Kangar,Malaysia: PayQ Asia, as Asian based division of PayQ offering online payment acceptance especially for cross border transactions and simplifying the global payment processing system and making it seamless and frictionless.
At TEDx Kangar, the CEO of the company Shibabrata announced their plan to implement block chain technology into PayQ payment platform to eliminate any hassles in payment acquiring for the next generation of online merchants.
He says, “we progressed the PayQ payment system to create a smoother, faster payment processing solution for global merchants and we are eliminating the wait time for settlements for merchants dealing in high risk industry.” In TEDx forum, when questioned to unveil the pricing model and technology aspects; Shibabrata briskly assured everyone that their payment solution will go beyond the traditional payment method and will revolutionize the e-commerce industry.
He emphasizes the inevitable shift of online shopping and online sales over the tradition window-shopping and he precisely underlined the significance to retain the trust of online buyers and offer them the convenience and gratification of online shopping without any worry.
He added, “Innovation is crucial and it is the cornerstone of PayQ business. Right now, PayQ operates in 196 countries with promising e-commerce opportunities globally and with persistence and resilience; PayQ overcame the challenges and now it is providing integrated local payments along with credit and debit card payments.
Based on the interview, the tech innovator Shibabrata Bhaumik is no stranger to challenges or roadblocks, but has always found a way to rise to the occasion and reach success.
The key to success in the online payments business is mastering interrelated issues such as cybersecurity, the banking industry, and the interface between public policy and global trade. Bhamik seems adept in all.
Strategy: Shift to Alternative Payment Methods
PayQ aims to enter the Asian market early this year, starting from Malaysia, followed by Singapore, Thailand and India. This will ripe for a shift to clean and fast electronic transactions and extended to embrace the technical requirements of multicurrency payment systems and diversify the need and requirement of every merchant as well as considering the affordability of the merchant from the new ecosystem.
“It might appear that with new connectivity of Asian Market and integration of third-party features along with onboarding more Asian banking partners might climb the price however it will be the other way round, he says.
“We’ll continue to go the other way. We already offer rates starting as less 1.5% with guaranteed freedom of mobility and no hefty commission or penalty of discontinuing from PayQ if the merchant is not satisfied with our services. This will create a constructive and tangible impact on the payment eco system where the current providers are charging anywhere in between 2.5% to 3.5% and a huge set up cost from every merchant. Our innovative digital payment services will revolutionize access to digital commerce, will boost up new merchant to sell their services or goods globally, will improve cashless payments and reduce reliance on paper currency.
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