Payment Asia is renowned online payment solution provider company in Hong Kong, China that provides robust e-payment systems for easy and secure online payment processing.
Security plays a crucial role in the success of online
businesses. When it comes to business ethics and customer data, payment
security is the most important thing to be considered by companies. Customers
are most likely to trust an online website that promises to offer Omni channel payment solutionswithout
indulging in any fraudulent activity.
The Significance of
Payment Security
The security level of your payment process has the power to
make or break your business, as you could build a trustworthy brand over the
years or lose it overnight due to your online payment method. Security issues with
your payment system can make the customers feel vulnerable. Therefore, it is important
to reassure your customers about how your payment system uses their data and
the measures you have in place to protect their privacy.
Trust is everything in the e-commerce industry; thus, any
lapse in the security area can negatively impact your sales for many years. As
people have faith in various payment methods, you should aim at supporting their
preferred method to attract them to your website. Today, online credit card payment solutions are not enough to maximize your
growth and productivity as you also need to support lesser-known payment
methods. Apart from offering payments through major credit and debit cards, you
need to support other top payment services in the market to keep up with the
expectations of the valuable customers.
As the popularity of various Omni channel payment solutions in increasing day by day, companies need to have these payment solutions to offer a convenient checkout experience to the customers. These services are also popular for the fact that they offer an additional layer of security while providing a hassle-free online shopping experience with low transaction rate and other benefits.
William Hung, Payment Asia: "We decided to invest in blockchain in order to maintain the quality of our payment solutions and assist merchants with access to the new-era technology"
The birth of blockchain in 2008 (when Satoshi Makamoto first published his astonishing solution of The Byzantine Generals’ Problem) exhibited how proof-of-work chain could be facilitated without passing through the centralised and trusted third-parties. The speculation of bitcoin, the blockchain-backed cryptocurrency created by the enigmatic Mr. Makamoto, which came afterwards, generates an amount of wealth. When time goes by, the financial world realises, even though the boom has burst, that blockchain could be applied in wide ranges of commercial and financial transactions. The development of payment solutions is exactly part of the evolving story.
From centralised to distributed ledger
In modern business world, merchants often rely on centralised and trusted third parties, like banks, accountants, auditors and lawyers etc., to verify or record any transaction. Before the birth of the Internet, all words or figures were written or printed in black and white. In the age of the Internet, the practices are more environmental-friendly as those words or figures are electronically stored in physical or cloud servers. Still, one big problem remains: no matter in paper or electronic form, nobody can assure the third parties would not fail to perform, either technically or credibly. The Enron scandal told us even a worldwide known accountancy firm would fall down due to the destruction of its credibility. The existence of blockchain is exactly a breakthrough to tackle the issue.
Blockchain, or called distributed ledger technology (DLT), originally is the technical element that supports bitcoin to bypass centralised and trusted intermediaries and verification processes to record transactions immutably. Each ‘block’ records part of the information related to all transactions. Blocks are encrypted and arranged in order by time to form a ‘chain’. All authorised parties share the same ledger. When one party changes a record (say adding a new transaction or editing a previous transaction), a new ‘block’ containing the new information will be added at the end of the encrypted ‘chain’ in terms of timeframe to show it is the latest mark of changes. It is a shared ledger, so no single party owns it, and nobody can corrupt it (i.e. everybody will be notified for any changes).
Blockchain, payment and smart contract
Amid the speculation around bitcoin, the distributive feature of the technology is now being recognised by government watchdogs and financial institutions around the world. The US Federal Reserve issued Distributed Ledger Technology in Payment, Clearing and Settlement in December 2016 to present its extensive research on the applicability of blockchain in financial trading and payment solutions. The research paper highlights the fact that blockchain may help speed up and simplify the current slow and cumbersome cross-border payments processes. The Bank of England in The Macroeconomics of Central Bank Issued Digital Currencies examines a digital currency backed by DLT that may help reduce interest rates, distortionary taxes and transaction costs, which eventually benefit the economy. Another hot discussed blockchain-based element is smart contract, a computer program that automatically performs some actions (terms or conditions) of a contract once the pre-defined conditions are fulfilled.
Still, there are technical constraints of blockchain left to be overcome. As the Federal Reserve report notes, the number of concurrent transactions of some blockchain technologies are limited by their algorithm and cryptographic verification, and the continuous extension of blockchains may use up storage capacity quickly. Besides, the concept of smart contract, according to the Fed, may contradict with some basis in contract law, which remains to be reviewed by legal professionals.
Our investment and projection of blockchain
In the beginning, Payment Asia aims at riding on the express of China business and Asian economic boom, where the demand of payment gateways for facilitating intra and inter-regional trade is growing. It was in 1999, the era of Web 1.0.
We are now living in the Web 3.0, where the practices in the Internet are moving away from centralisation and one-way to decentralisation and interaction. As a veteran of payment solutions business, Payment Asia is now exploring the potential of DLT for merchants in different business sectors and looking forward to implementing the cryptographic and distributive technology in the latest ecommerce practices. Of course, it takes time for computer scientists and legal experts to address the storage capacity, reliability and legal concern, but once the peer-to-peer (P2P) technology is widely applied, the time and cost of intra- and international trading and transaction would be saved. It is the reason why Payment Asia decides to invest in blockchain in order to maintain the quality of our payment solutions on the edge, and ultimately assist merchants with access to the new-era technology. We envisage the day of P2P exchange of goods and services would come to our daily life soon, and the application of DLT, like cryptocurrency and smart contract, would be the key for merchants standing out from the crowd in the foreseeable future.
Setting up an
e-commerce venture is one of the best methods to make sure that your products
and services reach many users. Though your product is the most important aspect
of your venture, the way you receive payments for them also matters.
The need for
secure payment method
As a business owner,
you need to understand that while making payments online, the consumer has to
provide their important bank details. Since it is on the internet, until
secured properly, those details are vulnerable. An illegal third party can get
access to it without anybody’s knowledge.
As such you need to
make sure that all your transactions are secure and Payment Asia is one such
option that assists you to do that. Here are more reasons why you should
confide on Paymentasia.
·Secure
payment gateway: It allows you to set-up a secure payment gateway which makes sure all
your transactions remain confidential.
·User-friendly:
It allows you and your
consumers to set-up an account easily and to continue with transactions without
any third parties prying on them.
·Customer
satisfaction:Payment Asia has
risen to its current reputation within a short period and the major reason for
its popularity is its customer service. You can read more about it on
paymentasia reviews.
·Simply
User interface: With an easy
to navigate interface, it allows you and your consumers to complete your
transactions without any trouble.
·AI
Integration:One of its best
features is its AI integrated services, which allows the company to come up
with new methods to aid businesses and its consumers.
Connect with
Payment Asia today
So, if you have planned to expand your business
by creating an e-commerce portal to reach your consumers, then you can completely
rely uponPayment Asia. For more details on how to set-up your e-commerce
account, feel free to visit its official website. If you need any further
assistance, then you can always get in touch with its customer service
representatives.
