• The global digital payments market was valued at $4.1 trillion in 2019, and it was projected to reach $7.6 trillion by 2024.
• According to the World Bank, the number of people with bank accounts who made or received digital payments increased from 52% in 2014 to 69% in 2017.
• During the first months of the pandemic, the use of digital payment methods increased by around 20% globally.
• In the United States, digital payments increased by 40% from March to April 2020, according to a report by ACI Worldwide.

Here are some reasons why COVID-19 has accelerated the growth of digital payments:

• Social distancing measures and lock downs have made it more difficult for consumers to shop in physical stores, leading to an increase in online shopping.
• Cash transactions are seen as less hygienic during a pandemic, leading consumers to prefer contactless payment methods such as digital wallets and mobile payments.
• Businesses have had to adapt to the new reality of the pandemic, with many shifting their focus to e-commerce and digital sales channels.
• Governments have encouraged the use of digital payments to help reduce the spread of the virus, with some offering incentives and subsidies to businesses that adopt digital payment methods.

The growth of digital payments has significant implications for businesses and consumers alike. For businesses, it offers a range of opportunities to streamline operations, reduce costs, and improve customer experiences. By accepting digital payments, businesses can offer customers more convenient and secure ways to pay, which can help to increase customer loyalty and drive sales. For consumers, digital payments offer a range of benefits, including convenience, security, and flexibility.

In conclusion, COVID-19 has accelerated the growth of digital payments, transforming the way we pay for goods and services. Businesses that fail to adopt digital payment methods risk falling behind their competitors and missing out on valuable opportunities to improve customer experiences and streamline operations. Consumers, meanwhile, should take advantage of the convenience and security of digital payments, while remaining vigilant against potential fraud.

The post COVID-19 Accelerates Growth of Digital Payments: Statistics and Why appeared first on Edxapay.

In Malaysia, there are several BNPL providers that have gained popularity among consumers, including MyIOU, Pay Later, and Atome. These platforms offer a convenient and flexible payment option for consumers, allowing them to pay for purchases in installments over a period of time.

According to a report by iPrice Group, a leading e-commerce aggregator in Southeast Asia, the BNPL market in Malaysia is projected to reach a market size of RM 5.8 billion (approximately USD 1.4 billion) by 2025. The report notes that the growth of the BNPL market in Malaysia has been driven by factors such as the increasing popularity of e-commerce, rising consumer demand for flexible payment options, and the growing number of BNPL providers in the market.

MyIOU is one of the leading BNPL providers in Malaysia, offering flexible payment plans to consumers for online and offline purchases. The platform has partnered with various merchants across Malaysia, including e-commerce platforms such as Shopee and Lazada, as well as physical retailers such as Watsons and Lotuss. According to MyIOU, the platform has seen a 150% increase in transaction volume in 2021, highlighting the growing demand for BNPL services in Malaysia.

Another popular BNPL provider in Malaysia is Pay Later, which allows consumers to pay for purchases in three installments over a period of time. Pay Later has partnered with a variety of merchants across Malaysia, including online fashion retailer Zalora and electronics retailer Senheng. According to Pay Later, the platform has seen a 400% increase in transaction volume in 2021, indicating the strong demand for BNPL services in the Malaysian market.

Atome is another BNPL provider that has gained popularity among consumers in Malaysia. The platform offers a flexible payment option for consumers, allowing them to split purchases into three interest-free installments. Atome has partnered with a variety of merchants across Malaysia, including online fashion retailer FashionValet and electronics retailer Harvey Norman. According to Atome, the platform has seen a 350% increase in transaction volume in 2021, highlighting the strong demand for BNPL services in Malaysia.

In conclusion, the BNPL market in Malaysia is rapidly growing and is projected to reach a significant market size in the coming years. With the increasing popularity of e-commerce and rising consumer demand for flexible payment options, BNPL providers such as MyIOU, Pay Later, and Atome are well-positioned to continue growing and capturing a larger share of the Malaysian market.

The post Buy Now Pay Later: Exploring Malaysia’s Growing Market and Leading Providers appeared first on Edxapay.

One of the key drivers of the online gaming industry in Southeast Asia is the region’s rapidly growing middle class. As incomes rise, more people have disposable income to spend on leisure activities like gaming. In addition, the increasing popularity of smartphones and mobile devices has made gaming more accessible to a wider audience.

Esports, which refers to competitive video gaming, is also becoming increasingly popular in the region. The growth of esports has been fueled by a number of factors, including the rise of streaming platforms like Twitch and the increasing number of esports tournaments and competitions.

The online gaming industry in Southeast Asia is also benefiting from the growth of digital payments and e-commerce. Many online gaming platforms in the region have integrated with digital payment systems like GrabPay, GoPay, SenangPay and edxaPay, making it easier for users to make in-game purchases.

