OxPay, which was formerly known as MC Payment, has appointed Worldpay from FIS to support its global expansion.
The merchant payment service provider, on Oct 11, announced that it will leverage on Worldpay from FIS’s global and local acquiring services to offer e-commerce VISA and Mastercard processing in Singapore.
FIS processes billions of transactions annually across 146 countries and over 300 payment types in 126 currencies.
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OxPay says it will also market other types of digital payment services to customers in the fashion, beauty and cosmetics, as well as the food and beverage segments.
In addition, the company announced its plans to extend its collaboration with Worldpay to other regional markets within the next 18 months.
The company says it is well-placed to capitalise on the significant and growing market of e-commerce, given its “established infrastructure and expanding geographical footprint”.
E-commerce is projected to grow 13% annual through 2024, with e-commerce transaction values in the Asia-Pacific (APAC) region projected to exceed US$3.9 trillion ($5.28 trillion) by the same year.
“We are delighted to partner with Worldpay for e-commerce VISA and Mastercard processing in Singapore. Worldpay provides the global scale, footprint, expertise and seamless acquiring services we need to meet our business goals, and we look forward to working with them as we expand in the region,” says Henry Tan, managing director of OxPay.
“The Covid-19 pandemic has accelerated the adoption of digital technology and fuelled the growth of e-commerce around the world. Southeast Asian markets present fresh opportunities, and are also home to a new generation of ambitious high-growth regional brands looking to expand their footprint,” says Phil Pomford, general manager for global e-commerce, APAC, WorldPay from FIS.
“Our goal at FIS is to be a true partner to enterprises such as OxPay, passporting them to success wherever in the world they want to be. We look forward to the opportunity to support payment facilitators such as OxPay and help connect their merchants to a world of payments.”
Shares in OxPay closed flat at 31 cents on Oct 11.
Photo: Bloomberg
