i) Malaysian online payment company is set to dominate region’s online payment scene
ii) Expects to sign up to 700 more new merchant users by end 2015
Kuala Lumpur, 27 August 2015 – iPay88 Sdn Bhd (‘iPay88’) – Malaysia’s leading online payment gateway brand, today announces its milestone of having achieved dominance in the lo-cal eCommerce landscape – at having secured over 60 per cent of all online payment gateway systems in the market being used by eRetailers, SMEs and Corporations for online transactional operations.
According to Chan Kok Long, co-Founder and Executive Director of iPay88, the company to-day has close to 8,000 customers using its proprietary online payment gateway system, which was developed and improved since 2006.
He says, “Today, after a consistent year-on-year customer base growth of about 25% over the last three boom years of eCommerce in this country, we can safely claim that iPay88 is the clear market leader and No.1 trusted choice that any business would look to partner with for all online payment gateway and digital transactional system.”
iPay88’s existing customers range from large conglomerates, to GLCs to SMEs and SOHOs; and include well-known entity brands such as Genting Resort World, Syarikat Air Negeri Sembilan (SAINS), Perbadanan Kemajuan Negeri Selangor (PKNS), The Star Publication, Bonuslink, Jobstreet.com, Tokio Marine, TuneTalk.com, Digi and more.
Some of the new regional customers that iPay88 has acquired over the last quarter include China-based Xiamen Airlines, KTM (Keretapi Tanah Melayu), Hilton Hotel, Padini and Tune Money.
“This further expands and diversifies the company’s existing base of SME and large-sized corporation which are rapidly embracing eCommerce as a more significant way of their business operations,” says Chan.
Competitive Edge in Product Development
According to a recent Forbes, research Malaysia’s eCommerce transactions value is expected to touch RM5 billion in year 2015. This is driven by the country’s current position as the biggest eCommerce market in Southeast Asia, recording one of the highest ‘online transactions per capita’ in Southeast Asia.
While the thriving eCommerce scene in Malaysia continues to drive the growth of iPay88, Chan attributes the biggest competitive factor for the company to stay at the leading edge is its Product Development capability.
Chan explains, “Many physical brick-and-mortar businesses have their own supply chain and business model. Hence to help these (businesses) to transition and adopt eCommerce, iPay88 has to have the ability to very quickly and effectively customize our online payment solutions to cater to unique operational processes of these businesses.
This very unique capability has enabled iPay88 to win many new customers; and this is why we continually invest up to 30 per cent of our company’s total earnings back into Product Development and Research & Development (R&D) which is key to assist our customers jump onto the eCommerce bandwagon.”
Strong eMarketplace foothold; Established SEA market in Indonesia & Philippines
Meanwhile Chan also shares that iPay88 has a strong foothold in the eMarketplace with many famous B2C eMarketplaces with operations in Malaysia.
Chan says, “We are very fortunate to have the trust of many of the big name players like Laza-da, Rakuten, as well as the newly launched 11street by Celcom-SK Planet and Logon by SinChew, to adopt iPay88’s online payment system for their bread and butter operations which is in eCommerce.”
iPay88 also has very strong customer base in the SEA regional market especially in Philip-pines and Indonesia, as they have been actively acquiring customers in those markets since its inception in 2006.
In Indonesia, seven Indonesian banks including Bank Central Asia (BCA), Bank Mandiri, Bank CIMB Niaga, Bank Internasional Indonesia (BII), Bank Danamon and Bank Muamalat Indonesia – have integrated iPay88 as part of their online banking facilities.
Meanwhile in the Philippines, iPay88 has four of the country’s largest conglomerates as its customers, being SM Investments Corporation, Ayala Corporation, Bank of the Philippine Is-lands and Ramcar Group of Companies.
New Payment Products: Email Payment, mPOS
Moving ahead, iPay88 has in plans to aggressively introduce new digital payment solutions which Chan believes will ‘revolutionize’ the market.
“For example, we are seeing that the insurance sector is very fond of Email Payment or ‘Re-quest for Payment’; while mPOS (Mobile Point-of-Sale) that is the leverage of smartphones as a payment device will totally revolutionize the playing field of sales and services agent-centric businesses such as multi-level marketing and F&B outlets.
For the year 2015, Chan expects to achieve a higher level of growth at 50% due to the strong general market move towards eCommerce adoption.
“With an unwavering focus on Product Development and building a strong trusted network with Financial Service Providers such as banks, iPay88 is at an important crossroad which may see strategic partnerships to expand its brand exponentially across the regional market,” he ends.