In an increasingly cashless society, merchants must be able to connect with the consumer looking to take advantage of their goods and services. Asia is a hotbed of financial and technological innovation, and it has seen several significant companies leap to the forefront of the industry. From AliPay to Daniel Shin’s PortOne Global, companies are creating better and better outcomes for their clients.
We will look closer and more well-rounded at the top tech-forward payment companies operating out of Asia. We’ll highlight some of the best innovators while underscoring the work that they’ve accomplished.
AliPay
AliPay, China’s most extensive payment processing application, is leading the charge in the fintech field. Connecting 80 million businesses to more than 1 billion consumers, AliPay has cornered the market regarding payment processing.
AliPay was founded in 2004 by the Ant Group to establish connections between buyers and sellers. Founded by Jack Ma, the Ant Group has been pivotal in the growth of AliPay.
AliPay is used for everything from public transport to paying for goods and services through the seamless connections made possible by the platform.
WeChat Pay
Also known as Weixin Pay in China, WeChat Pay is the second most popular payment application in China, next to AliPay. WeChat Pay is a ‘super app’ in that it enables more than 1.3 billion global users to chat, socially engage, and make payments from one application.
WeChat Pay has an average active user base of more than 800 million users, accounting for a penetration rate of 79% in the Chinese markets. WeChat Pay is responsible for a stunning 34% of all of China’s mobile data traffic.
Red Dot Payment
Among Asia’s top financial tech services is Red Dot Payment, headquartered in Singapore. Red Dot Payment was founded in 2011 to connect online payment solutions to merchants who need them throughout Asia. Red Dot Payment is available in Singapore, China, Japan, Hong Kong, Malaysia, and even the Philippines.
Red Dot Payments features e-commerce and payment products, including RDP Connect, RDP InstanCollect, and RDP InstanPay.
PortOne Global
Founded by Daniel Shin while he was still working at TicketMonster, PortOne Global has become an innovator and industry leader in quick and convenient payment processing. PortOne Global offers a popular and easy-to-use interface connecting over 100 payment methods. PortOne Global is used by more than 2,500 global merchants.
Daniel Shin founded PortOne in 2018 to better address the fragmented and ultimately difficult-to-navigate payment processing landscape. Facing a series of challenges, Shin empowered his engineers to add every single payment method available to the single API.