By
Mayowa Adebajo
March 20th, 2024
In this article, you can read about the top 10 payment companies in Asia.
In the rapidly evolving landscape of financial technology (fintech), Asia has emerged as a thriving hub for groundbreaking payment innovations. As consumers increasingly shift toward digital and cashless transactions, tech-forward payment companies have revolutionized the way merchants conduct business.
From Alipay to Daniel Shin’s PortOne Global, these are the top 10 tech-forward payment companies in Asia:
- Alipay.
- WeChat Pay
- Line Pay.
- Paytm.
- Mobikwik.
- GoPay.
- GrabPay.
- Red Dot Payment.
- Razer Merchant Services.
- PortOne Global.
Alipay
This is the biggest payment app in China, connecting 80 million businesses with over 1 billion Chinese consumers. Alongside its worldwide e-wallet collaborators, Alipay has over 1.2 billion users on the entire globe.
Alipay was established by Ant Group back in 2004 to build connections between sellers and buyers at the beginning of China’s e-commerce trading. Ant Group’s founder is Jack Ma, who launched the Chinese tech corporation Alibaba.
Those who travel to China can also make mobile payments via Alipay. By connecting their Mastercard and Visa accounts to the app, tourists can use it for public transport, and cabs and purchase various services and goods.
WeChat Pay
Known as Weixin Pay in China, WeChat Pay is the country’s second-most popular payment app. Like Alipay, WeChat Pay has recently announced that international visitors in China can connect certain debit or credit cards to its platform.
WeChat Pay is an integrated feature of the Chinese messaging and social media app WeChat. One of the world’s “super apps,” WeChat allows its approximately 1.3 billion users to chat, browse, and make payments in one place.
WeChat Pay currently has 800 million monthly payment active users. The app has a 79% penetration rate in China and is responsible for 34% of the country’s total mobile data traffic.
LINE Pay
LINE Pay is an extension of LINE, a popular Japanese messenger and social media application. LINE is actually the leading app for messaging in Japan, with over 94 million people taking advantage of its services.
When someone uses LINE Pay, they can transfer money to anyone they have memorized as a contact. LINE Pay is a very safe and easy system, and all users have to do is connect their favorite bank account or credit card to their LINE account to make it work.
Online and offline sellers can use the smartphone payment service LINE Pay Merchant. Users who sign up for LINE Pay Merchant receive several marketing tools and promotions to help increase their sales. LINE Pay Merchant also provides tech support for merchants to integrate the payment service with their systems.
Paytm
Paytm is the number-one payment application in India. It was released in 2009, and it has been an integral part of India’s citizens’ lives for a while. Paytm is used by more than 20 million businesses and merchants for digital payments. Over 300 million people from India process payments with Paytm, therefore it can be very useful when making money transfers, online bookings, or bill payments.
Paytm aims to integrate 500 million underserved and unserved Indians into the mainstream economy, so it keeps developing its services.
Mobikwik
Mobikwik is a popular payment technology provider in India. It is a very convenient mobile wallet that people can use to make payments or store their finances. Besides this, it’s an important player in the “buy now pay later” area.
Established in 2009, the platform wanted to ease digital payments for users. Nowadays, its payment technology is used for e-shopping and bill payments, among others.
Today, Mobikiwk features more than 3 million billing, physical retail partners, and e-commerce partners and over 100 million users.
MobiKwik enables people to make money transfers between bank accounts and Mobikiwk Wallet – its unified payment interface (UPI). Also, user-to-user payments between Mobikwik Wallet accounts are available.
GoPay
GoPay is the app that most Indonesian people work with almost every day. The program is part of the Gojek platform. Over time, GoPay turned into the leading digital payment application in the country. Users love it for its ability to make payments safely and securely, as well as the possibility to make payments without a physical card or cash.
GoPay enables customers to conduct transactions from their mobile devices. These transactions can take place within the Gojek app or at the physical and online stores of GoPay merchants.
GoPay has become the go-to payment option for businesses looking to tap into Indonesia’s rapidly expanding market. It is accepted by over 900,000 Indonesian merchants.
GrabPay
GrabPay, a component of the Grab “super app”, offers several cashless payment solutions to users across Southeast Asia. With GrabPay, users can top up their in-app balance to pay for Grab services or link their credit or debit cards to their accounts. GrabPay also lets users link other payment methods to their accounts, like PayPal.
The GrabPay Wallet allows users to make mobile payments and earn GrabRewards points. Users can exchange GrabRewards points for free rides or food. They can also use the points to offset payments at GrabPay merchants.
Many Asian merchants have become Grab partners, reaching millions of consumers through the app. Participating merchants manage all payments through Grab’s merchant-partner portal and app. Merchants can also apply for finance products and funds through Grab to help them manage their cash flow.
Red Dot Payment
Red Dot Payment offers several online payment solutions that increase efficiency and convenience for merchants across Asia. Headquartered in Singapore, Red Dot Payment is available in various countries, including Japan, China, Hong Kong, Malaysia, and the Philippines.
Founded in 2011, Red Dot Payment now provides several e-commerce and payment products. These products include RDP Connect, RDP InstanCollect, and RDP InstanPay.
A study by Statista and the Singaporean newspaper “The Straits Times” named Red Dot Payment one of the top 10 fastest-growing, technology-driven companies in 2019.
Razer Merchant Services
In Southeast Asia, Razer Merchant Services is the leading merchant service provider. It allows businesses to easily tap into the market of the area, making it the ideal application for startups and not only.
Razer Merchant Services offers merchants a range of alternative payment options. The company’s single application programming interface (API) empowers international brands to connect with consumers across Southeast Asia.
The company has won several awards, including Best Non-Bank Financial Process Exchange (FPX) Acquirer in the PayNet MEEA Awards 2022.
In 2018, Razer Merchant Services became part of Razer, the world’s leading lifestyle brand for gamers.
PortOne Global
PortOne Global is a trustworthy payment orchestration provider. You can choose from more than 100 payment methods that work through one API. For this reason, PortOne Global is extremely popular, as people hardly find other alternatives that offer a multitude of payment methods.
PortOne Global was established by entrepreneur Daniel Shin in 2018. It started in Singapore, but the payments app is gaining more and more traction throughout Asia and not only. Nowadays, about 2,500 global and Asian merchants use PortOne.
Daniel Shin created PortOne to address Asia’s fragmented payment landscape. While running TMON, the e-commerce platform he opened in 2010, Shin faced challenges managing his team of engineers to add every available payment method. This issue is solved by PortOne Global with its single API that links to every payment alternative in Asia.
Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.