Overall, the growth of the online gaming industry in Southeast Asia presents a significant opportunity for businesses operating in this space. However, there are also challenges to be aware of, including issues related to regulation and the need to adapt to the changing preferences of consumers.

As the online gaming industry in Southeast Asia continues to grow, businesses will need to stay ahead of the curve in order to remain competitive. This may involve investing in new technologies, partnering with other companies, and focusing on delivering a high-quality user experience that meets the needs of the region’s rapidly growing gaming community.

Source: https://www.bain.com/globalassets/noindex/2020/e_conomy_sea_2020_report.pdf

The post Leveling Up: How Esports and Digital Payments are Driving Online Gaming in Southeast Asia appeared first on Edxapay.

• In the United States, 69% of men and 58% of women made online purchases in 2020.
• Women tend to spend more time researching products and reading reviews before making a purchase, while men tend to make quicker purchasing decisions.
• In Malaysia, women make up 52% of online shoppers, while men spend more per transaction than women (RM232 compared to RM189 for women).
• Malaysians prefer to use mobile devices for online shopping, with 64% of online shoppers making purchases on their smartphones.
• The most popular product categories for online shopping in Malaysia are fashion, beauty, and electronics.

Overall, these findings suggest that while both genders are active online shoppers, their behaviors can differ. Women may be more thorough in their research and purchasing decisions, while men may spend more per transaction and make quicker decisions. Businesses can use this information to better understand their customer base and tailor their marketing strategies accordingly.

The post Online Shopping Behaviors: Male vs Female appeared first on Edxapay.

The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

The post The Growth of Digital Payments in Southeast Asia: Insights from ‘e-Conomy SEA 2022 Report appeared first on Edxapay.

DuitNow

DuitNow is a service that enables instant fund transfers between participating banks and e-wallets in Malaysia using just a recipient’s mobile number or National Registration Identity Card (NRIC) number. Here are some of the pros and cons of using DuitNow:

Pros:

1. Instant and convenient. DuitNow transactions are processed in real-time, meaning that recipients receive funds instantly. This makes it a convenient option for making urgent payments.
2. Secure. DuitNow transactions are highly secure, as they are authenticated using multiple layers of security, including mobile device verification, one-time passwords, and biometric authentication.
3. No need for bank account details. With DuitNow, users only need to provide a recipient’s mobile number or NRIC number to make a payment, eliminating the need for bank account details. This can be especially useful for small businesses and individuals who may not have a formal bank account.

Cons:

1. Limited availability. DuitNow is currently only available to users who have accounts with participating banks and e-wallets. This means that not all Malaysians can use the service.
2. Transaction limits. DuitNow transactions are subject to certain limits, which may vary depending on the user’s bank or e-wallet provider. This can be a drawback for businesses or individuals who need to make large payments.
3. Limited use cases. DuitNow is primarily designed for person-to-person (P2P) transfers, which means that it may not be suitable for all payment scenarios, such as online purchases or bill payments.

FPX

FPX is a payment gateway service that enables online banking customers to make real-time online payments using their savings, current, or credit card accounts. Example of payment gateway service such as eGHL, edxaPay, ToyyibPay, SenangPay or iPay88. Here are some of the pros and cons of using FPX:

Pros:

1. Wide acceptance. FPX is widely accepted by merchants in Malaysia, making it a convenient option for online shoppers. It is supported by most major banks, meaning that users can choose from a wide range of banks to make payments.
2. Secure. FPX transactions are highly secure, as they are authenticated using online banking credentials, such as a username and password or a security token.
3. Suitable for various payment scenarios. FPX can be used for a wide range of payment scenarios, including online purchases, bill payments, and charitable donations.

Cons:

1. Transaction fees. FPX transactions may be subject to transaction fees, which may vary depending on the user’s bank. This can be a drawback for users who want to avoid additional costs.
2. No instant payments. FPX transactions may take up to two working days to be processed, which means that recipients may not receive funds immediately.
3. Need for bank account details. With FPX, users need to provide their bank account details to make a payment, which may not be suitable for users who want to avoid disclosing their bank account information.

Conclusion:

In summary, both DuitNow and FPX are useful payment options for Malaysians, depending on their specific needs and preferences. DuitNow is ideal for P2P transfers, as it enables instant and secure payments without the need for bank account details. However, it may not be suitable for all payment scenarios and is subject to transaction limits.

The post FPX vs DuitNow, whats the difference ? (2023) appeared first on Edxapay.

Mari kita kupas serba sedikit cara-cara lain untuk menerima bayaran daripada pelanggan selain tunai.

1. Cek

Pemilik syarikat atau individu yang mempunyai akaun semasa biasanya menggunakan cek untuk membuat proses pembayaran. Tarikh yang ditulis diatas cek hendaklah diperiksa terlebih dahulu kerana anda akan mengalami gangguan aliran tunai jika tarikh yang tertera diatas cek adalah tarikh masa depan. Cek hanya boleh ditunaikan mengikut tarikh yang tertera pada cek tersebut.                                                                 

• Deposit Tunai di CDM

Selain daripada itu, deposit tunai (CDM) juga menjadi pilihan pelanggan untuk membuat pembayaran kerana ada sesetengah daripada meraka tidak mempunyai online banking.

