iPayPal pact: iPay88 partners PayPal to promote cross-border trade for Malaysian businesses
By Digital News Asia June 29, 2016
- Pact allows iPay88 merchants to register with PayPal
- Merchants can also trade in 10 more currencies
MALAYSIAN online payments pioneer iPay88 Sdn Bhd announced it has entered into a collaboration with US payments giant PayPal Inc to promote and facilitate cross-border trade for iPay88 merchants.
Online cross-border trading is helping businesses of all sizes export to the global marketplace with unprecedented ease, iPay88 said in a statement.
For small businesses in particular, cross-border e-commerce creates a growing opportunity to sell to the world, expanding beyond their local economies.
This collaboration with PayPal will enable iPay88 merchants to leverage PayPal’s 184 million active accounts and trusted presence in more than 200 markets to extend their reach.
“iPay88’s existing customer base currently consists of close to 10,000 merchants, which include SMEs (small and media enterprises) and large conglomerates in Malaysia,” said its executive director Chan Kok Long.
“However there is also a large, untapped market of businesses and companies which are still considering moving into the e-commerce sector.
“This collaboration with PayPal is timely as it will help capture this market effectively by offering both online banking and credit card payment options,” he added.
Set up in 2006 and headquartered in Kuala Lumpur, iPay88's Malaysian opnerations was acquired by Japan’s NTT Data last September.
Merchants which want to sign up for a PayPal account can now do so directly via iPay88. An approval for the merchant ID (identification) will be sent to the merchant within three working days for them to enable the credit card payment option for their e-commerce site.
iPay88’s online merchants will also be able to benefit from PayPal’s multi-currency checkout, which would allow them to reach out to consumers from all over the world and grow their customer base as they can now receive payments from 10 other currencies, in addition to the Malaysian ringgit.
“We are extremely pleased to collaborate with Malaysia’s leading online payment provider iPay88 to support local businesses in selling overseas,” said PayPal South-East Asia general manager Rahul Shinghal.
“It has always been a challenge for businesses, especially small ones, to expand and sell overseas. PayPal is committed to helping them grow by leveraging the power of e-commerce, which gives them a level playing field when competing with larger export houses,” he added.
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