2018: Another busy year for iPay88
iPay88’s analysis of transaction patterns and volume recorded on its payment gateway systems, sees a 53.1-percent increase in online transactions, compared to 2016.
Co-founder and executive director, Chan Kok Long, was careful to point out that iPay88 is now a payments company, and not just a payment gateway, seeing as how it now provides payment services for e-commerce as well as commerce in the physical space.
“We have exceeded 15,000 merchants in Malaysia already. About 80-percent of our merchants are from Malaysia, while the rest are from Southeast Asia countries.
“We are also the first non-bank (entity) to get a payment gateway license in Cambodia from the local regulator,” Chan shared, adding also that iPay88 has set its sights on Australia, as the next country to operate in. “We are proud to provide payment technology solutions to a state government in Australia, that is aggressive in the e-payments and digital payments space.”
According to Chan, the first wave of cashless users will appear in Malaysia. These early adopters would take advantage of payment technologies like smart terminals, payment apps on mobiles and QR code payments.
iPay88 is positioned to leverage this trend with a license; one of seven distributed; to deploy physical AliPay terminals. These terminals cater to Chinese nationals who come to Malaysia and are looking for means to pay for goods and services in Malaysia.
Chan observed, “In future e-wallet transactions would be through these terminals.”
He also observed that by end of 2018, there would be around ten prominent e-wallets in Malaysia, and that these are likely created by banks.
“These e-wallets wallets will literally replace cash, and iPay88 has license to offer e-wallets.” Chan said.
One of this license which Bank Negara has granted iPay88, is that it allows iPay88 to offer white label e-wallets that other companies can take, customise, and wrap their brand around.
This is especially attractive for companies that want to offer their own e-wallet solutions and capture brand loyalty, but do not have the millions of ringgit it requires to comply to e-wallet platform regulation.