Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 22): Malaysia-based online payment service solutions provider iPay88 Holding Sdn Bhd is looking at doubling its online transaction volume and total sales again this year, on the back of higher mobile commerce (m-Commerce) and e-wallet growth.

"In 2017, 58.5 million online transactions were observed on iPay88's payment gateway systems, a 53.1% increase from 2016," its executive director Chan Kok Long told a press conference today.

Meanwhile, the total sales of the 2017 online transactions amounted to RM6.6 billion, more than double from RM3 billion in 2016.

"E-wallet is definitely one of our major initiatives, together with offline deployment of smart terminals and mobile applications, as well as regional expansion," said Chan.

With the growing smartphone penetration in Malaysia, Chan is also expecting mobile-type online payments to contribute about 80% of its total sales versus 20% from desktop-based online transactions.

"Earlier in 2017, iPay88 expected that online banking would continue as the preferred method of e-commerce purchases on the back of rising purchasing power of the Malaysian consumers as well as rapidly expanding smartphone penetration across the country," said Chan.

"This year, the driver for m-commerce will be the trend of more creative mobile applications being launched for the online shopper, that combine location services, retail customer intelligence, payment solutions and social media experience," he added.

Currently, as of the fourth quarter of 2017, iPay88's total sales from mobile-type online payments is about triple the sales from desktop-based online transactions.

"Mobile e-commerce has become prevalent since the second quarter of 2016, [when it] started over taking desktop e-commerce. Our system saw a significant record high of 9.3 million internet traffic from mobile shoppers the fourth quarter of 2017, three times of the desktop traffic," he said.

Chan also noted that iPay88 will be expanding into Australia, Myanmar, Qatar, the United Arab Emirates, Laos and Taiwan.

Additionally, it will be also growing its presence in existing countries such as the Philippines and Thailand.

 

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