MOLPay, a leading payment gateway in Southeast Asia, is appointed by multiple Taiwanese e-businesses and NGOs to provide cross-border payment solution in Southeast Asia.
In a statement today at Smart Retail IOT Forum, MOLPay’s Chief Operation Officer, Oon Wee Keong said cross-border ecommerce is an emerging trend which represents a big opportunity for global players. Online shopping from other countries is gaining popularity in Southeast Asia.
“There are always myths that Taiwanese e-commerce penetration into Southeast Asia is hard due to the language barriers and other factors. I suggest you may start with the Chinese population if you are not comfortable in foreign languages. With today’s marketing mediums such as Facebook and Google and the maturity of payment solutions to accept and collect payments, the ecosystem is ready for cross-border business in Southeast Asia. ” He added.
Limited Product Portfolio in Southeast Asia
Cross-border e-commerce now accounts for over 25% of total global ecommerce sales. Millions of shoppers search online for discounts or items unavailable domestically. This is understandable as most of the e-commerce in Southeast Asia is only trading reputable products instead of creating a personal brand. It results in a price war cycle since everyone is selling the similar products without additional values. With this in mind, online merchants from Taiwan would benefit from expanding their business into Southeast Asia and offering a wider product portfolio to service the market.
130 Payment methods in Southeast Asia
A robust payment processing system is absolutely necessary for cross-border ecommerce. Southeast Asia’s market is so fragmented that every country has its own language, currency, and payment methods. MOLPay has taken the initiative and be the first in Southeast Asia that integrates with eight major countries which provides merchants the access to 130 payment options and local currencies in every country.
“We have chosen MOLPay as our payment gateway because it accepts local currencies in different countries. It eases our market expansion plan as we will penetrate into Singapore and Indonesia after Malaysian market. Furthermore, it only requires 1 API integration, which is really a gospel for our technical team” says Megan Wu, Global Marketing Director of ALLYOUNG Taiwan.
The journey from traditional banking to digital financial services has just begun in Southeast Asia, whereas the number of mobile connections in Southeast Asia today is 124% compare to the total population.
“Our team is building a platform that allows any business to build an online mobile app, named KD8. Therefore, we require a top-notch mobile payment interface and user experience which decreases the payment abandoned rate.” said Tony Hsieh, Project Manager of International Division at III Taiwan, in a statement.