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.
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