Few people expected Southeast Asia to show as much lucrative potential when it comes to E-payments as it has in recent years, some are even calling it a payment revolution. While countries like The Philippines, Thailand, and Malaysia already have established and are expanding payment facility options for businesses and consumers, Laos, Myanmar, and Cambodia appear to be following suit.
When it comes to making payments for products and services online, the tide in Southeast Asia is only headed in one direction, and that’s up. As it stands, Southeast Asia is one of the fastest-growing corners of the Earth these days when it comes to just about anything Fintech-related. And while various countries in the region have been expanding in this space for some time, others have been shy to come forward and realize their potential. Laos, Myanmar, and Cambodia are entering the fray more and more, and that’s why Zotapay decided to enter these markets in 2020.
As the least developed country in Southeast Asia, and with a population of only around 7 million people, Laos is naturally a smaller player when it comes to Fintech in Southeast Asia. Nevertheless, 81% of residents in Laos have mobile subscriptions, and most of those have smartphones. Moreover, Laos ranks 8th of the 10 ASEAN members by population but enjoys a robust GDP growth of 7% year on year. A recent study by the Laos-Australian Development Learning Facility found that most people in Laos prefer cash for just about everything due to the costly and cumbersome digital financial services available to date. That’s precisely where Zotapay comes in, to offer companies a range of fantastic services for all kinds of payment processing and to ease the requirement for cash transactions.
Myanmar shows some exciting prospects for both domestic and international investors within the Fintech space. Myanmar has a bursting population of around 53.6 million, with 18 million internet users. Things get interesting when you consider the fact that the country has a staggering 54 million mobile connections. That means Myanmar is ripe for the right online payment methods to replace cash and other outdated payment methods. With that, Zotapay is excited to penetrate the Fintech market in Myanmar and is hoping to make some waves in this until-now-untapped and lucrative market. Various advances in technology, together with a heightened consumer need for easy and cost-effective online payment services, make Zotapay the natural choice for Myanmar.
Cambodia’s Fintech sector can only be described as nascent for the time being when compared to other markets in Southeast Asia. With that said, there’s little question that the financial ecosystem in the country is changing slowly. With a population of only 16 million residents, the country has shown some exciting economic growth in recent years. The growing middle class has increasingly interesting spending power, which means new payment solutions are a vital part of the future for Cambodians.
Zotapay’s “One Application – One Integration” philosophy serves a market like Cambodia ideally with all transactions managed and easily controlled under our proprietary gateway hub.
Southeast Asian Payment/Payout Flow
Payment Flow – Zotapay’s unique solutions in Southeast Asia support payment in local currencies via online wire transfers. Users can scan a QR code with their local banking mobile app to obtain the payment details. Currently, we are happy to offer this solution in Cambodia, Laos, Myanmar, and Thailand in their respective local currencies.
Payout Flow – Zotapay’s Southeast Asian solutions also support direct payout to users’ local bank accounts. Companies collect users’ account details, while the payout is then submitted to Zotapay via API or batch upload. Funds typically show in accounts within a few minutes of processing.
Why Choose Zøtapay For Online Payment In South East Asia?
- Local Payment Solutions Across 1000 Banks, Acquirers, E-Wallets And Payment Institutions;
- ‘One Application – One Integration’ For All Your Payment Needs Via Easy-To-Use API And Plugins;
- Ultimate Payment Solution Coverage Under One Gateway Hub;
- Weekly Settlements In Multiple Currencies;
- PCI Hosted Payment Cashier For Multi-Currency Solutions;
- Fast And Simple Onboarding Process;
- Risk-Free Online Bank And Wire Services Visible Within Seconds;
- Plug ‘N’ Pay – No Integration Needed For WordPress, Shopify and Other eCommerce Platforms;
- Tailor-Made Pricing Structures To Suit Your Specific Business Needs;
- No Hidden Setup Fees Or Additional Costs.