E-payments: Sustaining Businesses Amidst a Pandemic
It was around the year 2000 when e-commerce became widespread and more popular among people. Online businesses were showing great potential and were promising returns. On a global level, we began to embrace the concept of using the internet to improve our businesses. In 2003, this growth was hampered by the Severe Acute Respiratory Symptom (SARS) pandemic. Some businesses were having problems due to a lack of resources and manpower. Amidst this pandemic, Payment Asia was able to help its clients - the company made sure to take care of their business; from doing their marketing, maintaining their websites and making sure they will still be able to receive payments which are essential to keep the business going. 17 years later, the world is facing a much bigger threat which is already damaging the global economy – the COVID-19 pandemic.
Most industries have experienced record lows - from manufacturing to the service industry – however, the exact opposite has been observed in the online payments sector. Statistics show that there is a massive increase in the volume of online payment usage. Merchants are encouraging their clients to use electronic payments because banknotes might help the spread of the virus. Contactless payments have come up as a new option for consumers who are conscious of following ‘social distancing’ rules, which translates to more people getting familiar and comfortable with using electronic payments. This means that more traffic and conversion will result in greater revenue - especially once the pandemic is over; an opportunity no one wants to miss.
This is where Payment Asia takes pride in delivering its services to its clients. The company provides its clients with the solutions they need to receive payments and they offer them services which will improve their sales via digital marketing. Payment Asia is dedicated to helping them achieve their goals by bringing a steady flow of targeted traffic of individuals who convert to leads and eventually to a sale. It offers them strategies and techniques that will attract quality traffic which will engage and has a high possibility to convert.
Eric Santiago, Senior Relations Manager at Payment Asia, believes that digital marketing and especially electronic payments show a very promising future. “Once this global health crisis is over, sales are expected to rebound and it is crucial for businesses to implement various payment methods because failing to implement new payment technology has the potential to negatively impact sales”, he tells us. “Given the expected changes to electronic payment processing in the future, businesses need to be prepared. Southeast Asia looks very promising as the majority of its people are still using cash. In 2019, the forecasted size of e-commerce globally is roughly US$ 2,238,000 million. In Southeast Asia alone, it is US$ 105,000 million”, Eric explains.
Studies show that alternative payment methods will be the future of e-commerce.
“This is where Payment Asia performs at its best. We offer reliable solutions to merchants who would like to expand their business to Southeast Asia. Our online banking, e-wallet and QR code solutions were proven to produce great results to our clients. On top of that, we also provide them with excellent support which results in a great client experience!”
Studies show that alternative payment methods will be the future of e-commerce. From cryptocurrency to mobile wallets and online banking, alternative payments are rapidly replacing traditional payment methods such as credit and debit cards. Research shows that 52% of the e-commerce volume in the Asia Pacific and 36% of global e-commerce comes from e-wallets. Easy access which results in higher demand and innovative checkout technology is the reason why alternative payments are becoming more and more widespread, and with demand comes response - providers of this technology are constantly innovating ways to deliver payments and make it more convenient for both parties. This has also allowed merchants to easily integrate APMs into their existing payment capabilities. Hassle-free processes will always be more appealing to merchants.
“To stay competitive in this industry, we need to make sure that we not only deliver what is expected from the technology we provide, but we also need to ensure that the support service we offer is excellent”, says Eric. “The world of electronic payments is moving fast and technology continues to evolve. Adaptability is a must.”