Thriving technological sectors have the world changing in significant ways every single day. How we interface with one another has changed; now, more than ever, we are being funneled into digital services.
The COVID-19 pandemic spurred the natural transition toward cashless and digital payment processing options, something that is particularly notable throughout Asia.
Financial technology has had to grow, with digital and cashless transactions becoming the norm. In Asia, savvy entrepreneurs have found a way to deliver some of the top tech-forward payment companies in recent memory.
Let’s take a closer look at Asia’s emerging fintech leaders to understand better how they are making a difference in the fragmented payment processing landscape of the region.
Introducing PortOne Global
PortOne Global is a trusted payment orchestration provider based out of Singapore and was founded in 2018. The company was opened by entrepreneur Daniel Shin while running his first enterprise, Ticketmaster. Ticketmaster was founded in 2010 as an e-commerce platform, and it would grow into the fuel that would create PortOne Global.
PortOne Global works with 100+ payment methods through a single API. Due to the interface’s simplicity and the efficacy of Shin’s work, PortOne Global has become a leading processor for merchants throughout Asia.
At the time of this writing, more than 2,500 global and Asian merchants work with PortOne Global.
WeChat Pay – The World’s Super App
Also known as Weixin Pay in China, WeChatPay is the second most popular payment application in the entire region. WeChatPay connects debit and credit cards to its platform, helping international visitors purchase in the area.
In addition to its flexible nature for foreign travelers, WeChat Pay is a social and messaging application with over 1.3 billion users. WeChat Pay is responsible for over 34% of China’s mobile data use. Considered one of the ‘super apps’ in technology, WeChat Pay is here to stay.
AliPay – China’s Biggest Payment Application
While WeChat Pay may be our list’s second-largest payment processing application, AliPay is the first. With more than 1.2 billion users around the globe, AliPay has risen dramatically since it was first founded in 2004.
AliPay connects consumers to a worldwide e-wallet that can be used with Mastercard, Visa, and other payment choices. Tourists and travelers utilize AliPay to assist with public transport efforts and pay for traditional goods and services.
Line Pay – Japanese Social Payments
We will round out today’s conversation regarding Asia’s leading tech giants by touting the efforts of LINE Pay. LINE Pay is an extension of a famous Japanese platform, also known as LINE, and it features more than 94 million users.
LINE is a messenger and social media platform with LINE Pay extending its use to help with payment processing. LINE can be linked to a bank account or credit card for secure payment processing.