Europe Fintech

UK-based STICPAY Achieves Massive Growth in Asia E-Wallet Usage

London-based fintech STICPAY focuses on serving the cross-border payment needs of businesses, mainly by connecting European businesses with Asian users. Recently it has seen a rapid 88% growth in transaction volume in Asia as part of a fintech e-wallet usage boom on the continent.

Rapyd’s recent report showed that e-wallet usage in April – amid the peak of the COVID-19 outbreak – had skyrocketed on the continent. Based on the study’s findings, 77.6% of Indians, 77.4% Malaysians, and 70.2% of Indonesian citizens stated that they had used an e-wallet solution within the period.

STICPAY considers Asia as one of its key markets. With a Year-Over-Year (YoY) growth of 300% and availability in 190 nations, over 60% of STICPAY transactions come from Asian users, with the average monthly growth rate of transactions in the continent being 28%. The fintech company’s top markets in Asia include Japan, South Korea, China, Thailand, Indonesia, Malaysia, Singapore, and Hong Kong.

According to STICPAY data, many of the fintech company’s customers have chosen its award-winning e-wallet service to achieve faster disbursements for both national and cross-border payments. In addition to rapid transactions, security is a significant factor contributing to the rising popularity of fintech e-wallet services in Asia. To meet this demand, STICPAY uses advanced security and anti-fraud measures to protect its customers, helping the fintech company achieve massive growth among the continent’s citizens.

STICPAY leverages next-generation technology as well as its connections with local Asian banks to achieve cost-efficient, fast, and secure payments for both consumers and merchants around the world. There is a rising demand on the continent for better digital payments, and STICPAY is determined to fulfil that during and after the COVID-19 era. With a global reach in 190+ nations and massive growth in recent periods, STICPAY has the potential to become the standard digital payment and e-wallet solution for Asia and beyond that plays a key role in the economic revival process, ” James Bay,  STICPAY’s Customer Service Director, stated.

Furthermore, STICPAY has partnered with local banks in several countries – including China, the Philippines, Indonesia, Malaysia, Singapore, Japan with support for more nations coming soon – to provide cost-efficient, fast, and convenient payments to both its merchants and end-users.

As a result, STICPAY users can take advantage of local bank wires to withdraw their funds from e-commerce, trading, online gaming and other platforms  much faster – it takes an average of one business day to withdraw funds from STICPAY using a local bank wire – than at regular payment gateways and competitor e-wallet solutions. Furthermore, in addition to local bank wire withdrawals, STICPAY users can utilize 33 different local currencies for transactions.

Despite the company only being established in 2018, it was awarded the Best Digital Wallet of 2019, the Best Service in Singapore for 2019, and the Best Online Payments of 2019. The current top markets for merchants include the eCommerce, trading, and gaming industries.

Author

  • Gina is a fintech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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