In late December 2023, STICPAY, the global e-wallet service provider and payment gateway introduced new local payment methods for money-in across various countries. Expanding its digital footprint in the payments space, specifically in the Asia region, STICPAY has announced various new partnerships with local payments providers.
Previously, STICPAY had enhanced the user payment experience in Australia, Hong Kong, the Philippines, Singapore, Indonesia, Vietnam, Thailand, Colombia, India, Malaysia and China with its local payment methods. With the newly announced partnerships, STICPAY is making its payments offering more accessible, integrated and cost-effective
Across China, India, Hong Kong, the Philippines, Singapore, Indonesia, Vietnam, Thailand and Malaysia, STICPAY has integrated a wide range of both traditional and challenger local payment methods. These include:
- Alipay and Wechatpay (China and Hong Kong)
- GCash (Philippines)
- PayNow (Singapore)
- QRIS (Indonesia)
- MonoPay (Vietnam)
- PromptPay (Thailand)
- UPI (India)
- TNG Wallet (Malaysia)
Bank transfer and mobile payment, plus many others are also being enabled by the new partnership.
The move by STICPAY means that a broader segment of the Asian population can now benefit from e-wallet services. The integrations also mean that local users in Asia – both individuals and businesses – can use tailored, local payment options that are familiar and convenient to them. This in turn enables them to manage their finances, pay bills and undertake everyday transactions more easily.
The partnerships will also make transitions far more cost-effective. Local payments considerably reduce or eliminate transaction fees compared to international transactions.
APAC and beyond
In addition to the Asian partnerships, STICPAY has also launched new partnerships with local payment providers in Australia (PayID) and Colombia (Nequi) as it looks to expand its partnerships with local payment providers around the world.
According to research from Juniper, more than 60 per cent of the world’s population will use digital wallets by 2026, with emerging markets driving much of this uptake. Indonesia, for example, is forecast to have 202 million mobile wallet users by 2025, with digital wallets helping boost growth in emerging market economics where banking infrastructure is often outdated, inaccessible and poorly distributed.
Sean Park, STICPAY CEO, said: “STICPAY’s introduction of new local payment methods marks a significant stride towards creating a global financial ecosystem that understands and respects users’ unique needs in various countries. By prioritizing convenience, trust, and cost-effectiveness, STICPAY is not just offering a service; it’s fostering a financial experience tailored to the diverse preferences of its users.
“As we move forward, this innovative approach solidifies STICPAY’s commitment to being a leader in the digital finance realm, shaping the future of finance one region at a time.”
