The total amount of digital payments across the six ASEAN large economies is Close to USD 1.2 trillion By 2025, according to the World Economic Forum. Rapid evolution has increased the need for seamless, secure and efficient cross-border payment solutions.
Cross-border payments in the region have recently been influenced by two major trends: reglobalization and domestic payment schemes. Re-globalization has made global data and digital commerce more inclusive, bringing many markets into the spotlight. Many countries that were previously underserved or had underdeveloped payments infrastructure are now emerging as major players in the global economy.
At the same time, domestic payment schemes have become popular in Southeast Asia over the past few years, mostly driven by government initiatives such as the unified QR payment code to promote financial inclusion and reduce dependence on international payment systems. It has been. In the past month alone, payment systems Vietnam, Cambodiaand Malaysia Announced new collaboration to strengthen cross-border capabilities.
These dual trends create both challenges and opportunities for cross-border payment providers like Singapore-based Paytech. PayerMax, It acts as a bridge between users, merchants, and local financial institutions, building trust between the three parties and supporting businesses across regional divides in the process of supporting global brands.
Wang Hu, co-founder of PayerMax, recently spoke to Fintech News Singapore about the company’s ability to provide trust and reliability in cross-border payments while complying with various regulatory needs across multiple jurisdictions. spoke.
he said:
“In a complex payments ecosystem, PayerMax has focused from its inception on serving the unique needs of global internet companies expanding into emerging markets such as the Philippines, Indonesia, and Singapore. Our goal is to provide these merchants with the most efficient and effective payment solutions that ensure a seamless customer experience. ”
To achieve this, we have strategically partnered with leading e-wallet providers in Southeast Asia. Competition among e-wallets in the region is fierce, but PayerMax offers a unique value proposition. By acting as a trusted partner for merchants around the world, we help super apps attract more business and differentiate themselves in a crowded marketplace. ”
Mr. Wang said.
PayerMax’s business operations span 150 countries and territories around the world, including Southeast Asia, the Middle East, and Latin America. The network supports over 600 payment methods, over 70 transaction currencies, and accommodates the diverse payment preferences of users around the world. PayerMax is headquartered in Singapore and also has offices in the following regions: Indonesia, Philippines, Malaysia, Saudi Arabia, UAE, Brazil, Mexico, South Korea, China, etc.
PayerMax focuses on regulatory compliance in the cross-border payment space and continuously strengthens payment security. PayerMax has received licenses from regulators in key markets such as Singapore, Philippines, Thailand, Indonesia, Saudi Arabia, United Arab Emirates, and Hong Kong (China), as well as official certifications from global banks. As a result, we maintain a financial-grade risk management system.
Addressing the three-tier challenge of cross-border payments
Wang believes that cross-border payment challenges can be broadly categorized into three levels: entry level, payment service capabilities, and value-added services.
Key entry-level challenges include safety, compliance, pricing, and coverage. Not all payment solution providers are able to handle the complexities of securing transactions, navigate regulatory frameworks across different jurisdictions, and provide cost-effective solutions for cross-border payments. .
As business operations deepen, The next level is payment service features such as success rates, fraud prevention, chargeback management, and system uptime. Once the basic requirements are met, companies should focus on the operational performance of their payment systems. This includes ensuring high transaction success rates, implementing advanced fraud prevention mechanisms, effectively managing chargebacks, and meeting stringent system uptime requirements.
The third level is value-added services such as foreign exchange (FX). Risk management, payment marketing and trading tools. Beyond core payment functions, payment companies need to identify merchant pain points to diversify their business. for example, Foreign exchange management and treasury solutions also help differentiate payments companies, as many global players are accustomed to dealing with US dollars and euros, but not emerging market currencies such as the Indonesian rupiah or Philippine peso. plays an important role.
“Successfully addressing all three levels of challenges requires a comprehensive approach. Only then can the company build a successful and scalable cross-border payments system that meets the evolving demands of the digital economy. You can.”
he added.
PayerMax leveraged its experience in emerging markets to provide targeted payments marketing support to gaming clients during major gaming tournaments. As a result, the client saw a 153% increase in transaction value and a 180% increase in order volume during the campaign period.
PayerMax provides large global Internet companies with a comprehensive set of services including global acquisition, payments, foreign exchange management, risk management, and marketing tools. We ensure a seamless user experience by continuously optimizing key areas such as success rates, smart routing, and chargeback management. All of these are important to raising the industry standard for best-in-class service.
Complete your data one area at a time
PayerMax has built an extensive global network by perfecting its datasets, algorithms, and anti-fraud capabilities one area at a time. Our in-house technology platform is able to intercept the highest-risk transactions and prevent serious, high-volume fraud while boasting an industry-leading chargeback rate of 0.1%.
“Our fraud prevention system utilizes advanced machine learning algorithms and artificial intelligence to analyze massive datasets and identify patterns that indicate potential fraud. Our system is at the cutting edge of technology. We have invested heavily in research and development to ensure that
Mr. Wang explained.
One of the key strengths of the PayerMax system is its real-time capabilities, allowing teams to detect and block potential fraudulent transactions before they are completed. This starts by fine-tuning the engine within a specific industry vertical and then using first-hand data to optimize this. Our merchants come from a variety of industries, including digital entertainment, gaming, e-commerce, and online education.
“The purpose of PayerMax is to Driving global business growth and driving the transition to a cashless societypartnering with local banks, financial institutions, fintech companies, and even neobanks. This will continue for the long term as we play our part in the payments ecosystem and help accelerate the industry’s transition. ”
Mr. Wang said.
To learn more about how PayerMax can help you scale your business globally with cross-border payments, visit us at booth 4G31. Singapore Fintech Festival (SFF) 2024will be held at Singapore EXPO from November 6th to 8th.
to follow PayerMax’s LinkedIn page For updates.
Featured image credit: Edited from freepic
