iPay88 Secures over 60% Marketshare in Malaysia
iPay88 Sdn Bhd (‘iPay88’) – Malaysia’s leading online payment gateway brand, announces its milestone of having achieved dominance in the local eCommerce landscape – at having secured over 60 per cent of all online payment gateway systems in the market being used by eRetailers, SMSEs and Corporations for online transactional operations.
According to Chan Kok Long, co-Founder and Executive Director of iPay88, the company today has close to 8,000 customers using its proprietary online payment gateway system, which was developed and improved since 2006.
He says, “Today, after a consistent year-on-year customer base growth of about 25% over the last three boom years of eCommerce in this country, we can safely claim that iPay88 is the clear market leader and No.1 trusted choice that any business would look to partner with for all online payment gateway and digital transactional system.”
iPay88’s existing customers range from large conglomerates, to GLCs to SMEs and SOHOs; and include well-known entity brands such as Genting Resort World, Syarikat Air Negeri Sembilan (SAINS), Perbadanan Kemajuan Negeri Selangor (PKNS), The Star Publication, Bonuslink, Jobstreet.com, Tokio Marine, TuneTalk.com, Digi and more.
Some of the new regional customers that iPay88 has acquired over the last quarter include China-based Xiamen Airlines, KTM (Keretapi Tanah Melayu), Hilton Hotel, Padini and Tune “This further expands and diversifies the company’s existing base of SME and large-sized corporation which are rapidly embracing eCommerce as a more significant way of their business operations,” says Chan.
Competitive Edge in Product Development
According to a recent Forbes, research Malaysia’s eCommerce transactions value is expected to touch RM5 billion in year 2015. This is driven by the country’s current position as the biggest eCommerce market in Southeast Asia, recording one of the highest ‘online transactions per capita’ in Southeast Asia.
While the thriving eCommerce scene in Malaysia continues to drive the growth of iPay88, Chan attributes the biggest competitive factor for the company to stay at the leading edge is its Product Development capability.
Chan explains, “Many physical brick-and-mortar businesses have their own supply chain and business model. Hence to help these (businesses) to transition and adopt eCommerce, iPay88 has to have the ability to very quickly and effectively customize our online payment solutions to cater to unique operational processes of these businesses.
This very unique capability has enabled iPay88 to win many new customers; and this is why we continually invest up to 30 per cent of our company’s total earnings back into Product Development and Research & Development (R&D) which is key to assist our customers jump onto the eCommerce bandwagon.”
Strong eMarketplace foothold; Established SEA market in Indonesia & Philippines Meanwhile Chan also shares that iPay88 has a strong foothold in the eMarketplace with many famous B2C eMarketplaces with operations in Malaysia.
Chan says, “We are very fortunate to have the trust of many of the big name players like Lazada, Rakuten, as well as the newly launched 11street by Celcom-SK Planet and Logon by SinChew, to adopt iPay88’s online payment system for their bread and butter operations which is in eCommerce.”
iPay88 also has very strong customer base in the SEA regional market especially in Philippines and Indonesia, as they have been actively acquiring customers in those markets since its inception in 2006.
In Indonesia, seven Indonesian banks including Bank Central Asia (BCA), Bank Mandiri, Bank CIMB Niaga, Bank Internasional Indonesia (BII), Bank Danamon and Bank Muamalat Indonesia – have integrated iPay88 as part of their online banking facilities.
Meanwhile in the Philippines, iPay88 has four of the country’s largest conglomerates as its customers, being SM Investments Corporation, Ayala Corporation, Bank of the Philippine Islands and Ramcar Group of Companies.
New Payment Products: Email Payment, mPOS
Moving ahead, iPay88 has in plans to aggressively introduce new digital payment solutions which Chan believes will ‘revolutionize’ the market.“For example, we are seeing that the insurance sector is very fond of Email Payment or ‘Request for Payment’; while mPOS (Mobile Point-of-Sale) that is the leverage of smartphones as a payment device will totally revolutionize the playing field of sales and services agent-centric businesses such as multi-level marketing and F&B outlets.
For the year 2015, Chan expects to achieve a higher level of growth at 50% due to the strong general market move towards eCommerce adoption.
“With an unwavering focus on Product Development and building a strong trusted network with Financial Service Providers such as banks, iPay88 is at an important crossroad which may see strategic partnerships to expand its brand exponentially across the regional market,” he ends.
Set up in 2006 and headquartered in Kuala Lumpur. iPay88 is a leader in online payment gateway solutions in ASEAN region and Asia Pacific with a strong base and diversified merchants, consisting of established enterprises, multinationals, service providers and financial institutions. It provides comprehensive state-of-the-art online payment solutions.
Building on the model propagated by iPay88 in Malaysia, that is, to provide its clients with a stable platform and comprehensive infrastructure to collect and process online payments securely, iPay88 has since catapulted into an online payment gateway solutions market leader locally, and has established its presence regionally in countries in Southeast Asia including Philippines, Indonesia, Thailand, Singapore and Vietnam.
iPay88 has received numerous awards including MSC status by Malaysia Multimedia Development Corporation (MDeC) in 2007, Merit Award in the Best Financial Application category in the Asia Pacific ICT Awards (APICTA) and since 2009, the Most Outstanding Merchant of Payment Model by FPX-MEPS. For more information on iPay88 as well as its products and services, visit www.ipay88.com.my.