KUALA LUMPUR (Oct 17): Japanese ICT giant NTT Data Group will adopt iPay88 Sdn Bhd as its leading payment gateway system to boost its standing as an online payment provider both in the Asia-Pacific region and propel it to become one of the Top 5 online payment providers in the world.
In a statement today, iPay88 executive director KH Lim said NTT Data's initial target markets include Thailand, Indonesia, Vietnam and the Philippines.
Meanwhile, the company's Japanese director and representative at iPay88, Tohru Yoshioka, said NTT Data's strategy to adopt one of ASEAN's leading online payment portals is partly facilitated by NTT Data's acquisition of a majority equity stake in iPay88 in September 2015 via its subsidiary NTT Data Asia Pte Ltd.
"iPay88's proprietary payment gateway is already a dominant brand that facilitates e-commerce in the region. It is a strategic move for the NTT Group, who has leadership position as the No. 1 online payment solution provider in Japan, to extend its leadership throughout the APAC region," added Yoshioka.
NTT Data aims to be in the world's Top 5 online payment gateway providers after dominating more than 70% of the e-commerce market in Japan via the largest payment card network in the country, CAFIS®.
The Group would need to increase its total online payment transactions across its networks to the tune of US$1 billion (RM4.22 billion) annually to reach the world Top 5 status, according to Yoshioka. Asian market trends are focusing more on cashless transactions, which fuels the growth of online payment gateways.
"Adopting iPay88 for the ASEAN market immediately enable NTT Data to drive up its business coming from outside of Japan, as iPay88 is already connected with several major online payment platform giants such as Alipay Wallet and WeChat Payment," explained Yoshioka.
"NTT Data plans to be in the forefront by providing security-rich credit and finance technology system using iPay88's proven e-commerce and mobile commerce solutions," he said.
iPay88 is Southeast Asia's leading regional payment gateway provider with presence in Indonesia, Thailand, Philippines and Singapore.