KUALA LUMPUR: iPay88 Holding Sdn Bhd, an online payment services and solutions provider, expects to exceed its projected growth of 200 per cent in online transactions on its payment gateway systems this year.
Executive director Chan Kok Long said the online payment ‘tsunami’ will be driven by rapid online to offline growth through growing usage of e-wallet and quick response (QR) code.
Online to offline is a phrase that is used in digital marketing to describe systems enticing consumers within a digital environment to make purchases of goods or services from physical businesses.
“Halfway through 2018, we are on track to meet our 200 per cent target set earlier this year. With this online to offline tsunami, it will also be possible for us to exceed this target,” he told NST Business in an interview recently.
Chan said this year, the driver for mobile commerce (m-commerce) will be the trend for more creative mobile applications being launched for online shoppers, with combine location services, retail customer intelligence, payment solutions and social media experience.
“More shoppers are now accessing shopping sites via mobile than desktop. iPay88 statistics show the trend of m-commerce has been changing since 2015.
“m-commerce became prevalent since the second quarter of 2016, started overtaking desktop e-commerce. Our system saw a significant record high of 9.3 million internet traffic from mobile shoppers in fourth quarter of 2017, three times of the desktop traffic,” he said.
The company is looking at similar growth moving into 2019.
In 2017, iPay88 recorded a total of 58.5 million online transactions moving over its payment gateway systems, increasing by 53.1 per cent from 2016.
Of these, 58.5 million transactions performed via its online payment gateways, the festive season month of December was the popular month with over 6.7 million transactions recorded.
Total sales of the 2017 online transactions amounted to a whopping RM6.6 billion, more than double from RM3 billion in 2016.
Meanwhile, Chan said the company is planning to list the company in the next two years.
He said the company is looking at the possibilities and weighing options to be listed either in Malaysia and Singapore, as well as Japan.
iPay88’s single largest shareholder is Singapore-based NTT DATA Asia Pacific Pte Ltd with 51 per cent stake – a unit of Japan’s ICT giant NTT Data Group.
Chan said the planned initial public offering (IPO) is to finance the company’s expansion plan in Southeast Asia, Bangladesh and Australia among others.
“We planned to explore business opportunities in Laos and Nepal in 2019, as well as Sri Lanka,” he said.