ECOMMPAY launches payment solution for business expanding to Asia
Gate2Asia unifies local payment options into one easy-to-use platform for online businesses entering the Asian markets.
The payment solution combines the e-commerce markets of China, Australia, New Zealand, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. A total of over 2 billion people with a potential e-commerce market spend of over $1.3 trillion.
The Asian market is notoriously difficult to expand into, with region-specific consumer behaviour and unique business culture just two hurdles companies need to overcome. With this in mind, ECOMMPAY has developed a single unified payment solution that will make business processes smoother, faster and more reliable.
During the COVID pandemic and the time since online purchases in China have seen increases in penetration of 15% to 20%. With this, the age demographic of online shoppers has also increased.
- User penetration is 48.5% in 2020 and is expected to hit 64.3% by 2024
- Projected e-commerce growth of 70% in China over the next 3 years.
- Over the past two years, the share of digital buyers making cross-border purchases from sellers in other Asian countries increased from above 50% to three-quarters.
ECOMMPAY Asia Pacific Director Audrey Ottevanger: “The age demographics of online buyers have expanded. The older age group 60 years and above have resorted to learning how to buy online due to necessity. I believe that this behaviour will be the new norm which means that e-commerce businesses will have a new target age group to cater to. From a payments perspective, we see preferences by age group, for example, e-wallets are catered more towards the younger age groups and online banking towards older groups”