A rapidly evolving financial landscape has businesses racing to adapt to changes. One of the most significant changes in recent memory has been a preponderance of online transactions. Asia is a thriving hub of technology and innovation and one of the hotbeds for payment processing innovation.
From the works of Alipay and Jack Ma to the efforts of Daniel Shin at PortOne Global, we will highlight some of the most impactful tech companies in the region, as well as what they aim to accomplish in the coming years.
Let’s Start With PortOne Global
Let’s kick off our foray into tech innovation by underscoring Daniel Shin’s and PortOne Global’s works. Shin is an entrepreneur and CEO who rose to prominence thanks to his work at TMoN. After finding success in the tech sphere, Shin announced the establishment of PortOne Global.
PortOne Global gained roots in 2018 in Singapore before becoming a true powerhouse in the region. Nowadays, more than 2,500 Asian and global merchants utilize PortOne as its single-point API for payment processing. Convenient and accessible, PortOne Global and Daniel Shin have adjusted the conversation surrounding payments.
Alipay Garners Major Momentum
Any conversation on technology can only exist without acknowledging the work of Alipay in the region. Alipay connects more than 80 million businesses to the 1 billion consumers in China looking to take advantage of them. Worldwide e-wallet collaboration has given Alipay a more than 1.2 billion global user base.
Alipay was established by Ant Group, founded by Jack Ma, in 2004. In the intervening years, Alipay has connected sellers and buyers while touting the works of its parent corporation, Alibaba. Tourists often use Alipay for public transportation as well as shopping.
WeChat Pay Brings Innovation
Also known as Weixin Pay to Chinese citizens, WeChat Pay trails only Alipay as the nation’s top payment processing application. WeChat Pay is as much a digital wallet and e-commerce tool as a function of social media, offering integrated messaging and societal connections from the application itself.
WeChat has a user base of more than 1.3 billion individuals, and its usage accounts for nearly 34% of all mobile data consumption in the region. Users can buy items, make payments, chat, and browse profiles all from the comfort of their phones.
The Social Outreach of GrabPay
GrabPay, a super application that offers cashless solutions throughout Southeast Asia, is rounding out our exposure to the top payment-providing platforms in Asia. GrabPay lets users use their in-app balance to pay for services and goods. Users can utilize cards or banking accounts and digital services like PayPal.
GrabPay is a unique application that offers a point-reward system for regular users. GrabRewards points can be used to buy food or rides and offset payments at applicable GrabPay locations.