Digital Payments Growth in Asia Is Unmatched

Sep 25, 2020

In Asia, there’s an unprecedented rise in digital payments. Such growth provides the region with a unique opportunity to develop payment systems based on blockchain technology. If you’re interested in more details concerning the digital payments growth in the region and want to find an exceptional payment processor to work with, you’re at the right place. 

Digital Payments Growth in Asia

Asia’s Central banks, taking into account the fact that payments evolution is inevitable, are looking for ways to issue a CBDC (central bank digital currency). The launch of digital payments in Asia meant to serve the purpose of fulfilling certain goals, such as increasing retail sales, making the financial inclusion better, as well as facilitating remittances.

Did you know that China is associated with the mobile payments boom? A projected 32.7% of point-of-sale (POS) payments are completed through mobile devices. This is double the figure in the U.K. (15.3%) and the U.S. (15.0%). By the way, Alipay and WeChat Pay are working on expanding in neighboring Southeast Asia.

No matter you’re a merchant interested in online payment processing in Asia or elsewhere in the world, you need to find a highly reliable processor to work with. Consider applying to eMerchantBroker.com (EMB), which is voted the #1 high risk merchant processor in the U.S. and carries an A+ rating with the BBB.

eMerchantBroker.com can be the best helping hand when it comes to digital payments growth. EMB is dedicated to offering the most secure, advanced, and the cheapest possible rates in the space.

Online Payment Processing in Asia

Online payments are rapidly growing in Southeast Asia. COVID-19 has turned e-wallets into a highly popular payment means in the region. In 2019, e-wallet transactions made up over $22 billion. 

Asia-Pacific (APAC) is a global leader in mobile payment developments. Southeast Asia is extremely powerful in terms of innovative solutions associated with real-time payments.

Be aware that China, Japan, Singapore, and South Korea are world leaders in 5G deployment. These countries boast high-quality digital infrastructure where the use of mobile wallets and other digital services are encouraged. Next come Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

So, digital payments are witnessing unmatched growth in Asia. COVID-19 has accelerated its growth even more. To succeed in the digital payments world, working with a respectable payment processor is a must. 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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