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iPay88 Sdn Bhd (‘iPay88’) – the leading online payment gateway provider in South East Asia, announces today that NTT Data Corporation (‘NTT Data’) will adopt iPay88 as its flagship payment gateway technology to fast-track to Leadership position in the Asia-Pacific market, and Top.5 in the world.
Mr KH Lim, Executive Director of iPay88 made the announcement today at the 28th MSC Malaysia Implementation Council Meeting (ICM), presented to Prime Minister Datuk Seri Najib Tun Razak recently.
This strategic business move by NTT Data is facilitated by part, due to its acquisition of a majority equity stake in iPay88, via its subsidiary NTT Data Asia Pte Ltd in September 2015.
According to Tohru Yoshioka, Japanese Director representing NTT Data at iPay88, the initial target markets under NTT Data’s strategy include Thailand, Indonesia, Vietnam and the Philippines.
“iPay88’s proprietary payment gateway is already a dominant brand that facilitates eCommerce in the region. It is a strategic move for the NTT Group who has leadership position as the No. 1 online payment solution provider in Japan, to extend its leadership throughout the APAC region.
To achieve this plan quickly, the most logical manner is to adopt the Malaysian-based iPay88 technology that is already widely trusted and used for many years in many ASEAN markets for eCommerce.
NTT Data plans to be in the forefront by providing security-rich credit and finance technology system using iPay88’s proven eCommerce and mobile commerce solutions,” explains Tohru.
iPay88 Becomes an Important Part of NTT’s Plan
NTT Data is part of NTT Group, which # 65 in Fortune Global 500 (in 2015) and is the 3rd largest telecommunications company in the world in terms of revenue. NTT Data dominates over 70 percent of local online payment market in Japan via using CAFIS®, the largest payment card network in Japan that serves over 200 banks in Japan with 600,000 credit authorization terminals and records 60 million transactions per month.
Tohru says, “In the area of online payment solutions, NTT Data aims to be amongst the world’s Top 5 brands. To achieve this, the group needs to double its total online payment transactions over its networks, to a value of USD1 Billion annually.
Adopting iPay88 for the ASEAN market immediately enable NTT Data to drive up its business coming from outside of Japan, as iPay88 is already connected with several major online payment platform giants such as Alipay Wallet and WeChat Payment.”
Malaysia’s Big Potential in Asia
The 2014 Nielsen Global Survey of eCommerce highlighted that The Philippines (62%), Indonesia (61%), Vietnam (58%) and Thailand (58%) rank in the top 10 markets globally. Meanwhile a report by AT Kearney reveals that Malaysia is now at an ‘eCommerce inflection point’ behind Korea, US, China, India, Taiwan, and Singapore.
KH Lim says, “The key to connecting with online shoppers is understanding what local shoppers want and then evaluating the local eMerchants who can provide the services needed in each market. iPay88 is familiar with the local ASEAN eCommerce landscape and has been succeeding by localizing our payment technology and solutions to suit the intricacy of each unique market.”
Dato’ Ng Wan Peng, MDEC COO says, “We are extremely proud that a Malaysian technology is selected by NTT Data to be such an important part of its group’s strategy to front its entire global online payment business outside of Japan.
iPay88 is part of The Global Acceleration and Innovation Network (GAIN) that aims to catalyze local tech companies to be global technology icons and example of a Malaysian quality export of tech solutions.”
About iPay88 Sdn Bhd (iPay88)
Set up in 2006 and headquartered in Kuala Lumpur. iPay88, an NTT Data company, is an ASEAN leader in providing online payment services and payment solutions for merchants with multiple financial institutions as business partners in Malaysia. It has established a strong position with a dominant market share (based on the number of transaction volume) and established e-commerce merchants already operating in Malaysia – including a diversity of established enterprises, multinationals, service providers and financial institutions.
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.
