Addresses market needs of Installment Payments in Asia

HONG KONG, March 6, 2023 /PRNewswire/ -- AsiaPay a leading provider of digital payment solutions in the Asia Pacific, has launched Visa Instalments in Hong Kong and will further extend to Southeast Asia to provide merchants more flexible payment options and enhance the purchase experience of consumers. Leading a new trend in credit card shopping, the launch of value-added service products, such as installment for consumers, not only greatly alleviates the pressure of their short-term capital, meets the consumption desire to buy, improves the quality of life, for businesses, improves the transaction flow, transaction volume, and commodity purchase conversion rate. Lastly, it will also promote good business for the majority of consumers and businesses.

PayDollar, an advanced multi-channel payment platform of AsiaPay is now  supporting Visa Instalments in Hong Kong and soon in Singapore, and Malaysia, providing buyers with more flexible instalment choices. According to the HKMA statistics, at the end of the first quarter of 2022, the number of credit cards floating in the market was 19.16 million, and the total transaction volume transacted was $172 billion. Credit cards have always been one of the most preferred payment methods in Hong Kong. The installment payment model, which became more and more popular since the outbreak period in 2020, has become a new trend in online shopping. The market has proven that it has great potential and was gradually recognized by customers, especially the younger generation as the main driving force.

To meet the needs for flexible payment, and to provide more benefits and convenience to consumers. AsiaPay launches Visa Instalments, a new credit card installment service of Visa that enables consumers to make purchase payment by instalments. Visa Instalments has 6 types of models and is divided into installments for 3, 6, 9, 12,18, and 24 months. This will stimulate the willingness to consume and meet consumers' diversified demands. Consumers can enjoy greater payment experiences at checkout by using PayDollar enabled with Visa Instalments, which in turn can help merchants increase sales volume and conversion rates. 

"PayDollar is a secure advanced digital payment platform built by AsiaPay and has been widely used by merchants in Asia more than , and  continue to stay ahead  in the industry ", said Mr. Joseph Chan, CEO of AsiaPay. "We are pleased to see AsiaPay's contribution to the digital economy through innovation, providing customers with a quality and value-added shopping experience with convenient payment choices of card installment. With the booming development of the fintech industry in Southeast Asia, AsiaPay will continue to launch local ,simple, secure, and value-added payment services in the future. Through Visa Instalments, AsiaPay hopes to further optimize the shopping experience of customers and help merchants increase sales and expand business opportunities".

About AsiaPay

Founded in 2000, AsiaPay is a premier digital payment services, and technology player that strives to bring advanced, secure, integrated, and cost-effective digital payment processing solutions and services to banks, corporations, and e-Businesses around the world. We cover a suite of international credit cards, debit cards, prepaid cards, net banking, eWallet, QR codes, and cash collection.

AsiaPay is also an accredited payment processor and payment gateway solution for banks with ISO certification and 3-D Secure vendors for Visa, MasterCard, American Express, JCB, UnionPay, Discover and Diners. AsiaPay offers a variety of award-winning payment solutions that are multi-currency, multi-lingual, multi-card, and multi-channel integrated together with the advanced fraud detection system, payment analytics, and management solutions.

Headquartered in Hong Kong, AsiaPay has local offices across 16 markets in Asia including Australia, New Zealand, Thailand, Philippines, Singapore, Malaysia, Mainland China, Taiwan, Vietnam, Indonesia, and India. In this way, support is given to facilitate better-localized services for our partners.

Source: AsiaPay