• Online Transfer

Online transfer juga merupakan kaedah yang digunakan oleh kebanyakan pelanggan pada masa kini. Pelanggan perlu melalui proses log masuk menggunakan browser atau apps untuk membuat transaksi pembayaran. Selepas itu, pelanggan akan kongsikan bukti pembayaran kepada peniaga secara manual.

• Kad Debit/Kredit

Pada masa kini Kad Kredit/debit juga menjadi salah satu cara pembayaran yang semakin popular di kalangan pelanggan. Selain daripada proses pembayaran menjadi lebih pantas, pelanggan juga akan mendapat manfaat seperti mata ganjaran, diskaun dan pulangan tunai (cashback). Anda hanya perlu swipe atau masukkan nombor PIN kad anda dan selesai! Lebih canggih, hanya “wave” sahaja.

• QR Pay

Melalui QRPay, pembeli boleh membuat pembayaran melalui telefon hanya dengan mengimbas kod khas yang disediakan oleh penjual. Pelanggan hanya perlu ada sambungan internet dan fungsi kamera atau applikasi QR code scanner.

• E-Wallet

E-Wallet atau e-Dompet bertujuan untuk menggantikan dompet fizikal supaya kita tidak perlu lagi membawa wang tunai atau beg tangan ke mana-mana. Pelanggan juga hanya perlu membuka aplikasi dalam telefon mudah alih mereka untuk membuat pembayaran. Semua kini mudah hanya di hujung jari anda!

• Payment Gateway

Akhir sekali, gerbang pembayaran atau payment gateway kini semakin mendapat tempat bukan sahaja dikalangan peniaga online yang mempunyai website (E-Commerce) malah peniaga yang mempunyai kedai sendiri.

Payment gateway seperti edxaPay memberi pelbagai cara untuk pelanggan membayar dengan mudah sama ada melalui kad debit/kredit, perbankan internet, pembayaran tunai dan juga e-wallet. EdxaPay juga memboleh kan peniaga mengutip bayaran daripada pelanggan melalui pelbagai platform media sosial termasuk Facebook, Instagram, WhatsApp dan lain-lain.

Begitulah serba sedikit ringkasan tentang cara terima bayaran selain daripada duit tunai.

Dengan cara terima pembayaran selain tunai juga dapat membantu peniaga untuk kelangsungan bisnes mereka. Semoga dengan perkongsian ini dapat memberi serba sedikit peluang yang luas kepada peniaga untuk keluar dari zon selesa.                                          

The post Kaedah Pembayaran Selain Tunai appeared first on Edxapay.

Secara amnya, Gerbang Pembayaran memberi penyelesaian untuk menjadikan proses pembayaran lebih mudah dan efisien.

Antara kelebihan gerbang pembayaran termasuk:

Proses transaksi pembelian lebih mudah dan cepat

Gerbang pembayaran memudahkan pelanggan anda untuk membeli produk yang mereka inginkan dengan mudah dan cepat. Proses transaksi akan dilaksanakan secara automatik serta memberi pelbagai kaedah pilihan untuk pembayaran secara atas talian sama ada melalui kaedah kad debit/kredit, pindahan bank atau e-walet. Tanpa mengaplikasikan gerbang pembayaran ini, semua butiran transaksi dan semakan mesti dilakukan secara manual oleh peniaga.

Urusan urusniaga yang lebih selamat

Gerbang bayaran memberi keselamatan terhadap data pelanggan anda kerana ia dilindungi oleh lapisan penyulitan dan memastikan bahawa pembayaran adalah sah sebelum mencapai ke institusi perbankan/kewangan. Proses ini mengesahkan bahawa data peribadi pelanggan, seperti butiran dan alamat kad kredit, disimpan dengan selamat dan dilindungi daripada penipuan. Tiada keraguan untuk pelanggan melakukan urusan jual beli dengan anda.

Menerima Pembayaran secara 24 jam di mana jua berada

Gerbang pembayaran memboleh pelanggan anda melalukan pembayaran dari atas talian secara 24 Jam, 7 hari seminggu tidak kira di mana mereka berada. Berbanding jika anda menggunakan proses pembayaran secara manual, pelanggan perlu menunggu peniaga untuk kongsikan butiran secara manual sebelum meneruskan proses pembayaran.

Kesimpulannya, dengan adanya gerbang pembayaran, ia sedikit sebanyak akan dapat memudahkan urusan pelangan  anda, serta tingkatkan penjualan perniagaan anda.

The post 3 kelebihan Utama Gerbang Pembayaran appeared first on Edxapay.