Singapore’s OxPay Financial Ltd credit card payment platform and other fiscal solutions provider is ramping up its e-commerce capabilities to take advantage of growing Asia-Pacific digital transactions that are forecast to top $4 trillion by 2024.
The payment facilitator has appointed leading global merchant provider Worldpay from FIS to provide its services in Singapore, with an eye to expanding across the region over the next 18 months. FIS is a US Fortune 500 company that offers a wide range of financial products and services. It is headquartered in Jacksonville, Florida and employs approximately 62,000 people worldwide.
OxPay focuses on providing payment services for merchants. Worldpay will allow it to offer VISA and Mastercard transactions. OxPay will also market other digital payment services to its clients in fashion, beauty, cosmetics, food and beverages.
It wants to capitalise on an estimated 13 percent annual global growth in e-commerce in the next 18 months.
“Worldpay provides the global scale, footprint, expertise and seamless acquiring services we need to meet our business goals – and we look forward to working with them as we expand in the region,” said Executive Director and Group Managing Director Henry Tan.
The Covid-19 pandemic has accelerated the adoption of digital technology and fuelled global growth in e-commerce.
“Southeast Asian markets present fresh opportunities and are also home to a new generation of ambitious high-growth regional brands looking to expand their footprint,” said Phil Pomford, general manager for global e-commerce, Asia Pacific Accreditation Cooperation Incorporated (APAC), at WorldPay from FIS.
“Our goal at FIS is to be a true partner to enterprises such as OxPay, passporting them to success wherever in the world they want to be.”
OxPay was formerly known as MC Payment Ltd. It offers online-to-offline solutions, attracting customers through digital campaigns to make purchases with physical retailers. It offers clients hardware, software, data analytics and other high-tech solutions tailored to their industries. OxPay currently has a presence in Singapore, Malaysia, Indonesia and Thailand.
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