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 ma-jority 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 Phil-ippines.
“iPay88’s proprietary payment gateway is already a dominant brand that facilitates eCom-merce 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 pay-ment card network in Japan that serves over 200 banks in Japan with 600,000 credit authori-zation 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 busi-ness 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%), In-donesia (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 shop-pers 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 technolo-gy 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.