escalation in the use of acronyms signifying independent trade agreements starting with B or BR.

The second most and equally important reason attributed to E-commerce growth is the result of smartphone technology. Billions of people in the world are talking more and socially connected like never before. Mobile Internet technology is the major enabler and with communication technologies embracing 5G spectrum (most countries are already wired for 3G and 4G networks) the future for E-commerce growth is unimaginable. Consider the following metric; in 2015 APAC region (Asia Pacific) accounted for almost a trillion dollars; by 2018 this is rising up to 2.5 trillion and by 2030 the figure of 50 trillion is possible.

The APAC region has several players facilitating this trade such as Alipay, Union Pay, Payment Asia, NTT among others. There is one caveat for growth; the consumer is becoming smarter with the ability to single-handedly influence growth. Payment Asia review analysis has shown that a positive review can spread exponentially and the converse is true that a negative review can spread like wildfire and before you know it the damage is done. Termed disruptive sphere social media is a tool such as payments reviews is dissected, sliced and data gleaned to offer the service as decided by the needs of the customer.

Alibaba the e-commerce giant from China led by the charismatic Jack Ma is confident that engaging customers proactively 100% of the time is the only way forward. Other players such as paymentasia, unionpay, reddot among others, embrace this message as a mantra.

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Businesses can suffer losses but should never lie

The challenge of almost zero transaction fee is perhaps on the cards for payment solution providers such as Union Pay and Alipay in China, Payment Asia in Hong Kong and Amazon Pay and PayPal the world over. This strategy has yet to be put into practice but it is a strategy that many of the payment solution companies are toying with.

The trend was set in 2003 when Taobao.com debuted charging zero commission from traders that were registered on the auction site. The rest is history as Taobao an arm of Alibaba has gone to become the second largest online e-commerce portal behind Amazon.

The chatter on social media via paymentasia reviews about zero commission charges is bound to reach astronomical levels. The revenue model for such an unprecedented step means the technology company needs enormous capital to sustain it. It is no secret that no sooner one payment portal starts the ball rolling than others will follow suit.

The factor of free shipping is a striking example of reducing transaction costs to the customer. Reducing finance costs is the way forward for payment service providers such as paymentasia to enter newer markets of Indonesia that have just declared their territory is open for online shopping. Myanmar is sure to follow suit allowing a stupendous business opportunity in unexplored markets. Transparency is the key; one golden rule is not to camouflage the transaction cost as the hidden cost.

The travails of Germany's Deutsche Bank that is facing an unprecedented crisis (even to the extent of it staying afloat); the crisis is self-inflicted as is the case with Volkswagen that is facing massive fiscal penalties all over the world for dishonest practices. So what ails Germany's top businesses - a Bank that is too big to fail and automotive company with three of the biggest brands in the world - VW, Audi, Porsche and other noted brands such as Bentley, Bugatti, Lamborghini, Skoda, SEAT, and Ducati - the answer lies in transparency. It does not pay to lie.

 Related Source: https://paymentasiareviewshonkong.wordpress.com/2016/10/13/266/

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